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HomeMy WebLinkAbout12655RESOLUTION NO. 12655 A RESOLUTION APPOINTING A CITY OF PUEBLO EMPLOYEE AS THE DESIGNATED CITY REPRESENTATIVE AS A MEMBER OF NEIGHBORHOOD HOUSING SERVICES OF PUEBLO’S LENDING & LOAN SERVICING COMMITTEE WHEREAS, on May 24, 1976, Neighborhood Housing Services of Pueblo (dba NeighborWorks of Pueblo) was established by the City of Pueblo and the Urban Reinvestment Task Force under Resolution Number 3782. The stated purpose of the organization was and continues to be assisting residents of neighborhoods to improve their homes, providing counseling, and providing direct loans at flexible rates and terms; and WHEREAS, the City agrees to appoint an individual to act as the final decision maker over the organization’s entire down payment assistance program, including funding received from the City of Pueblo, the County of Pueblo, NeighborWorks America, the Colorado Division of Housing, and any and all other sources of secondary lending activities per NHS underwriting policies/guidelines and restrictions placed upon the organization by the funding entity; and WHEREAS, all NHS of Pueblo loans are made out of its revolving fund, subject to the financial controls established by the City of Pueblo in the agreement dated August 14, 1978, under Resolution Number 4246, which established the organization’s Revolving Loan Fund. Included in this agreement are standards under which NHS cooperates with the City in the performance of review and audit and permits representatives of the City access to and the right to review NHS books, accounts, and records; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: Section 1. The Pueblo City Council assigns the Loan Coordinator, an employee with the City of Pueblo’s Department of Housing and Citizen Services as the designated City representative who shall be a member of NHS of Pueblo’s Lending & Loan Servicing Committee with final authorization of the organization’s secondary financing lending activities. Section 2 This Resolution shall become effective upon passage and approval. INTRODUCED: April 22, 2013 BY: Chris Kaufman Background Paper for Proposed RESOLUTION DATE: AGENDA ITEM # M-3 April 22, 2013 DEPARTMENT: City Council TITLE: A RESOLUTION APPOINTING A CITY OF PUEBLO EMPLOYEE AS THE DESIGNATED CITY REPRESENTATIVE AS A MEMBER OF NEIGHBORHOOD HOUSING SERVICES OF PUEBLO’S LENDING & LOAN SERVICING COMMITTEE ISSUE: Should the City Council approve a City of Pueblo employee as the designated City representative as a member of Neighborhood Housing Services of Pueblo’s (NHS) Lending & Loan Servicing Committee? RECOMMENDATION: This Resolution is at the request of Council Member Sandy Daff. BACKGROUND: On May 24, 1976, Neighborhood Housing Services of Pueblo (dba NeighborWorks of Pueblo) was established by the City of Pueblo and the Urban Reinvestment Task Force under Resolution Number 3782. The stated purpose of the organization was and continues to be assisting residents of neighborhoods to improve their homes, providing counseling, and providing direct loans at flexible rates and terms. In order to meet the criteria of the Department of Housing and Urban Development, the City of Pueblo must agree to appoint an individual to act as the final decision maker over the organization’s entire down payment assistance program, including funding received from the City of Pueblo, the County of Pueblo, NeighborWorks America, the Colorado Division of Housing, and any and all other sources of secondary lending activities per NHS underwriting policies/guidelines and restrictions placed upon the organization by the funding entity. This Resolution would assign the Loan Coordinator, an employee with the City of Pueblo’s Department of Housing and Citizen Services as the designated City representative who shall be a member of NHS of Pueblo’s Lending & Loan Servicing Committee with final authorization of the organization’s secondary financing lending activities. FINANCIAL IMPACT: None.