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• 461
RESOLUTION NO. () gpi
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO ENTER INTO AN AGREEMENT
WITH WOODRUFF COMMUNITY DEVELOPMENT
CORPORATION (CDC) TO PROVIDE $55,900
IN HOME FUNDS FOR. ACQUISITION,
REHABILITATION, AND SALE OF THE
HOUSE AT 3809 WEST CAPITOL AVENUE TO
A LOW- INCOME FIRST TIME HOME BUYER.
WHEREAS, Woodruff CDC was incorporated in 1995; and
WHEREAS, the CDC was also the beneficiary of a donation of
the house at 5423 Country Club; and
WHEREAS, this project calls for the acquisition of 3809
West Capitol Avenue, which has been vacant for some time; and
WHEREAS, Woodruff CDC plans to rehabilitate the structure,
affirmatively market the house, and subsequently sell it to a
low- income first time home buyer; and
WHEREAS, this project is being undertaken in an area
identified for concentrated reinvestment by Woodruff CDC within
the City's Revitalization Area; and
WHEREAS, HOME funding for the project will serve to improve
the area, build the capacity of Woodruff CDC, increase the
supply of affordable housing, and assist a low- income person or
family into home ownership.
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 with Woodruff Community Development
Corporation (CDC) to provide $55;900 in HOME funds for
acquisition, rehabilitation, and sale of the house at 3809 West
Capitol Avenue to a low- income first time home buyer.
SECTION 2. Funding in the amount of $55,900 is available
from the HOME Program mandatory CHDO 15% set -aside committed to
PMI as developer of projects owned by neighborhood -based CDC's.
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• • 462
ADOPTED: September 5, 1995
ATTEST: APPROVED: in
Val
�JKULS13JLJK HANC ILLY
CITY CLERIC MAY
• ED AS TO FORM:
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THUMAN M. CARPEWl'FA?(j
ATTORNEY CITY
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