AGENDA MEMORANDUM

Meeting Date: April 13, 2009

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

Subject:                      Resolution authorizing execution of the Affordable Housing Program Agreement from Federal Home Loan Bank of Atlanta

Staff Recommendation:

Staff recommends approval of the Affordable Housing Program Agreement with Federal Home Loan Bank of Atlanta for the renovation of Kristen Court.

Analysis:

City of Leesburg Housing & Economic Development applied for and was awarded an Affordable Housing Program subsidy of $500,000.00, to rehabilitate 56 multi-family owner-occupied units in Kristen Court. The grant that we received is a very competitive application.   The funds must be expended within a two year period for rehabilitation.  Riverside National Bank of Florida is the member bank who is responsible for coordinating the project’s activities on behalf of FHLB.

FHLBank Atlanta is a cooperative bank that offers low-cost financing, community development grants, and other banking services to help more than 1,200 member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Affordable Housing Program (AHP) is a flexible source of grants and loans designed to help our member financial institutions and their community partners develop affordable owner-occupied and rental housing for very low- to moderate-income families and individuals.  The FHLB of Atlanta commits ten percent of their annual net income to developing affordable housing. 

The attached agreement outlines the City of Leesburg’s responsibilities as a condition of receiving the funding.

Options:

1.  Approve the resolution accepting the Affordable Housing Program Agreement; or

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact:   

The receipt of the $500,000.00 will allow for additional funding for the rehabilitation of the Kristen Court project.

Submission Date and Time:    4/9/2009 9:27 AM____

Department: Housing & Economic Development Prepared by: Tracie Hodge___________                      Attachments:         Yes____   No ______ Advertised:   ____Not Required __X___ Dates:   __________________________                      Attorney Review :       Yes___  No _X___ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________JB______                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. __554-0000-331-5210__ Project No. ___________________ WF No. ______________________ Budget  ______________________ Available _____________________

RESOLUTION NO._______________

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE AFFORDABLE HOUSING PROGRAM AGREEMENT FROM FEDERAL HOME LOAN BANK OF ATLANTA FOR A DIRECT SUBSIDY OF $500,000.00 FOR THE RENOVATION OF KRISTEN COURT.

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 N. E., Atlanta, Georgia, 30309, for the $500,000.00 AHP subsidy to rehabilitate Kristen Court. 

 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 13th day of April 2009.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk