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Legislation #: 010776 Introduction Date: 5/17/2001
Type: Ordinance Effective Date: 6/3/2001
Sponsor: None
Title: Authorizing execution of a $1,785,000.00 contract with the Housing and Economic Development Financial Corporation ("HEDFC") for funds for administrative costs and support services; authorizing execution of a $7,128,800.00 contract with HEDFC for funds for the single family loan programs; and authorizing execution of a contract amendment with HEDFC, increasing the contract amount by $1,170,000.00 for a new total of $30,625,589.00, for funds for the multi-family housing loan programs.

Legislation History
DateMinutesDescription
5/17/2001

Prepare to Introduce

5/17/2001

Referred Planning, Zoning & Economic Development Committee

5/23/2001

Advance and Do Pass

5/24/2001

Passed as Substituted


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ORDINANCE NO. 010776

 

Authorizing execution of a $1,785,000.00 contract with the Housing and Economic Development Financial Corporation (HEDFC) for funds for administrative costs and support services; authorizing execution of a $7,128,800.00 contract with HEDFC for funds for the single family loan programs; and authorizing execution of a contract amendment with HEDFC, increasing the contract amount by $1,170,000.00 for a new total of $30,625,589.00, for funds for the multi-family housing loan programs.

 

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 with the Housing and Economic Development Financial Corporation, in the amount of $1,785,000.00, for the purpose of providing funds for administrative costs and support services for the Multi-Family Housing Loan Program, Single Family New Construction Loan Program, Rehabilitation Loan Program, HOME Program, HOPE 3 Program, Maintenance Reserve Program, economic development activities and maintenance of vacant lots to be paid from funds previously appropriated to Account Nos. 02-262-055-2140-B, HEDFC Administration ($1,250,000.00), 02-294-055-2136-B, HOME Investment Grant ($350,000.00), 02-262-055-2186-B HEDFC REO ($150,000.00) and authorizing expenditure of $35,000.00 of loan repayments from the Rehabilitation Loan Program. A copy of the contract, in substantial form, is attached hereto and is hereby approved.

 

Section 2. That the Director of the Department of Housing and Community Development is hereby authorized to execute a contract with the Housing and Economic Development Financial Corporation, in the amount of $7,128,800.00, for the purpose of providing funds for the 2001 HOME Investment Partnership Program, Single Family New Construction Program, Purchase Rehabilitation Program, Property Acquisition and Maintenance Program, Economic Development, Special Housing Projects, Public Facilities Improvements and Alphapointe Development to be paid from funds previously appropriated to Account Nos. 02-294-055-2136-B, Homeownership Program ($3,960,000.00), 02-262-055-2185-B, Homeownership Development ($218,300.00), 02-262-055-7503-T Alphapointe Infrastructure ($600,500.00) and authorizing expenditure of $2,350,000.00 of loan repayments from the Rehabilitation Loan Program, the Housing Development Assistance Program, the Second Mortgage Loan Program, the Home Ownership Program, Home Investment Partnership Program and Hope III Program. A copy of the contract, in substantial form, is attached hereto and is hereby approved.

 

Section 3. 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 $1,170,000.00 for a total contract amount of $30,625,589.00, for the purpose of providing funds for loans to be made for the Multi-Family Loan Program to be paid from funds previously appropriated to Account No. 02-294-055-2136-B, Home Ownership Program ($1,700,000.00). A copy of the contract amendment, in substantial form, is attached hereto and 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