HomeMy Public PortalAbout040-2005 - Grant - IN Housing Finance Authority - home rehabORDINANCE NO. 40-2005
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 June 20, 2005, for up to Three Hundred Thousand Dollars ($300,000.00) 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 _6th___ day of __June______ 2005, by the Common Council of the City of Richmond, Indiana.
_S/S Bruce Wissel___________, President
(Bruce Wissel)
ATTEST: _S/S Karen Chasteen_______, City Clerk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this _7th__ day of _June_______, 2005, at 9:00 a.m.
_S/S Karen Chasteen__________, City Clerk
(Karen Chasteen)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this _7th_ day of _June_______, 2005, at 9:05 a.m.
_S/S Sarah L. Hutton__________, Mayor
(Sarah L. Hutton)
ATTEST: _S/S Karen Chasteen_____, City Clerk
(Karen Chasteen)