COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 990691

Authorizing execution of a $1,685,000.00 contract with the Housing and Economic Development Financial Corporation (HEDFC) for funds for administrative costs and support services; authorizing execution of a $11,010,500.00 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 $1,120,000.00 for a new total of $25,340,589.00, 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 $1,685,000.00, 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 and economic development activities to be paid from funds previously appropriated to Account Nos. 00-269-055-2140-B, HEDFC Administration ($1,300,000.00), 00-294-055-2136-B, HOME Investment Grant ($350,000.00), and 00-269-055-2127-B, Maintenance Reserve Program ($35,000.00). 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 $11,010,500.00, for the purpose of providing funds for the 1999 HOME Investment Partnership Program, Single Family New Construction Program, Purchase Rehabilitation Program, Property Acquisition and Maintenance Program, Economic Development, Special Housing Projects and Public Facilities Improvements to be paid from funds previously appropriated to Account Nos. 00-294-055-2136-B, Homeownership Program ($2,474,000.00), 97-294-055-2136-B, Home Ownership Program ($754,534.00), 99-294-055-2136-B, Homeownership Program ($1,425,466.00), 00-269-055-2185-B, Homeownership Development ($306,500.00), 00-269-055-2186-B, HEDFC-REO ($50,000.00) and authorizing expenditure of $6,000,000.00 of loan repayments from the Rehabilitation Loan Program, the Housing Development Assistance Program and the Second Mortgage Loan Program, the Home Ownership 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 $1,120,000.00 for a total contract amount of $25,340,589.00, 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 Nos. 99-294-055-2136-B, Home Ownership Program ($1,055,472.00) and 95-294-055-2134-B, Rehab Loan Corporation ($64,528.00). A copy of the contract amendment, in substantial form, is attached hereto and is hereby approved.

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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.

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Director of Finance

Approved as to form and legality:

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Assistant City Attorney