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Home My WebLink About12197 RESOLUTION NO. 12197 A RESOLUTION TRANSFERRING $6,250 FROM THE COUNCIL CONTINGENCIES ACCOUNT IN THE 2011 GENERAL FUND BUDGET TO NEIGHBORWORKS OF PUEBLO TO ASSIST IN FUNDING THE LOCAL EMERGENCY HOMEOWNERS’ LOAN PROGRAM (EHLP) BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The transfer of $6,250 from the Council Contingencies Account in the 2011 General Fund budget to NeighborWorks of Pueblo for the Local Emergency Homeowners’ Loan Program is hereby authorized and approved. SECTION 2. Said funds shall be disbursed from the Council Contingencies Account to NeighborWorks of Pueblo. INTRODUCED: July 11, 2011 BY: Steve Nawrocki COUNCILPERSON Background Paper for Proposed R ESOLUTION AGENDA ITEM # Q-3 DATE: July 11, 2011 DEPARTMENT: OFFICE OF THE CITY COUNCIL RAY AGUILERA, COUNCIL PRESIDENT TITLE A RESOLUTION TRANSFERRING $6,250 FROM THE COUNCIL CONTINGENCIES ACCOUNT IN THE 2011 GENERAL FUND BUDGET TO NEIGHBORWORKS OF PUEBLO TO ASSIST IN FUNDING THE LOCAL EMERGENCY HOMEOWNERS’ LOAN PROGRAM (EHLP) ISSUE Should City Council transfer funds from the Council Contingencies Account to NeighborWorks of Pueblo to assist in funding the Local Emergency Homeowners’ Loan Program (EHLP)? BACKGROUND NeighborWorks of Pueblo is the local administrator of the Emergency Homeowners’ Loan Program (EHLP). This program has many benefits for families in foreclosure including a bridge loan that offers forgiveness of past due payments up to $50,000. EHLP specifically looks for those that meet these main qualifications: those who are unemployed or under-employed or have suffered a loss in the family which incurred significant medical expenses and three months or more behind in mortgage payments. This program is under a tight deadline and will only help those families that submit an application prior to July 22, 2011. The requested funding from the City of Pueblo is to administer this particular program to the public in such a short amount of time. The County has appropriated NeighborWorks of Pueblo with $6,250 to assist with the immediate need of $12,500. RECOMMENDATION City Council President Ray Aguilera recommends approval. FINANCIAL IMPACT Funds in the amount of $6,250 from the Council Contingencies Account in the 2011 General Fund Budget will be transferred.