Explanation
BACKGROUND: This legislation will authorize funding for the first year of a two-year contract with AmeriNational Community Services, LLC. This contract will begin March 1, 2018 and expire on February 29, 2020. This contract provides servicing of housing and commercial loans for primarily the Community Development Block Grant (CDBG), Home Investment Partnership Program (HOME), and the Neighborhood Stabilization Program (NSP) grants.
Competitive bids were solicited for this service through VendorServices (commodity codes 94660 and 94649) in 2011. The 2011 Mortgage Loan Servicing RFP provides for four two-year contract periods. One firm responded and was selected (AmeriNational Community Services, LLC).
Contract Compliance Number is 41-1951655 and expires February 18, 2018.
FISCAL IMPACT: AmeriNational Community Services, LLC 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 $80,000.00. This legislation is contingent upon the passage of Ordinance 3237-2017 for the 2018 CDBG Appropriation.
The amount of funds spent on the contract for the past two completed terms was approximately $85,640 in 2015 and $67,245 in 2016.
Title
To authorize the director of the Department of Finance and Management to expend $80,000.00 or so much thereof as may be necessary from the Community Development Block Grant (CDBG); to authorize a contract with AmeriNational Community Services, LLC; and to fund the first year of a two-year contract with AmeriNational Community Services, LLC which provides servicing of housing and commercial loans. ($80,000.00)
Body
WHEREAS, it is necessary to provide the funds for the first year of a two-year contract with AmeriNational Community Services, LLC for the servicing of housing and commercial loans under the Community Development Block Grant (CDBG), HOME Investment Partnerships Program grant, and Neighborhood Stabilization Program...
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