HomeMy WebLinkAboutResolution - 5211 - Amendment To Amendments - 04_11_1996 - FY1995-96 CDBGAP Unprogrammend Funds - 07_11_1996RESOLUTION NO.5211
July 11, 1996
Item #18
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to
execute for and on behalf of the City of Lubbock an Amendment to the Amendments passed by
the City Council of the City of Lubbock on April 11, 1996, that amended the 1995-96
Community Development Block Grant Action Plan for the reallocation of Unprogrammed
Funds. Said is attached hereto and incorporated in this Resolution as if fully set forth herein and
shall be included in the minutes of the Council.
Passed by the City Council this
ATTEST:
Betty A Jo son, ty Secretary
APPROVED AS TO CONTENT:
Doug Goo anaging Director of
Health and Clqr
#munity Services
APPROVED AS TO FORM:
my itf, Assistant City -Attorney
ALW:js/CDBGAP.RES
ccdocs/July 1, 1996
RESOLUTION NO. 5211
July 11, 1996
Item #18
1996 Proposed Contingency
Allocations Amendment to the Amendment
CDBG Program
Direct Homeownership Assistance Program $189,000.00
This program will assist approximately 30 low to moderate income families
and individuals to become homeowners.
$189,000.00 will be made available to qualifying applicants for low interest,
soft second mortgage buydowns or to provide downpayment and closing
cost assistance. The soft second and downpayment and closing costs
would be a second lien at 3% interest. The term of the loan would be
based on the applicant's income.
This program will be leveraged with local lending institutions. Plains National
Bank has agreed to set aside $800,000.00 until September 30, 1996
through its Community Loan program to be leveraged with the Direct
Homeownership Assistance Program.