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Legislation #: 140948 Introduction Date: 10/30/2014
Type: Resolution Effective Date: none
Sponsor: None
Title: Authorizing submission of an amended 2014 Annual Action Plan and adding the Seven Oaks Apartments Replacement Housing Project; desiring to borrow $2,950,000.00 for the Seven Oaks Apartments Replacement Housing Project through Section 108 of the Housing and Community Development Act; certifying the use of security required for the loan; and affirming use of program income.

Legislation History
DateMinutesDescription
10/30/2014 Filed by the Clerk's office
10/30/2014 Referred to Neighborhoods, Housing & Healthy Communities
11/5/2014 Immediate Adoption
11/6/2014 Adopted

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RESOLUTION NO. 140948

 

Authorizing submission of an amended 2014 Annual Action Plan and adding the Seven Oaks Apartments Replacement Housing Project; desiring to borrow $2,950,000.00 for the Seven Oaks Apartments Replacement Housing Project through Section 108 of the Housing and Community Development Act; certifying the use of security required for the loan; and affirming use of program income.

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Mayor, on behalf of the City of Kansas City, Missouri, is hereby authorized to submit an amended 2014 Annual Action Plan to the U.S. Department of Housing and Urban Development (HUD) adding a new project to be known as the Seven Oaks Apartments Replacement Housing Financing Project in the amount of $2,950,000.00.

 

Section 2. That the City Council desires to borrow $2,950,000.00 for the Seven Oaks Apartments Replacement Housing Project through Title I, Section 108, of the Housing and Community Development Act of 1974, as amended.

 

Section 3. That the City Council hereby certifies that the pledge of all grant entitlements as required by 24 C.F.R. Section 570.705(b)(2) as a condition of Section 108 Loan Guarantees, additional CDBG program income, and a first mortgage on the two replacement housing projects: Oak Point in the amount of $1,650,000.00, and Faxon School in the amount of $1,300,000.00 will be provided to secure repayment of said loan from monthly rental income.

 

Section 4. Directing the Neighborhoods and Housing Services Department, Housing and Community Development Division, to submit a Section 108 application to HUD and urging HUD’s approval.

 

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