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Legislation #: 110868 Introduction Date: 11/3/2011
Type: Ordinance Effective Date: 11/27/2011
Sponsor: None
Title: Accepting $30,000.00 in HOME program income funds and $35,000.00 in CDBG program income funds from the Housing and Economic Development Financial Corporation federal receivership; estimating and appropriating funds in the amount of $51,400.00 in the CDBG Fund; estimating and appropriating funds in the amount of $37,600.00 in the HOME Investment Fund; authorizing the Interim Director of Housing and Community Development to execute contracts totaling $89,000.00 with AmeriNational Community Services, Inc. for the purpose of providing loan servicing for the City’s single-family CDBG and HOME loan portfolios.

Legislation History
DateMinutesDescription
11/2/2011 Filed by the Clerk's office
11/3/2011 Referred to Planning, Zoning & Economic Development Committee
11/16/2011 Advance and Do Pass, Debate
11/17/2011 Passed

View Attachments
FileTypeSizeDescription
110868.pdf Authenticated 54K AUTHENTICATED
fact sheet.xlsx Advertise Notice 62K fact sheet
Loan Servicing fiscal note.xls Fiscal Note 65K Fiscal Note

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ORDINANCE NO. 110868

 

Accepting $30,000.00 in HOME program income funds and $35,000.00 in CDBG program income funds from the Housing and Economic Development Financial Corporation federal receivership; estimating and appropriating funds in the amount of $51,400.00 in the CDBG Fund; estimating and appropriating funds in the amount of $37,600.00 in the HOME Investment Fund; authorizing the Interim Director of Housing and Community Development to execute contracts totaling $89,000.00 with AmeriNational Community Services, Inc. for the purpose of providing loan servicing for the City’s single-family CDBG and HOME loan portfolios.

 

WHEREAS, the Housing and Economic Development Financial Corporation (HEDFC) is the City’s former subrecipient which, as part of its responsibilities, administered and serviced the City’s single-family loan portfolio; and

 

WHEREAS, HEDFC is currently under the administration of a federal court-appointed receiver who is currently in the process of performing a court-ordered liquidation and asset transfer plan; and

 

WHEREAS, the City desires to transfer the loan servicing of its single-family loan portfolio from HEDFC to AmeriNational Community Services, Inc. (ANCSI); and

 

WHEREAS, the City sought proposals through a competitive process for agencies to provide loan servicing of its single-family loan portfolio in accordance with HOME, CDBG and other federal regulations; and

 

WHEREAS, the transfer of the funds from HEDFC is subject to the approval of the U.S. District Court for the Western District of Missouri in Case No. 05-00368-CV-W-GAF; NOW THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Interim Director of Housing and Community Development is hereby authorized to accept, subject to approval by the U.S. District Court for the Western District of Missouri in Case No. 05-00368-CV-W-GAF, $30,000.00 in HOME program income funds and $35,000 in CDBG program income funds from the Housing and Economic Development Financial Corporation federal receivership for the purpose of providing funding for loan servicing of the City’s single-family loan portfolio.

 

Section 2. That the revenue in the following accounts of the Community Development Block Grant and the Home Investment Funds are estimated in the following amounts:

 

2940-550001-458120-G55HOMESPC HOME Investment Partner-

ship Grant Fund $37,600.00

2600-550001-458120-G55CDBGSP Community Development

Block Grant Fund 51,400.00

TOTAL $89,000.00

 

Section 3. That the appropriation in the following accounts of the Community Development Block Grant and the Home Investment Partnership Grant Fund are increased by the following amounts:

 

2940-555301-B-G55HOME11 HOME Grant $37,600.00

2600-555300-B-G55CDBG11 CDBG Grant 51,400.00

TOTAL $89,000.00

 

Section 4. That the Interim Director of Housing and Community Development is hereby authorized to execute contracts with AmeriNational Community Services, Inc. in the amount totaling $89,000.00 for the purpose of providing loan servicing for CDBG and HOME funded loans in the City’s single-family loan portfolio.

_____________________________________________

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.

 

 

______________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

______________________________

Nicole Rowlette

Assistant City Attorney