2007/05/16 Council Agenda Packet

EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 4 PROJECT TITLE: Consent COUNCIL BILL# Assignment and Assumption x Action Originating Department Planning Agreement with HOMESIGHT for First Reading Contact Person Dave Koenig Home Ownership Down Payment Second Reading Phone Number 257-8736 Assistance Funds Third Reading FOR AGENDA OF May 16, 2007 Public Hearing Initialed by: Department Head CAA _ �_ Council President �j� Location Preceding Action Attachments Department(s)Approval City wide Agreement with Assignment and Legal, Planning and Snohomish County assumption agreement Community Development Housing Authority for down payment assistance program. Council approval of this agenda item authorizes a budget revision in the additional amount requested. Expenditure Required $ -0- Account Number(s): Amount Budgeted $ -0- Additional Required $ -0- DETAILED SUMMARY STATEMENT: The City of Everett provided$288,270.00 in Community Development Block Grant funds over three years (2001, 2002, and 2003)to the Snohomish County Housing Authority for down payment assistance for home ownership to qualifying low and moderate income families. The funds have all been spent and now are a part of a revolving load fund to be loaned out as the loans are paid back. The Snohomish County Housing Authority decided to have HOMESIGHT, a highly respected non-profit agency, to be the agency to continue this program. The attached agreement would assign the responsibilities to HOMESIGHT and they will continue the program. If at some time in the future the program is no longer feasible, the assets would revert to the City of Everett. RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign the Assignment and Assumption Agreement with HOMESIGHT for Home Ownership Down Payment Assistance Funds