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.
________________________________________________________
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