HomeMy WebLinkAbout11464RESOLUTION NO. 11464
A RESOLUTION APPROVING AN AMENDMENT TO AN
AFFORDABLE HOUSING DEVELOPMENT AGREEMENT
BETWEEN NEIGHBORHOOD HOUSING SERVICES OF
PUEBLO, INC., DOING BUSINESS AS NEIGHBORWORKS
OF PUEBLO, INC., AND THE CITY OF PUEBLO, A
MUNICIPAL CORPORATION, FOR AFFORDABLE
HOUSING DEVELOPMENT
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SFCTION 1
The Amendment No. 4 dated November 24, 2008, to the Affordable Housing
Development Agreement dated August 14, 2000, between Neighborhood Housing
Services of Pueblo, Inc., doing business as NeighorWorks of Pueblo, Inc., and the City
of Pueblo, a Municipal Corporation, (the "Agreement "), for the development of
affordable housing, a copy of which is attached and incorporated herein, having been
approved as to form by the City Attorney, is hereby approved.
SECTION 2.
The President of the City Council is hereby authorized to execute the Agreement
in the name of the City, and the City Clerk is directed to affix the seal of the City thereto
and attest the same.
INTRODUCED November 24, 2008
BY Vera Ortegon
Councilperson
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Background Paper for Proposed
RESOLUTION
AGENDA ITEM # 4
DATE: NOVEMBER 24, 2008
DEPARTMENT: HOUSING AND CITIZEN SERVICES / ADA RIVERA CLARK
TITLE
A RESOLUTION APPROVING AN AMENDMENT TO AN AFFORDABLE HOUSING
DEVELOPMENT AGREEMENT BETWEEN NEIGHBORHOOD HOUSING SERVICES
OF PUEBLO, INC., DOING BUSINESS AS NEIGHBORWORKS OF PUEBLO, INC.,
AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR AFFORDABLE
HOUSING DEVELOPMENT
ISSUE
On August 14, 2000, the City Council approved an Affordable Housing Development
Agreement (the "Agreement ") between the parties. The Agreement expires on
December 31, 2008. The Amendment extends the Agreement until December 31,
2010.
RECOMMENDATION
Approve the resolution
BACKGROUND
NeighborWorks received HOME funding for the development of the Hyde Park Gardens
Subdivision. This is a mixed - income, 78 -unit subdivision. A minimum of forty units are
to be sold to families earning below 80% of the area median income ($48,700). To date
27 lots have been sold and 15 of these have been to low -to moderate - income families.
The funds were used for land acquisition and on- and off -site infrastructure
improvements to the property.
NeighborWorks is requesting an extension to the contract and Staff recommends said
extension.
FINANCIAL IMPACT
There is no financial impact.
4
AMENDMENT NO. 4 TO
AFFORDABLE HOUSING DEVELOPMENT AGREEMENT
THIS AMENDMENT NO. 4 to Affordable Housing Development Agreement
is made and entered into this 24th day of November, 2008 by and between the City ofPueblo,
a Municipal Corporation (hereinafter referred to as "City ") and Neighborhood Housing
Services of Pueblo, Inc., doing business as NeighborWorks of Pueblo, Inc., (hereinafter
referred to as "Subrecipient ").
WHEREAS, Subrecipient and City have heretofore entered into an Agreement dated
August 14, 2000 (hereinafter "the Agreement ") wherein Subrecipient agreed to construct
affordable housing in accordance with the terms of that Agreement, the City's housing strategy
and the requirements of law, including but not limited to the Home Investment Partnerships
Act, 42 U.S.C. §12701 et sec., and implementing regulations, including but not limited to
those at 24 CFR Part 92; and the Housing and Community Development Act, 42 U.S.C. §5301
et. seq ., and implementing regulations; and
WHEREAS, Subrecipient has requested an extension of the Agreement's expiration
date; and
WHEREAS, it is necessary and desirable that the Agreement be amended to provide
for the extension of the Agreement's expiration date, subject to all terms and conditions of the
Agreement;
NOW, THEREFORE, in consideration of the foregoing and the mutual terms and
conditions set forth herein, the parties agree as follows:
I. The Agreement is amended by revising paragraph five thereof to state that
Subrecipient shall have completed and sold or cause to have been completed and sold, not less
than forty (40) Program Units by not later than December 31, 2010.
2. Except as expressly modified by this Amendment No. 4, the Agreement shall
remain in full force and effect. Except as expressly modified, any obligations remaining to be
performed under the original Agreement, and prior Amendments by either party, are not
waived or excused in any manner, but shall be fully performed in accordance with the terms
and conditions of the Agreement as it existed prior to this Amendment No. 4.
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IN WITNESS WHEREOF, Subrecipient and City have executed this Amendment
No. 4 to Affordable Housing Development Agreement as of the date first above written.
NeighborWorks of Pueblo
By:
Name:. io ?� l ✓.
Title:
And -'�
By:
Title:
ATTEST:
City rk
[SEAL-]
CITY OF PUEBLO,
A Municipal Corporation
By.. : Name:
Title: President of City Council
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