A Resolution Authorizing AUTHORIZING THE CITY MANAGER TO EXECUTE THE MEMORANDUM OF UNDERSTANDING BETWEEN \n \n THE COLUMBUS CONSOLIDATED GOVERNMENT AND COLUMBUS HOUSING INITIATIVE D/B/A \n \n NEIGHBORWORKS COLUMBUS TO INITIATE THE DOWNPAYMENT ASSISTANCE PARTNER \n \n PROGRAM.____________ whereas, the City has extensive knowledge, skill and experience in implementing and \n \n developing single family down payment assistance programs (DPA) in Columbus for \n \n families at or below 80% Muscogee County Metropolitan Statistical Area median \n \n income level (?AMI?); and,
whereas, NeighborWorks Columbus has applied for and received a Financial Allocation from \n \n The Community Development Financial Institution Fund (the ?CDFI Fund?) of the \n \n United States Treasury, that can be used for single family DPA programs for \n \n families at or below 80% AMI; and,
WHEREAS, to facilitate the City?s administration of the City?s DPA Program, \n \n NeighborWorks Columbus will fund a pool of money (the ?Funding Pool?) to the \n \n City and the City will use the Funding Pool to make second loans to qualifying \n \n homebuyers under the guidelines of the City?s DPA Program and subsequently \n \n assign the DPA Loans to NeighborWorks Columbus within 30 days after closing the \n \n DPA Loans as set forth in the Memorandum Of Understanding.
NOW, THEREFORE, THE COUNCIL OF COLUMBUS, GEORGIA, HEREBY
RESOLVES AS FOLLOWS:
THE CITY MANAGER IS AUTHORIZED TO EXECUTE THE MEMORANDUM OF UNDERSTANDING \n \n BETWEEN COLUMBUS CONSOLIDATED GOVERNMENT AND NEIGHBORWORKS COLUMBUS.
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Introduced at a regular meeting of the Council of Columbus, Georgia, held the _________ day of _____________ and adopted at said meeting by the affirmative vote of _____________ members of said Council.
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