2009/10/14 Council Agenda Packet

• EVERETT.CITY COUNCIL AGENDAITEM COVER SHEET 5= PROJECT TITLE: Subgrantee Agreement with the Consent COUNCIL BILL# Everett Housing Authority for X Action Originating Department Planning the Neighborhood Stabilization First Reading Contact Person David Koenig Program Second Reading Phone Number 425-257-8736 Third Reading FOR AGENDA OF October 14,2009 Public Hearing Initialed by: Department Head CAA Lj Council President Location Preceding Action Attachments Department(s)Approval On August 12, 2009, Subrecipient Agreement Legal City Council authorized the Mayor to sign a grant contract with the state Dept. of Commerce. Amount Budgeted $546,899 Expenditure Required $546,899 Account Number(s): Fund Budget Remaining -0- Additional Required -0- DETAILED SUMMARY STATEMENT: The City of Everett has signed a grant agreement with the Washington State Department of Commerce in the amount of$546,899 to fund Neighborhood Stabilization Program activities. These funds are part of an allocation of federal funds to the State of Washington to address the impacts of foreclosed-upon homes or properties. The attached Subgrantee Agreement between the City and the Everett Housing Authority will provide these funds to the Everett Housing Authority,which will in turn provide funds to other non-profit agencies for one of two activities: (1) Acquisition: purchase,rehabilitate and sell or rent approximately four foreclosed properties to income-eligible homebuyers ($200,000), or(2) Home Ownership Assistance: underwrite financial mechanisms, including but not limited to; down payment assistance loans to help eligible buyers purchase approximately nine foreclosed properties ( $319,555). In addition,the Everett Housing Authority will receive $27,344 to administer the activities mentioned above. RECOMMENDATION: Authorize the Mayor to sign a Subgrantee Agreement with the Everett Housing Authority for Neighborhood Stabilization Program activities in the amount of$546,899. 11