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HomeMy WebLinkAbout09739RESOLUTION NO. 9739 A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF PUEBLO AND BALTIMORE PROJECT MANAGEMENT CORPORATION, IN ACCORDANCE WITH THE CITY OF PUEBLO HOME /CDBG CONSOLIDATED PLAN DESCRIBING PROJECTS THAT MEET AN AFFORDABLE HOUSING STRATEGY FOR LOW AND MODERATE INCOME HOUSEHOLDS BELOW 80% AREA MEDIAN INCOME UNDER THE 1997 HOME INVESTMENT PARTNERSHIP PROGRAM WHEREAS, the City of Pueblo, pursuant to the HOME Investment Partnership Act, the Cranston - Gonzales National Affordable Housing Act; 42 U.S.C. 12701 et seq; and implementing regulations under 24 CFR 92, has been a recipient of Home federal funds under the program since 1992; and WHEREAS, in accordance with the provisions of the Act and 24 CFR 92.200 a portion of such financial assistance, subject to appropriation by the City Council, may be made available to non - profit organizations for the purpose of carrying out specific elements of the city of Pueblo housing strategy including the expansion of the availability of affordable housing for low and moderate income Pueblo residents; and WHEREAS, Baltimore Project Management Corporation, Inc., has made application to the City for HOME funds in the amount of $180,000 for the construction of affordable housing, more fully described in "Exhibit A'; and WHEREAS, as Baltimore Project Management Corporation, Inc., has represented to City that it is eligible under the Act and implementing regulations to undertake approved elements of the City's (and Consortium's consolidated housing plan; and WHEREAS, subject to the future availability of HOME funds, and further subject to Baltimore Project Management Corporation, Inc., entering into a definitive Affordable Housing Development Agreement with the City upon terms and conditions acceptable to the City Council, including provisions securing performance by Baltimore Project Management Corporation, Inc., NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The City of Pueblo Affordable Housing Agreement dated December 9, 2002, between the City and Baltimore Project Management Corporation, a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved, and the $180,000 in HOME federal dollars is appropriated to Baltimore Project Management Corporation, to be expended and used subject to the terms and conditions of the attached City of Pueblo Affordable Housing Agreement. SECTION 2. The President of the City Council is authorized to execute the City of Pueblo Affordable Housing Agreement in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. INTRODUCED December 9, 2002 BY Al Gurule Councilperson APPROVED: resident of City Council ATTEST: City C III Background Paper for Proposed RESOLUTION 6,ao.#q?39 AGENDA ITEM # / DATE: DECEMBER 9, 2002 DEPARTMENT: HOUSING AND CITIZEN SERVICES/TONY BERUMEN TITLE A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF PUEBLO AND BALTIMORE PROJECT MANAGEMENT CORPORATION, INC., IN ACCORDANCE WITH THE CITY OF PUEBLO HOME /CDBG CONSOLIDATED PLAN DESCRIBING PROJECTS THAT MEET AN AFFORDABLE HOUSING STRATEGY FOR LOW AND MODERATE INCOME HOUSEHOLDS BELOW 80% AREA MEDIAN INCOME UNDER THE 1997 HOME INVESTMENT PARTNERSHIP PROGRAM. ISSUE A Resolution approving an Affordable Housing Agreement between Baltimore Project Management Corporation, Inc., and the City of Pueblo, A Municipal Corporation, wherein HOME Federal Funds will be provided to the Project, in the form of a $180,000 loan. To assist in the construction of Baltimore Park in order to expand the availability of affordable low- income rental housing. This is a new construction project. RECOMMENDATION Approve the Resolution BACKGROUND Colorado Bluesky Enterprises, Inc., through Baltimore Project Management Corporation, Inc., which is acting as the General Partner in a Low - Income Housing Tax Credit Project, is constructing 12 units of multi - family affordable housing, in the North side of Pueblo, at Baltimore Ave and Kachina Dr. The project is to be known as Baltimore Park. The City received an application request for an $180,000 loan from HOME federal funds. FINANCIAL IMPACT This is a $1,475,420 Low Income Housing Tax Credit project. The City is providing a loan from HOME federal funds in the amount of $180,000, at 2 %.