HomeMy WebLinkAboutResolution 2823 evising CDBG income guidelines
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COMMISSION RESOLUTION NO.
2823
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
BOZEMAN, MONTANA, BUDGETING THE USE
OF PROGRAM
INCOME FROM THE 1984
COMMUNITY DEVELOPMENT BLOCK
GRANT PROGRAM.
WHEREAS, The City of
Bozeman received a Housing and
Ne i ghborhood Rev ita 1 i zat ion Commun i ty Deve 1 opment Block Grant award
in 1984; and
WHEREAS, as part of
that CDBG award, $163,504.00 was loaned
to property owners for the purposes
of rehabilitating low and
moderate income housing; and
WHEREAS, program income continues to be generated through loan
repayments and it is antlcipated that approximately $24,000.00 of
additional income will be earned
per year for the next ten
( 10 )
years; and
WHEREAS, the City successfully closed out the Program in 1988;
and
WHEREAS, the City wishes to continue rehabilitation of housing
and neighborhoods by use of low interest or deferred payment
loans
ln the target area and also
in special areas outside the target
area as determined by the City Commission; and
WHEREAS, Commission Resolution No.
2688 committed 1984 CDBG
program income for this purpose through June 30, 1988;
and
WHEREAS, Commission Resolution No.
2736 committed the 1984
CDBG program income from June 30,
1988 forward to housing and
neighborhood revitalization in the target
area identified by the
City Commission until such time as the Commission finds no need to
continue low and moderate income rehabilitation efforts.
NOW, THEREFORE, BE IT RESOLVED by the City Commission
of the
City of Bozeman that:
This Resolution hereby modifies
Commission Resolution No.
2736, and the City hereby commits the 1984 CDBG program income from
June 30, 1988 forward to
assist low and moderate income
people/families in their housing and
neighborhood revitallzation
efforts until such time as the Commission finds no need to continue
low and moderate income housing and rehabilitation efforts.
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Said income shall be utilized to further the housing efforts
initiated ln the target area identified by the City Commission.
Said income may be utilized to further housing efforts outside the
identified target area when determined appropriate by the City
Commission.
No greater than fifteen percent (15%) of the program income
earned during this period will be utilized for administrative
purposes.
The remaining funds shall be utilized for orojects identified
and selected by the City of Bozeman Loan Review Committee, and
approved by the Bozeman City Commi 55 ion. Sa i d funds sha 11 be
loaned for those projects that will produce an lncome near that
which may be found ln the private sector. However, they may be
granted or loaned at a very modest interest rate in those cases
identified by the City of Bozeman Loan Review committee as critical
and demanding immediate attention, or in other cases identified by
the City Commission.
I
PASSED AND ADOPTED by the City Commi ss i on of the City of i
.:
Bozeman at its regular meeting thereof held on the 4th day of
March, 1991. ,
ATTEST:
Gf~ f~
ROBIN L. SULLIVAN
Clerk of the Commission
APPROVED AS TO FORM:
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BRU E E.BECKER~ I
City Attorney
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t.
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