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PLACED ON 1ST READING &i <br />REFERRED TO THE HOUSING ~, _,, <br />CMTE 10/5/09, 2nd 10/19/~G <br />Ordinance No. 74-09 <br />By: Antonio, Bullock, Butler, '-- <br />Madigan, Powers, Summers. <br />AN ORDINANCE authorizing the Mayor, on behalf of the City, to enter into a two <br />year agreement with Cuyahoga County, the lead entity in the Cuyahoga Housing <br />Consortium ("Consortium's and various lending institutions and individuals participating <br />in the Lakewood HOME Program ("Program's for an amount not to exceed $249,947. <br />WHEREAS, the Cuyahoga Housing Consortium, has been designated by the U.s. <br />Department of Housing and Urban Development (HUD) as a grantee of funds under <br />HUD's Home Investment Partnership Program; and <br />WHEREAS, the City is a member of the Consortium and as such has been <br />granted funds to assist eligible homebuyers; and <br />WHEREAS, the City has developed and implemented the Lakewood HOME <br />Program to support home ownership affordability within the City among eligible <br />homebuyers; and <br />WHEREAS, the City has modified the Program to improve home ownership <br />affordability within the City among eligible homebuyers by providing additional down <br />payment assistance and removing certain requirements making the program more <br />beneficial to applicants; and <br />WHEREAS, continuation of the HOME Program will further promote home <br />ownership of one and two-family property types. Now, therefore <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: <br />Section 1. That the Mayor, on behalf of the City, is hereby authorized and to <br />enter into a two year agreement with Cuyahoga County, the lead entity in the <br />Cuyahoga Housing Consortium ("Consortium's and various lending institutions and <br />individuals participating in the Lakewood HOME Program ("Program's for an amount not <br />to exceed $249,947; said agreements to contain such terms and conditions as deemed <br />necessary by the Director of Law to protect the public interest. <br />Section 2. It is found and determined that all formal actions of this Council <br />concerning and relating to the passage of this ordinance were adopted in an open <br />meeting of this Council, and that all such deliberations of the Council and an of its <br />committees that resulted in such formal action were. in meetings open to the public in <br />compliance with all legal requirements. <br />Adopted: ~.u.- 2, Z.yo~ ~ c <br />Approvea:_ t(bs~~ ~arlgPre i ent of Coun <br />Mayor ~%(/C~~! ~'~~~G~- <br />Clerk Counc' <br />