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HomeMy WebLinkAbout06/21/2017 6JAGENDA BILL CITY OF BREMERTON CITY COUNCIL SUBJECT: Resolution No. 3289 to Study Session Date: establish a Community Development Block COUNCIL MEETING Date: Grant (CDBG)/HOME Housing Department: Rehabilitation/Down Payment Assistance Presenter: Loan Program Portfolio Management Guide Phone: June 14, 2017 ,June 21, 2017 DCD-CDBG _Sarah Achaoui (360) 473-5375 SUMMARY: Staff recently conducted an internal audit of CDBG/HOME funded Down .Payment Assistance and Home Repair Loan. During this audit it was determined that the City needs to have policies and procedures in place to help guide the management of our loan portfolio. Once adopted these loan management procedures will aid in reconciling existing older loans, and help prevent loans from entering into "unrecoverable" status. The purpose of this Agenda Bill is for Council to adopt this management tool. ATTACHMENTS: I. Staff Memo II. Proposed Resolution No. 3289 Resolution Exhibit A Loan Portfolio Management Policy FISCAL IMPACTS (Include Budgeted Amount): None STUDY SESSION AGENDA: El No Presentation © Full Presentation STUDY SESSION ACTION: ® Consent Agenda ❑ General Business ❑ Public Hearing RECOMMENDED MOTION: Move to adopt Resolution No. 3289 adopting the Community Development Block Grant (CDBG) /HOME Housing Rehabilitation/Down Payment Assistance Loan Program Portfolio Management Guide. COUNCIL ACTION: [Approve ❑ Deny El Table ❑Continue ❑ No Action Form Updated 01/07/15