HomeMy WebLinkAbout03/21/2018 5HAGENDA BILL
CITY OF BREMERTON 5 H
CITY COUNCIL
SUBJECT: Resolution No. 3304 Study Session Date:
Authorizing Forgiveness, Release, and COUNCIL MEETING Date:
Write -Off of 25 Unrecoverable CDBG Loans Department:
March 14, 2018
March 21, 2018
DCD-CDBG
Presenter: Sarah Achaoui
Phone: (360) 473-5375
SUMMARY: For many years, since at least the 1980s, the City has offered housing loans to low-
income residents of our community. In 2017 Council adopted a Housing Loan Portfolio Policies and
Procedures manual which requires annual review of all loans in the City's Loan Portfolio. During
2017 a review was completed in which 25 loans were determined to be unrecoverable pursuant to
the manual and therefore staff is proposing that they be written off.
ATTACHMENTS:
Staff Memo
Resolution
Exhibit A: List of Unrecoverable Loans
FISCAL IMPACTS (Include Budgeted Amount): None, loan funds are unrecoverable and the City
is not currently awarding loans.
STUDY SESSION AGENDA: ❑ Limited Presentation ® Full Presentation
STUDY SESSION ACTION: ® Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION: Move to approve Resolution No. 3304 to write off twenty-five (25)
CDBG/HOME funded housing rehabilitation/Down Payment Assistance Loans.
COUNCIL ACTION: [Approve
Form Updated 01/02/2018
❑ Deny ❑ Table ❑ Continue ❑ No Action