HomeMy WebLinkAbout94804.59
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2 RESOLUTION NO_ 9,480
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4 A RESOLUTION AUTHORIZING THE CITY
5 MANAGER TO ENTER INTO AN AGREEMENT
6 WITH GREATER LITTLE ROCK COMMUNITY
7 DEVELOPMENT CORPORATION (CDC) TO
8 PROVIDE $51,900 IN HOME FUNDS FOR
9 MOVING A HOUSE FROM 5423 COUNTRY
10 CLUB TO 24TH AND LEWIS STREETS TO BE
11 REHABILITATED AND SOLD TO A
12 LOW- INCOME FIRST TIME HOME BUYER.
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14 WHEREAS, this project was occasioned by the donation of a
15 lot at 24th and Lewis Streets from Metropolitan Bank of Greater
16 Little Rock CDC; and
17 WHEREAS, the CDC was also the beneficiary of a donation of
18 the house at 5423 Country Club; and
19 WHEREAS, Greater Little Rock CDC plans to move and
20 rehabilitate the structure, affirmatively market the house, and
21 subsequently sell it to a low- income first time home buyer; and
22 WHEREAS, this project is being undertaken in an area
23 identified for concentrated reinvestment by Greater Little Rock
24 CDC; and
25 WHEREAS, HOME funding for the project will serve to improve
26 the area, build the capacity of Greater Little Rock CDC,
27 increase the supply of affordable housing, and assist a
28 low- income person or family into home ownership.
29 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
30 THE CITY OF LITTLE ROCK, ARKANSAS:
31 SECTION 1. The City Manager is hereby authorized to enter
32 into an agreement with Greater Little Rock Community Development
33 Corporation (CDC) to provide $51,900 in HOME funds for moving a
34 house from 5423 Country Club to 24th and Lewis Streets to be
35 rehabilitated and sold to a low - income first time home buyer.
36 SECTION 2. Funding in the amount of $51,900 is available
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460
from the HOME Program mandatory CHDO 15% set -aside committed to
PMI as developer of projects owned by neighborhood -based CDC's
and the CDBG Affordable Home Program.
ADOPTED: September 5, 1995
DI•
APPROVED AS TO ••
THOMAS M. CARPENTKR
CITY ATTOIUIEV