92-052 Ordinance - Laserfiche WebLink

Home Browse Search

, • ,?: . CITY OF NORTH OLMSTED ORDINANCE N0. 92-52 BY: MAYOR EDWARD BOYLE AN ORDINANCE BSTABLISHING A HOMF IMPROVEMENT LOAN INTEREST SUBSIDY PROGRAM FOR LOANS MADE BY LENDING INSTITUTIONS FOR RESIDENTIAL REAL PROPERTY IMPROVEMENTS IN THE CITY OF NORTH OLMSTED, AND DECLARING AN EMERGENCY, AS AMENDED. WHEREAS, Article VIII, Section 16 of the Ohio Constitution authorizes muni.ci.pal corporations to provide or assist in providing housing for indi- viduals and fa.milies by, among other actions, providing subsidies to loans in connecLion with the acquisition, financing, construction, leasing, rehabilita- tion, remodeling, improvement or equipping of publicly or privately owned lious ing ; and WIiEREAS, this Council, at the initiation of the Mayor, desires to estab.l.ish a home improvement loan interest subsidy program to enable eligible residents of t2ie City to obtain, at lower interest costs to them, loans from el.3.gible lending institutions for the ptirpose of rehabilitating, remodeling or ottierwise improving residential property located within the City; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. This Council hereby establishes, pursuant to Article VIII, Section. 16 of the Ohio Constitution, a"Home Improvement Loan Interest Subsi.dy Program". The Home Improvement Loan Interest Subsidy Program shall be administered by the Director of Finance and the Housing Officer of the City, in accordance with the provisions of this Ordinance and eligibility criteria and procedural rules and regulations to be recommended by the North Olmsted Iiousing Council for approvai by this Council, which regulations shall not be inconsistent or in conflict with any provision of this Ordinance. Section 2. Under the Home Improvement Loan Interest Stibsidy Program, tiie City inteiids to provide an interest subsidy for certain loans to resident owners of record of prope.rties in the City made by lending institutions that have entered into an agreement with the City in accordance with Section 4 hereof, to the extent that moneys not raised by taxation are appropriated for tliat purpose in accordance with Section 4 hereof and on the following terms and conditioris: (a) Bach loan shall be for the purpose of rehabil- itating, remodeling or otherwise improving a single- family or two-famil.y resi.dence or a residential condo- m.ini.um unit located within the Cit.y and shall be made by a lending institution that has entered into an agreement . r ..., . ..