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reduction is large enough to cause a burden, as determined by the staff, then a new <br /> budget will be returned to the City Council. <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 <br /> Resolution and the requirements of such application. <br /> IV. Any funding assistance so received in 1998 be used for the above projects. <br /> V. This Resolution will become part of the formal application to the U.S. Department of <br /> Housing and Urban Development. <br /> VI. All payments and income from the Housing Rehabilitation Program will be used for <br /> rehabilitation purposes. This is estimated at $300,000.00 for 1998. <br /> VII. The Housing Hope and any funds used for outside agencies from the Housing <br /> Opportunity Program or CDBG Contingency will be in the form of loans with details of <br /> terms and conditions to be returned to City Council in a contract. <br /> VIII. The required application sections and information are to be sent to the U.S. Department <br /> of Housing and Urban Development to complete all application requirements. <br /> ouncilman Introducing Resolution <br /> PASSED AND APPROVED BY CITY COUNCIL THIS 15thDAY OF April , 1998. <br /> Cou cil President <br />