Resolution 5899 - Laserfiche WebLink

II. If the Department of Housing and Urban Development reduces this allocation,then each item will be reduced an equal percentage, including the Community Housing Improvement Program and Community Development Block Grant Administration. If a reduction is large enough to cause a burden, as determined by the staff,then a new budget will be returned to the City Council for their review and approval. III. The Mayor is hereby authorized to make formal application to the U.S. Department of Housing and Urban Development for funding assistance in accordance with this Resolution and the requirements of such application. IV. This Resolution will become part of the formal application to the U.S. Department of Housing and Urban Development. V. All payments and income from the Housing Rehabilitation Program (Fund 197)will be used for CHIP housing rehabilitation purposes. This is estimated at $600,000.00 for 2007. VI All payments and income from the HomeSight downpayment assistance program will be used for downpayment assistance. This is estimated at $30,000.00 for 2007 VII. Housing and capital projects funded with Community Development Block Grant, HOME, and Housing Trust(2060) funds (Boys & Girls Club Cascade Club Improvements - $50,000, Senior Service of Snohomish County The Cottages - $200,000, YMCA Big Brohters/Big Sister Facility- $85,986.15, Bridgeways Madison House Improvements - $76,000)will be loans with terms and conditions brought back in contract form for City Council approval. This does not include loans approved by the Community Housing Improvement Program Loan Review Committee. For all other projects approved in this Resolution, the Mayor is authorized to execute the contracts and necessary documents. Housing projects with contracts after this date will be loans with repayment required,but with terms which balance affordability, feasibility, and repayment to the City to fund future housing projects. VIII. The required application forms and information are to be sent to the U.S. Department of Housing and Urban Development to complete all application requirements. IX. The 2007 Action Plan is hereby approved to be submitted to the U.S. Department of Housing and Urban Development to complete all application requirements. X. HOME and additional ADDI funds may be used for home ownership projects within Everett's Planning Area. XI. $90,035.70 in CDBG funds allocated in 2006 to the Everett Housing Authority will be reallocated for 2007. $90,035.70 of Affordable Housing 2060 funds will be allocated to Everett Housing Authority to replace the 2006 CDBG funds. 4 -v / Councilman Intr•ducing Resolution PASSED AND APPROVED BY CITY COUNCIL THIS 9thDAY OF Ma , 2007. Co it Presii t