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