HomeMy WebLinkAbout2008-33 Loan Repayments AHTF
RESOLUTION NO. 2008- ~3
A RESOLUTION DEDICATING LOAN REPAYMENTS FROM THE ASHLAND
REHABILITATION PROGRAM DEFERRED PAYMENT LOANS TO THE
AFFORDABLE HOUSING TRUST FUND
RECITALS:
A. WHEREAS, in 1985 the City of Ashland utilized a one-time Community
Development Block Grant in the original amount of $478,968 to provide rehabil~tation
loans to homeowners for needed repairs to homes throughout the City; and
B. WHEREAS, twenty-one (21) individual outstanding loans remain, averaging
$4754 each, for a cumulative total of $99,843 remaining to be repaid to the City; and
C. WHEREAS, the Ashland Rehabilitation Program Deferred loan funds originating
from the 1984 -1985 State of Oregon Community Development Block program are de-
federalized upon repayment of the loans, and can be applied to uses as the City of
Ashland deems appropriate; and
D. WHEREAS, the City.of Ashland is re-paid the entire loan amounts, without
interest, upon sale, transfer, or refinancing of homes that originally received assistance
per the agreements executed at the time of the loans; and
E. WHEREAS, the City desires that repayments of the loans outstanding as of July
1, 2008 continue to address the Ashland's housing needs through their dedication to the
Affordable Housing Trust Fund established by Ordinance ~ G) loto; now therefore
THE CITY OF ASHLAND RESOLVES AS FOllOWS:
SECTION 1. loan Repayments received by the City as payoffs for outstanding 1985
loans provided through the Ashland Rehabilitation Program, and originally funded with
Community Development Block Grant funds, shall be dedicated to the Ashland
Affordable Housing Trust Fund.
SECTION 2. All repayments of 1985 Ashland Rehabilitation Program loans that are
received by the City after July 1,2008 are subject to this resolution.
SECTION 3. EFFECTIVE DATE. This Resolution
This solution was PASSED and ADOPTED this L day of ~ '
20 and takes e~:::~:r the Mayor.
Barbara Christensen, City Recorder
SIGNED and APPROVED this
Reviewed as to for
v
dayof ~, 2008.