HomeMy Public PortalAbout088-2006 - Grant for Indiana Housing Finance Authority for Low Income Home OwnersORDINANCE NO.88-2006
AN APPROPRIATION ORDINANCE AUTHORIZING THE SUBMITTAL,
ACCEPTANCE, AND APPROPRIATION OF A GRANT FROM
THE INDIANA HOUSING FINANCE AUTHORITY
WHEREAS, the City of Richmond recognizes the need to stimulate growth and to maintain
affordable housing to benefit its citizens; and
WHEREAS, the Housing and Community Development Act of 1974, as amended, allows the
Indiana Housing Finance Authority to award grants to local units of government to
meet the affordable housing and community development needs of low and
moderate income persons; and
WHEREAS, the Applicant has conducted or will conduct a public hearing prior to the
submission of an application to the Indiana Housing Finance Authority, to assess
the housing, public facilities, and economic needs of low and moderate income
residents.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond,
Indiana, as follows:
1. The Mayor is authorized to prepare and submit and application on or before December
1, 2006, for up to Three Hundred Thousand Dollars ($3 00,000, 00) in Community Development
Block Grant funding to assist up to 20 low-income homeowners with needed repairs and to execute
and administer resultant grant including requisite general administration and housing activity
management, contracts and agreements pursuant to regulations of the Indiana Housing Finance
Authority and the United States Department of Housing and Urban Development.
2. Funds in the amount of Sixty Thousand Dollars ($60,000.00) shall be and are set aside
for this housing activity. Such commitment fulfills the minimum leverage requirement for the
CDBG request and is to be contingent upon receipt of CDBG funding from the Indiana Housing
Finance Authority. The anticipated source of this leverage is non-federal revenue from the City of
Richmond Revolving Loan Fund.
Passed and adopted this �?D day of i.Ccu 06, by the Common Council of
the City of Richmond, Indiana.
President
(Karl Sharp)
ATTEST erk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this / day of�� ,
2006, at 9:00 a.m.
(Karen Chasteen)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this ,� day of
2006, at 9:05 a.m. IWZA�c Mayor
(Sarah L. Hutton)
ATTES�:�'-�"cJ clerk
(Karen Chasteen)