AGENDA MEMORANDUM

 

 

Meeting Date:     June 11, 2007

 

From:                    Kenneth L. Thomas, Director of Housing & Economic Development

                                               

Subject:                Resolution authorizing participation in the Federal Home Loan Bank of

                              Atlanta’s Community Investment Services (CIS) Affordable Housing Program

 

Staff Recommendation:

Staff recommends approval of the resolution authorizing participation  in the Federal Home Loan Bank of Atlanta’s (FHLBA) Community Investment Services (CIS) Affordable Housing Program.

 

Analysis:

As part of our strategy to identify funding sources for the redevelopment of Kristen Court Apartments, staff has identified the FHLBA Affordable Housing Program (AHP) as a viable source. To apply for AHP funding. The City of Leesburg  must adopt a Resolution authorizing participation in the CIS Affordable Housing Program, complete a Certificate of Incumbency, complete  the Sponsor Web System Access form, and complete the  Terms and Conditions for Sponsor Web System Access form. 

 

Staff anticipates applying for the AHP grant funding for $500,000 when applications are accepted in September.  The FHLBA allows agencies to apply for funding twice per year.  The AHP funding eligible uses include acquisition, new construction or rehabilitation financing, permanent financing, principal reduction and down payment, and closing cost assistance. 

 

Options:

1. Approve the resolution authorizing participation in the FLHLBA Community Investment Services Affordable Housing Program; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

This authorization does not obligate the City to expenditure of any funds.

 

Submission Date and Time:    6/8/2007 10:30 AM____

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING PARTICIPATION IN THE FEDERAL HOME LOAN BANK OF ATLANTA'S COMMUNITY INVESTMENT SERVICES  AFFORDABLE HOUSING PROGRAM; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the Mayor and City Clerk are hereby authorized to execute an agreement with Federal Home Loan Bank of Atlanta whose address is 1475 Peachtree Street NE Atlanta, Georgia 30309, for execution of a Sponsor Access Agreement.

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _11th____ day of _June________ 2007

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk