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RESOLUTION NO. 8,486
A RESOLUTION AUTHORIZING AN
OF $150,000 FOR THE HONE BUYER'S
ASSISTANCE PROGRAM FROM NEIGHBORHOOD
HOUSING SERVICES ACCOUNT.
M �
183
WHEREAS, low and moderate income families who have
acceptable credit and who seek financing for affordable housing
oftentimes cannot afford the down payment; and
WHEREAS, in response to this need the City of Little Rock
has created a Home Buyer Assistance Grant Program for low and
moderate income citizens; and
WHEREAS, the monies included in the Neighborhood Housing
Services Account are federal monies or funds received from private
contributions; and
WHEREAS, the intent of the Home Buyer Assistance Grant is
to pay one -half of the minimal down payment (including normal
buyer closing costs), not to exceed $2,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. The City Manager is hereby authorized to expend
$150,000.00 for the Home Buyer's Assistance Program from the
Neighborhood Housing Services Account.
Section 2. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: April 16, 1991
ATTEST:
L20 P. , La A�c1'aaL .
RobbT�'HancocK, CiL£y -ClerR
APPROVED AS �T FORM:
3 j ,(O el
� m
City Attorney
APPROV,ED: /
Sharon Pri-est, mayor
Rug
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