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