Explanation
BACKGROUND: This legislation amends Ordinance 0146-2014 passed February 3, 2014, which authorized funding from the Community Development Block Grant (CDBG) for the first year of a two-year contract with AmeriNational Community Services, Inc. The prior year’s contract has a balance of Neighborhood Stabilization Program (NSP) funds in the amount of $18,018.01. This amendment will allow the Department of Finance and Management to use this balance for the current contract.
This legislation is submitted as an emergency measure to ensure uninterrupted servicing of the loan portfolios.
FISCAL IMPACT: The total amount to be authorized for the first year of this two year contract is $120,000.00 and will remain unchanged. CDBG grant funds are amended to be reduced by $18,018.01 and NSP grant funds are amended to total $18,018.01. CDBG funds were appropriated on January 27, 2014 (Ordinance #0051-2014), 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).
Title
To amend Ordinance 0146-2014 passed February 3, 2014 to authorize the director of the Department of Finance and Management to reduce funding from the Community Development Block Grant (CDBG) fund by $18,018.01; to expend $18,018.01 or so much thereof as may be necessary from the Neighborhood Stabilization Program (NSP) grant for loan servicing; and to declare an emergency. ($0.00)
Body
WHEREAS, Ordinance 0146-2014, passed February 3, 2014, authorized 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 the Community Development Block Grant (CDBG), HOME Investment Partnerships Program grant, and Neighborhood Stabilization Program (NSP) grants; and
WHEREAS, the funding is amended to include Neighborhood Stabilization Program (NSP) grant funds and reduce the amount of Community Develop...
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