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84971 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 184 NO. 8,437 A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPLY TO THE U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR A $1,800,000 IRAN DEVELOPMENT ACT TITLE 1; REVISING THE USE OF FONDS FOR THE 17TH CDBG PROGRAM YEAR ACCORDING TO EXHIBIT A. WHEREAS, there is an urgent need to increase efforts to preserve existing housing stock in Little Rock; and WHEREAS, the Section 108 guaranteed loan would enable the City to go immediately to a level of CDBG housing rehabilitation activity which otherwise would take two years to reach; and WHEREAS, by funding rehab loans and grants with Section 108 loan funds, additional CDBG grant money can be used to assist low and moderate income families to buy homes; and WHEREAS, the Section 108 loan will give the City a ready reserve for housing development projects by neighborhood- based, non - profit community development corporations; and WHEREAS, the Board of Directors approved various projects and allocations for the CDBG 17th Year Program in Resolution No. 8,470 and a resolution is now required to revise the use of funds from the Section 108 guaranteed loan for the CDBG 17th Year Program. 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 complete and file an application with the U. S. Department of Housing & Urban Development for a $1,800,000 loan guaranteed by future CDGB entitlement grants under Section 108 of the Housing & k4 i 5 M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Urban DevelopmW Act, Title 1. • 185 SECTION 2: The revised use of funds for the CDBG 17th Year Program, as set forth on the attached Exhibit A is hereby approved. ADOPTED: April 16, 1991 ATTEST: LAs of .. APPROVED • •• z-- THOMAS M. CARP PER, ITY ATTORNEY MAYOR VALIR014 PRIEST, M R q-i ,4-(o PROPOSED USE OF FUNDS (REVISED) 17TH YEAR CDBG Rehabilitation Loans and Grants $ 600,000* Housing Programs Administration 200,000 Code Enforcement 50,000 Public Services (ELRCC) 635,000 Model Block Demonstration, Central LR Area 100,000 Model Block Demonstration, Central High School Area 100,000 Down Payment Assistance Grants to Low /Mod Homebuyers, Citywide 250,000 Mortgage Principal Reduction Loans to Low /Mod Homebuyers, Revitalization Area 250,000 Home Ownership Education 5,000 17th Year Street and Drainage Construction 500,000 Russ Street, 2 blocks north of Hwy 10 plus overlay (Pankey) Pine Street Sidewalk, I -630 to Markham Foster Street, 42nd to 46th Holt Street, 44th to Asher 32nd Street, Barrow to Tatum 17th Year Engineering for 18th Year Construction 25,000 Maple Street, 25th to Roosevelt 26th Street, Pine to Maple Construction Projects Administration 75,000 General Administration 230,000 Reserve for Housing and Economic Development Activities 1,200,000* TOTAL $4,220,000 RESOURCES Estimated FY 1991 Entitlement $2,119,000 FY 1990 Supplemental Grant 19,000 Estimated Reprogrammable Funds 82,000 Estimated Program Income 200,000 Section 108 Guaranteed Loan 1,800,000 TOTAL $4,220,000 * Funded by Section 108 Guaranteed Loan "1.1169 R4-7 A .7