85-07 HOME Program & Down Payment Initiative

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Ordinance No. PLACED ON 1ST READING & REFERRED TO THE HOUSING CO}mITTEE 9/17/07. PLACED ON 2ND READING 10/1/07.. By: Antonio! Butler, Demro, Dever, Madigan, Seelie. AN ORDINANCE authorizing the Mayor, on behalf of the City, to enter into an amended agreement with the Cuyahoga Housing Consortium ("Consortium") and various lending institutions and individuais participating in the Lakewood HOME Program and the American Dream Down Payment Initiative (ADDI) (collectively the "Modified Programs") in an amount not to exceed $800,000. 85-07 WHEREAS, the Cuyahoga Housing Consortium, has been designated by the U.s. Department of Housing and Urban Development (HUD) as. a grantee of funds under HUD's Home Investment Partnership Program and ADDI Programs; and WHEREAS, the City is a member of the Consortium and as such has been granted funds to assist eligible homebuyers; and WHEREAS, the City has developed and Implemented the Lakewood HOME Program to support home ownership affordability within the City among eligible homebuyers; and WHEREAS, City has the establish a Grow Lakewood Housing Program for the purpose of financially assisting property owners with the conversion of two-family homes to single family homes; and WHEREAS, Lakewood's Community Vision recommended developing programs to encourage homeownership; and WHEREAS, the Grow Lakewood Committee in its report to Council included in Its critical recommendations the preservation and growth of housing values to the future of Lakewood; and, WHEREAS, the City has modified the Program to improve home ownership affordability within the City among eligible homebuyers by providing additional down payment assistance and removing certain requirements making the program more beneficial to applicants; and WHEREAS, the Modified Program will further promote home ownership of one and two-family property types induding doubles converted through the Grow Lakewood Housing Fund Program; and WHEREAS, in order to impiement the Modified Programs, the City must enter into amendments to the existing agreements for thé Program, as such existing agreements with the Consortium and various lending Institutions and participating individuals were authorized by Council on October 7, 1996 under Ordinance No. 30-96; and WHEREAS, the Modified Programs will not require the appropriation of additional City funds or the use of additional employees or services. Now, therefore BE IT ORDAINED BY THE cm OF LAKEWOOD, STATE OF OHIO: Section 1. That the Mayor, on behaif of the City, is hereby authorized and directed to enter into amended agreements in an amount not to exceed $800,0000 with the Cuyahoga Housing Consortium, various lending institutions, and eligible borrowers to implement the ADDI and Lakewood Home programs and to supplement the Grow Lakewood Housing fund; said amended agreements to contain such terms and conditions as deemed necessary by the Director of Law to protect the public interest.