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Legislation #: 971751 Introduction Date: 12/11/1997
Type: Ordinance Effective Date: 12/28/1997
Sponsor: COUNCILMEMBER BACCHUS
Title: Authorizing a contract amendment with the Housing and Economic Development Financial Corporation, increasing the amount by $3,681,042.00 for a total contract amount of $6,226,917.00, for the continuation of the 1997 HOME Investment Partnership Program and continuation of the Rehabilitation and HOPE 3 Loan Programs; and approving an amendment to the 1997 Consolidated Plan.

Legislation History
DateMinutesDescription
12/11/1997

Prepare to Introduce

12/11/1997

Referred Planning, Zoning & Economic Development Committee

12/17/1997

Advance and Do Pass as a Committee Substitute

12/18/1997

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 971751

 

Authorizing a contract amendment with the Housing and Economic Development Financial Corporation, increasing the amount by $3,681,042.00 for a total contract amount of $6,226,917.00, for the continuation of the 1997 HOME Investment Partnership Program and continuation of the Rehabilitation and HOPE 3 Loan Programs; and approving an amendment to the 1997 Consolidated Plan.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of the Department of Housing and Community Development is hereby authorized to execute a contract amendment with the Housing and Economic Development Financial Corporation, increasing the contract amount by $3,681,042.00, for a total contract amount of $6,226,917.00, for the purpose of continuation of the 1997 HOME Investment Partnership Program and continuation of the Rehabilitation and HOPE 3 Loan Programs to be paid from funds previously appropriated to Account No. 98-294-055-2136-B, Home Ownership - 98 ($479,125.00) and authorizing the expenditure of $2,001,917.00 of loan repayments from the Rehabilitation Loan Program, expenditure of $1,000,000.00 of loan repayments from the Home Ownership Program, and expenditure of $200,000.00 of loan repayments from the HOPE 3 Program. A copy of said contract amendment, in substantial form, is attached hereto and is hereby approved.

 

Section 2. That an amendment to the 1997 Consolidated Plan, increasing the Rehabilitation Revolved Loan Funds by $1,511,117.00 and increasing expenditures for the Rehabilitation Loan Program by $1,511,117.00, is hereby approved.

 

________________________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Director of Finance

 

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney