10463e
I RESOLUTION NO. 10-463
2
3 A RESOLUTION TO AMEND RESOLUTION NO. 9,800 34
4 AUTHORIZING THE CITY MANAGER TO EXECUTE AN
5 AMENDMENT TO AN AGREEMENT WITH COLLEGE
6 STATION CDC TO PROVIDE A TOTAL OF EIGHTY
7 THOUSAND DOLLARS ($80,000) IN HOME FUNDS FOR
8 SUBSIDIZING FIRST -TIME BUYERS TO ASSIST WITH
9 FOUR AFFORDABLE HOMES; AND FOR OTHER
10 PURPOSES.
11
12 WHEREAS, the City of Little Rock and College Station CDC entered into an
13 Agreement dated May 5, 1997 whereby the City agreed to provide ninety thousand dollars
14 ($90,000) in HOME funds for subsidizing low- income, first -time homebuyers to assist with
15 five (5) homes; and
16 WHEREAS, it is now necessary to amend Sections H -B and H -D of the Agreement
17 to reflect the change in funding necessary for the total number of homes to be assisted and the
18 subsidy amounts available per homebuyer.
19 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
20 OF THE CITY OF LITTLE ROCK, ARKANSAS:
21 SECTION 1: Little Rock, Ark., Resolution No. 9,800 (September 17, 1996) is hereby
22 amended to authorize the City Manager to enter into an Amendment to Agreement with
23 College Station CDC to provide eighty thousand dollars ($80,000) in HOME funds for
24 subsidizing first -time homebuyers to assist with four homes. Each prospective low- income,
25 first -time homebuyer may receive a subsidy no greater than twenty thousand dollars ($20,000)
26 for each of the four houses.
27 ADOPTED: February 2, 1999
28 ATTEST: APPROVED: \
29
30
31 ROBBIE HANCOCK
32 CITY CLERK
33 APPROVED AS TO. FORM:
34 k_e � WK
35 THOMAS M. CARPENTEk
36 CITY ATTORNEY
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AMENDMENT TO AGREEMENT 3
BETWEEN THE CITY OF LITTLE ROCK AND
COLLEGE STATION COMMUNITY DEVELOPMENT CORPORATION
THIS AMENDMENT TO AGREEMENT is entered into this _ day of
1999, by and between the CITY OF LITTLE ROCK, ARKANSAS ( "City ") and COLLEGE
STATION COMMUNITY DEVELOPMENT CORPORATION (hereafter designated as College
Station CDC).
WHEREAS, the City of Little Rock and College Station CDC entered into the above -
mentioned Agreement dated May 5, 1997, and attached hereto as Exhibit "A ", whereby the City
of Little Rock agreed to provide ninety thousand dollars ($90,000) in HOME funds for
subsidizing low- income, first -time homebuyers to assist with five (5) homes, as approved by
Ordinance No. 9,800 adopted by the City Board of Directors on September 17, 1996; and
WHEREAS, on December 17, 1996, the City Board of Directors adopted Resolution No.
9,868 authorizing the City Manager to enter into an agreement with College Station CDC to
provide eleven thousand seven hundred dollars ($11,700) in HOME funds for project
management services in the Apple Blossom Subdivision; and
WHEREAS, it is necessary to amend the Agreement to reflect the change in funding
necessary for the total number of homes to be assisted and subsidy amounts available per
homebuyer in Section II -B and Section II -D of the Agreement, Project Funding.
NOW, THEREFORE, the City and College Station CDC hereby agree to execute this
Amendment to Agreement as follows:
WITNESSETH:
1. Section II -B of the Agreement dated May 5, 1997, between the City and College Station
CDC is hereby amended to state the following: The City of Little Rock will make available to
College Station CDC for direct subsidies, as described in Section 11, Paragraph A, a total of
eighty thousand dollars ($80,000). Each prospective low - income, first -time homebuyer may
receive a subsidy no greater than twenty thousand dollars ($20,000) for each of the four (4)
remaining houses. Included in the $20,000 subsidy amount, a qualified, low- income, first -time
homebuyer may be eligible to receive a grant for one -half (112) of down payment, closing costs,
and prepaid items up to two thousand dollars ($2,000). The purchaser will be responsible for
the remaining one -half (1/2) of closing costs. The City's Division of CDBG and Housing
Programs will take applications for such direct assistance from mortgage lenders for applicants
who have signed an offer and acceptance from College Station CDC. The City of Little Rock
will determine on the basis of verifiable information supplied by the applicant, standard
mortgage underwriting criteria, and the purchase price proposed in the offer and acceptance,
the assistance for which the applicant may be eligible. The City of Little Rock expressly
reserves the right to deny any applicant assistance under this agreement if the applicant is
determined not to be eligible for the assistance. No applicant will be offered a subsidy,
however, greater than the difference between the purchase price of the house and lot and the
mortgage loan offered by a lender applying standard mortgage lending criteria. Each low -
income buyer shall execute a First -time Homebuyer Agreement with the City. The First -Time
r
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Homebuyer Agreement is included as Attachment D and made a part of this agreement. Each
low- income buyer shall also execute a promissory note. The promissory note is included as 36
Attachment E and made a part of this agreement. Finally, each low- income buyer shall execute
a mortgage. The mortgage is included as Attachment F and made a part of this agreement.
2. SECTION II -D is amended to state the following: The City of Little Rock hereby approves
eleven thousand seven hundred dollars ($11,700) for College Station CDC for project
management services in connection with the above referenced project, not to exceed two
thousand nine hundred twenty five dollars ($2,925) per house. The agreement between the
owner and project manager is attached to and made a part of this agreement as Attachment C.
College Station CDC shall ensure HOME funds provided under this agreement for project
management will be requested for disbursement only in required amounts based upon
percentage of construction completed for each house.
3. All other terms and conditions of the original Agreement dated May 5, 1997, and attached
hereto as Exhibit "A" shall remain the same and in full force and effect.
4. This Amendment to Agreement shall be effective upon execution by all parties hereto and
shall be made a permanent part of the original agreement dated May 5, 1997.
IN WITNESS WHEREOF, the parties have hereunto executed this Amendment to
Agreement this day of 199_
City of Little Rock, Arkansas College Station Community
CDBG & Housing Programs Division Development Corporation
Signature
City Manager
Date
71- 6014465
Federal I.D. Number
This document approved as to form:
Thomas M. Carpenter
City Attorney
2
Signature
Date
Federal I.D. Number