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• <br /> II. If the Department of Housing and Urban Development reduces this allocation,then each <br /> item will be reduced an equal percentage, including the Community Housing Improvement <br /> Program and Community Development Block Grant Administration. If a reduction is large <br /> enough to cause a burden, as determined by the staff,then a new budget will be returned to <br /> the City Council for their review and approval. <br /> III. The Mayor is hereby authorized to make formal application to the U.S. Department of <br /> Housing and Urban Development for funding assistance in accordance with this Resolution <br /> and the requirements of such application. <br /> IV. This Resolution will become part of the formal application to the U.S. Department of <br /> Housing and Urban Development. <br /> V. All payments and income from the Housing Rehabilitation Program (Fund 197) will be <br /> used for CHIP housing rehabilitation purposes. This is estimated at$500,000.00 for 2006. <br /> VI All payments and income from the HomeSight downpayment assistance program will be <br /> used for downpayment assistance. This is estimated at $30,000.00 for 2006 <br /> VII. Housing and capital projects funded with Community Development Block Grant, HOME, <br /> and Housing Trust(2060) funds will be loans with terms and conditions brought back in <br /> contract form to City Council. This does not include loans approved by the Community <br /> Housing Improvement Program Loan Review Committee. Housing projects with contracts <br /> after this date will be loans with repayment required, but with terms which balance <br /> affordability, feasibility, and repayment to the City to fund future housing projects. <br /> VIII. The required application forms and information are to be sent to the U.S. Department of <br /> Housing and Urban Development to complete all application requirements. <br /> IX. The 2006 Action Plan are hereby approved to be submitted to the U.S. Department of <br /> Housing and Urban Development to complete all application requirements. <br /> X. HOME and additional ADDI funds may be used for Everett Housing Authority home <br /> ownership projects within Everett's Planning Area. <br /> Councilman ntroducing Resolution <br /> PASSED AND APPROVED BY CITY COUNCIL THIS 3rd DAY OF May , 2006. <br /> cil Presio <br />