8747• SOLUTION NO. 8,747 • 4 4 V
1
2 A RESOLUTION AUTHORIZING THE CITY
3 MANAGER TO REQUEST AND RECEIVE FUNDS
4 TOTALLING $500,000 FROM THE LITTLE
5 ROCK HOUSING AND FACILITIES BOARD, TO
6 MEET MATCHING FUNDS OBLIGATIONS OF
7 THE FEDERAL HOME INVESTMENT
a PARTNERSHIP PROGRAM; TO ACCEPT A
9 GRANT OF $50,000 FOR THE PAINT YOUR
10 HEART OUT PROGRAM; TO ACCEPT A GRANT
11 IN THE AMOUNT OF $50,000 TO BE
12 ADMINISTERED BY THE URBAN LEAGUE OF
13 ARKANSAS FOR HOMEBUYER AND HOMEOWNER
14 EDUCATION PROGRAMS.
15
16 WHEREAS, the Little Rock Residential Housing and Facilities
17 Board has requested proposals to utilize revenue and investment
IS earnings from the Board's mortgage portfolios in order to
19 encourage and facilitate affordable home ownership; and
20 WHEREAS, City staff has proposed to use $500,000 to meet
21 the matching funds requirements of the HOME Investment Partnership
22 program; and
23 WHEREAS, although Congress waived the matching requirements
24 for the first year of the program, staff anticipates that at least
25 $250,000 of non - federal matching funds will be needed for each
26 subsequent year of Little Rock participation; and
27 WHEREAS, the $500,000 allocation will enable the City to
28 match about $2 million in federal allocation to Little Rock; and
29 WHEREAS, the Board further voted to grant the City $50,000
30 to be used for completion of the 1992 Paint Your Heart Out program
31 and to purchase paint and supplies for the 1993 program; and
32 WHEREAS, the Board further granted to the City $50,000 to
33 continue sub - grants to the Urban League of Arkansas for homebuyer
34 and homeowner education training programs.
35 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
36
441
THE CITY OF LITTLE ROCK, ARKANSAS:
1 SECTION 1: The City Manager is hereby authorized to
2 request and receive funds totalling $500,000 from the Little Rock
3 Housing and Facilities Board, to meet matching funds of the
4 Federal HOME Investment Partnership program. The City Manager is
5 further authorized to accept a grant of $50,000 from the Board for
6 the Paint Your Heart Out program and to accept a grant of $50,000
7 to continue sub - grants to the Urban League of Arkansas for
8 homebuyer and homeowner education training programs.
ADOPTED: July 7, 1992
APPROVED AS TO FORM:
i
v THOMAS M. CJWPEN*1'r.K U
CITY ATTORNEY
• :ir
M NNIN - l -
_o N PRIEST'
I-S MAYOR