HomeMy WebLinkAbout1899 RESOLUTIOH NO. 1899
A RESOLUTION AUTHORIZING BREMERTON/KITSAP COUNTY
HOUSING REHABILITATION PROGRAM TO ENTER INTO
NEGOTIATIONS WITH PRIVATE LENDERS TO SECURE
ADDITIONAL PROGRAM FUNDING AND TO ENTER INTO AN
AGREEMENT WITH HUD TO SECURE LUMP SUM DRAW DOWN
AUTHORIZATION OF COMMUNITY DEVELOPMENT BLOCK
GRANT FUNDS & ALSO TO IMPLEMENT "IN HOUSE"
UNDERWRITING, LENDING AND LOAN SERVICING OF
PROGRAM RECIPIENTS, THROUGH THE EXISTING BHA/
KCHA FACILITIES AND STAFF.
WHEREAS, the Bremerton Housing Authority/Kitsap County
Housing Authority is a tax exempt organization under RCW 35.82.030
and as such is authorized to borrow money on a tax exempt basis
from local lending institutions; and
WHEREAS, the loss of HUD Section 312 Loan Funds has
severely limited the Housing Rehabilitation Program by elimination
of a low-interest provision; and
WHEREAS, it is necessary to expand existing Housing
Rehabilitation Program to provide additional services to low-
moderate income residential unit owners to provide low interest
loans at longer terms and special underwriting provisions; and
WHEREAS, such program expansion necessitates the
utilization of the provision of HUD Section 570.513 of the Community
Development Block Grant Regulations, covering lump sum draw downs;
and
WHEREAS, the combined Program changes are necessary to
provide a minimum level of self-sufficiency and to require additional
"in-house" loan servicing;
NOW, THEREFORE, BE IT RESOLVED that the City of Bremerton
hereby authorizes the Housing Rehabilitation Program to enter into
negotiations with private lenders to secure additional program funding
as necessary to facilitate the full program potential and also to
enter into an agreement with the Department of Housing & Urban
Development (HUD) to secure "lump sum" draw down authorization of
C.D.B.G. Funds; and
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FURTHER BE IT RESOLVED that the City of Bremerton hereby
authorizes the Housing Rehabilitation Program to implement program
development to provide "in house" underwriting, lending and loan
servicing of program recipients, through the existing BHA/KCHA
facilities and staff.
PASSED by the City Council of the City of Bremerton,
signed by the Mayor and attested by the City Clerk in authentication
of such passage this 23 day of June, 1981.
GLENN K. JARSTAD, MAYOR
ATTEST:
KATHLEEN L. MANDIO / City Clerk
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