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RESOLUTION NO. 8,843
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO ENTER INTO A
MON- MONETARY AGREEMENT WITH FIRST
COMMERCIAL BANK TO MAKE BANK
LOANS IN TANDEM WITH THE CITY'S
CDBG AND HOME PROGRAM LOANS FOR
OWNER OCCUPIED HOUSING
REHABILITATION DURING CALENDAR
YEAR 1993.
WHEREAS, in order to assist low- income homeowners citywide
to rehabilitate their homes to City Housing Codes standards, some
CDBG and HOME funds will be used under the recommended agreement
to buy down to an effective 5% the interest rate on the cost of
rehabilitation; and
WHEREAS, results anticipated are more manageable monthly
payments for low- income homeowners;, leveraging of private- section
financing, more units rehabbed with available subsidy dollars, and
standard assistance available citywide; and
WHEREAS, a working agreement with a lending institution is
necessary to establish procedures, loan terms, interest rates,
underwriting criteria, rehabilitation standards, and the like;
and
WHEREAS, a request for proposals was sent to thirteen
Little Rock banks on October 27, 1992; and
WHEREAS, a selection committee rated the proposals on the
basis of each of eight considerations announced with the RFP and
First Commercial Bank scored highest.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is authorized to enter into a
non - monetary agreement with First Commercial Bank to make bank
loans in tandem with the City's CDBG and HOME Program loans for
1 I owner - occupied housing rehabilitation during calendar year 1993.
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ADOPTED: January 5, 1993
ATTEST:
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CITY CLERIC
APPROVED AS TO FORM:
J
ATTORNEY CITY
APPROVED: &&dzq
JIM✓DAILEY
MAYOR