Explanation
BACKGROUND: This legislation will authorize funding for the first year of a two-year contract with AmeriNational Community Services, Inc. This contract will begin March 1, 2012 and expire on February 28, 2014. 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 (NSP) grants. Competitive bids were solicited for this service in 2011. The 2011 Mortgage Loan Servicing RFP provides for four two-year contract periods.
Contract Compliance Number is 41-1951655 and expires January 12, 2014.
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 $185,000. City council authorized the appropriation of Community Development Block Grant funds on January 23, 2012 (Ordinance #0007-2012), NSP-1 Grant funds were appropriated on January 26, 2009 (Ordinance #0007-2009), and NSP-2 Grant funds were appropriated on June 7, 2010 (Ordinance #0800-2010).
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 expend $185,000.00 or so much thereof as may be necessary from the Community Development Block Grant (CDBG) and Neighborhood Stabilization Program (NSP) grants; to authorize a contract with AmeriNational Community Services, Inc. to fund the first year of a two contract for mortgage servicing of housing and commercial loans; and to declare an emergency. ($185,000.00)
Body
WHEREAS, it is desirous to provide the funds for the first year of a two year contract entered into with AmeriNational Community Services, Inc. for the servicing of housing and commercial loans under ...
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