HomeMy WebLinkAbout12464RESOLUTION NO. 12464
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, COLORADO that:
SECTION 1.
th
The Amendment No. 5 dated August 13, 2012, 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: August 13, 2012
BY: Sandy Daff
COUNCIL PERSON
Background Paper for Proposed
RESOLUTION
# M-8
DATE: August 13, 2012AGENDA ITEM
DEPARTMENT: HOUSING AND CITIZEN SERVICES
ADA RIVERA CLARK/DIRECTOR
TITLE
A RESOLUTION APPROVING AN AMENDMENT TO AN AFFORDABLE HOUSING
DEVELOPMENT AGREEMENT BETWEEN NEIGHBORHOOD HOUSING SERVICES OF
PUEBLO, INC., DOING BUSINESS AS NEIGHBOR WORKS 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, 2012.
RECOMMENDATION
Approval of the Resolution
BACKGROUND
Neighbor Works received HOME funding for the development of the Hyde Park Gardens
Subdivision. This Resolution amends the number of units to be sold to low and moderate-
income families from 40 to 21 to be in compliance with the HOME requirements, as well as
increasing the per unit subsidy from $18, 075 to $34, 429. To date 30 lots have been sold that
benefit low-to moderate-income families. The funds were used for land acquisition and on- and
off-site infrastructure improvements to the property. The approval of this Amendment allows the
City to close-out this Project, and simply continue with the enforcement of the affordability
requirements under HOME.
FINANCIAL IMPACT
This Amendment No. 5, has no financial impact to the City.
AMENDMENT NO. 5 TO
AFFORDABLE HOUSING DEVELOPMENT AGREEMENT
THIS AMENDMENT NO. 5 to Affordable Housing Development Agreement is made and
entered into this 13 day of August, 2012 by and between the City of Pueblo, a Municipal
Corporation (hereinafter referred to as "City ") and Neighborhood Housing Services of Pueblo,
Inc. doing business as NeighborWorks of Pueblo, (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 seq., 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 amendment to the Agreement's Project
requirements and the Credits for Sale of Affordable Housing, in response to the current housing
market; and
WHEREAS, it is necessary and desirable that the Agreement be amended to provide for
said request, 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:
1. 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
twenty -one (21) Program Units by not later than December 31, 2012.
2. The Agreement is amended by revising paragraph ten thereof to state that the Note shall
be reduced by an amount equal to $34,429 for each qualifying sale of a Program Unit.
3. Except as expressly modified by this Amendment No. 5, the Agreement shall remain in
full force and effect. Except as expressly modified, any obligations remaining to be
performed under the original Agreement 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. 5.
IN WITNESS WHEREOF, Subrecipient and City have executed this Amendment No. 5
to Affordable Housing Development Agreement as of the date first above written.
Neighborhood Housing Services of Pueblo,
Inc. dba NeighborWorks of Pueblo
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By: O ath -c-"s"
Name: D £na ?,cdc1.rc.
Title:=.rcteri.wv. "bc;.eckor
And
By:
Name: an & cc.r ed.
Title: at- 4s c:d _n.E
CITY OF PUEBLO,
ATTEST: A Municipal Corporation
By / /. ��
City rk Pr-sident of ' ity Council
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