Explanation
BACKGROUND: This legislation authorizes a contract with AmeriNational Community Services, Inc. The contract will begin March 1, 2010 and expire on February 28, 2012. This 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 Grant (NSP). Competitive bids were solicited for this service in December of 2003. The original RFP provides for four two-year contract periods.
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 first year of this two year contract is $167,925.00. City Council authorized the appropriation of Community Development Block Grant funds on January 25, 2010 (Ordinance. # 0039-2010), and authorized the appropriation of Neighborhood Stabilization Program Grant fund on January 28, 2009 (Ordinance. # 0007-2009).
This legislation is submitted as an emergency measure to ensure uninterrupted servicing of the loan portfolios.
Title
To authorize the director of the Department of Finance and Management to enter into a two year agreement with AmeriNational Community Services, Inc. for the servicing of housing and commercial loans; to authorize the expenditure of $167,925.00 or so much thereof as may be necessary of Community Development Block Grant (CDBG) funds and Neighborhood Stabilization Program Grant (NSP) funds; and to declare an emergency. ($167,925.00)
Body
WHEREAS, it is desirous to provide the funds for the first year of the two year contract entered into with AmeriNational Community Services, Inc. for the servicing of housing and commercial loans; and
WHEREAS, the city will enter into a two year contract with the funding for the last year of the contract being contingent on the...
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