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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />. CITY COUNCIL MEETING DATE: <br /> <br />~ <br />~ <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />AUGUST 2, 2004 <br /> <br />TITLE: <br /> <br />APPROVED <br /> <br />0 As Recommended <br />0 As Amended <br />0 Ordinance on 151 Reading <br />0 Ordinance on 2nd Reading <br />0 Implementing Resolution <br />0 Set Public Hearing For <br /> <br />FIRST TIME HOMEBUYER DOWNPAYMENT <br />AND REHABILITATION LOAN PROGRAM <br /> <br />'?v <br /> <br />{24;a <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />.. <br /> <br />1. <br /> <br />Approve the First Time Homebuyer DownpaYffient and Rehabilitation Loan <br />Program utilizing federal American Dream DownpaYffient Initiative <br />funds under the HOME program and allocate $203,250 for program <br />funding. <br /> <br />Authorize the Executive Director of the Community Development Agency <br />to execute all necessary documentation to implement the program. <br /> <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br /> <br />Recommended that the City Council: <br /> <br />1. <br /> <br />Approve the First Time Homebuyer DownpaYffient and Rehabilitation Loan <br />Program utilizing federal American Dream DownpaYffient Initiative <br />funds under the HOME program and allocate $203,250 for program <br />funding. <br /> <br />2 . <br /> <br />Authorize the Executive Director of the Community Development Agency <br />to execute all necessary documentation to implement the program. <br /> <br />By a vote of 7:0 at its Regular Meeting of July 20, 2004. <br /> <br />DISCUSSION <br /> <br />In 2003 and 2004, the City received a funding allocation from the federal <br />government to implement the American Dream DownpaYffient Initiative (ADD I) <br />.rogram (Exhibit 1) funded by the HOME program. In April 2004, the <br />egulations implementing the program were published. ADD I funds may be <br /> <br />19D-1 <br />