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0 9
RESOLUTION NO. 9,800
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO ENTER INTO AN AGREEMENT
WITH THE COLLEGE STATION COMMUNITY
DEVELOPMENT CORPORATION (CDC) TO
PROVIDE $90,000 IN HOME FUNDS FOR
FIRST -TIME HOMEBUYER SUBSIDIES IN
THE APPLE BLOSSOM SUBDIVISION; AND
FOR OTHER PURPOSES.
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WHEREAS, funding for this project is available from the
HOME program; and
WHEREAS, the Apple Blossom Subdivision was the first
affordable housing project developed by the College Station CDC;
and
WHEREAS, this money will be used to subsidize five homes to
be made available to low- income persons; and
WHEREAS, this project is being undertaken in an area
identified for concentrated reinvestment by College Station CDC.
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 College Station Community Development
Corporation (CDC) to provide $90,000 in HOME funds for
subsidizing first time home buyers to assist with five homes,
one home to be subsidized up to $20,000, one home subsidized up
to $18,500, two homes subsidized up to $17,500, and one home
subsidized up to $16,500, for low income persons that are first
time homebuyers.
SECTION 2. Funding in the amount of $90,000 is available
from the HOME Program.
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ADOPTED: September 17, 1996
N Nil
"PROVED AS TO FORM:
OMAS M. CARP 1
CITY ATTORNEY
APPROVED:
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