Agenda Report # 45
WHEREAS, the City has extensive knowledge, skill and experience in implementing and developing single family down payment assistance programs (DPA) in Columbus for families at or below 80% Muscogee County Metropolitan Statistical Area median income level (“AMI”); and,
WHEREAS, NeighborWorks Columbus has applied for and received a Financial Allocation from The Community Development Financial Institution Fund (the “CDFI Fund”) of the United States Treasury, that can be used for single family DPA programs for families at or below 80% AMI; and,
WHEREAS, to facilitate the City’s administration of the City’s DPA Program, NeighborWorks Columbus will fund a pool of money (the “Funding Pool”) to the City and the City will use the Funding Pool to make second loans to qualifying homebuyers under the guidelines of the City’s DPA Program and subsequently assign the DPA Loans to NeighborWorks Columbus within 30 days after closing the DPA Loans as set forth in the Memorandum Of Understanding.
NOW, THEREFORE, THE COUNCIL OF COLUMBUS, GEORGIA, HEREBY RESOLVES AS FOLLOWS:
That the City Manager is hereby authorized to execute a Memorandum of Understanding with NeighborWorks Columbus as outlined in the attached Memorandum of Understanding.
Councilor Allen voting __________.
Councilor Baker voting __________.
Councilor Barnes voting __________.
Councilor Davis voting __________.
Councilor Henderson voting __________.
Councilor Huff voting __________.
Councilor McDaniel voting __________.
Councilor Turner Pugh voting __________.
Councilor Thomas voting __________.
Councilor Woodson voting __________.
Tiny B. Washington, Clerk of Council Teresa Pike Tomlinson, Mayor