Explanation
BACKGROUND: This legislation will authorize additional funds for the second year of a two-year contract with AmeriNational Community Services, Inc. The current contract began March 1, 2012 and expires on February 29, 2014. The contract provides servicing of housing and commercial loans for primarily the Community Development Block Grant (CDBG), Community Development Block Grant Recovery (CDBG-R) Programs, Home Investment Partnership Program (HOME), and the Neighborhood Stabilization Program (NSP) grants. Competitive bids were solicited for this service in 2011. The 2011 Mortgage Loan Servicing RFP provides for four, two-year contract periods.
This legislation is submitted as an emergency measure to ensure uninterrupted servicing of the loan portfolios.
FISCAL IMPACT: AmeriNational Community Services, Inc. receives a service fee based upon the loans serviced each month. The total amount to be authorized for the second year of this two-year contract is $120,000. This ordinance is contingent upon passage of the CDBG appropriation, Ordinance #0148-2013, scheduled to appear before council on 1/28/2013.
Title
To authorize the director of the Department of Finance and Management to expend $120,000.00 or so much thereof as may be necessary from the Community Development Block Grant (CDBG); to fund the second year of a two-year contract with AmeriNational Community Services, Inc. which provides servicing of housing and commercial loans; and to declare an emergency. ($120,000.00)
Body
WHEREAS, it is desirous to provide the funds for the second year of the two-year contract entered into with AmeriNational Community Services, Inc. for the servicing of housing and commercial loans under the Community Development Block Grant (CDBG), HOME Investment Partnerships Program grant, and Neighborhood Stabilization Program (NSP) grants; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Finance and Management in that it is imme...
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