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RESOLUTION NO. 9,720 377
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO ENTER INTO AN AGREEMENT
PROVIDING $754,000 IN CDBG SECTION
108 LOAN FONDS TO MCCLELLAN
COMMUNITY DEVELOPMENT CORPORATION.
WHEREAS, the proposal is consistent with the City's
Consolidated Plan, which was developed with extensive citizen
participation, and identified the provision of standard,
affordable housing to low- income persons as having a high
priority; and
WHEREAS, support of neighborhood based community
development corporations is included as a part of both the
strategic and annual plans; and
WHEREAS, the McClellan Place project is the first for the
CDC, the properties have been purchased, other project financing
has been secured including low income housing tax credits,
Federal Home Loan Bank funds and bank consortium financing.
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 enter
into an agreement to provide $754,000 in CDBG Section 108 Loan
Funds for use by McClellan Community Development Corporation in
rehabilitating 52 units of rental housing on Valley Drive for
lease to low income persons and families at affordable rates.
ADOPTED: June 4, 1996
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