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RES 2001-2610 - Amendment to agmt with New Community Development Corporation • H/f tee o Planning Department i..� � � �ttl, ��'. �� O, AUG —� �� �2. 32 Omaha/Douglas Civic Center 1_ Ial 1819 Farnam Street,Suite 1100 Omaha,Nebraska 68183-0110 sA " CITY CLERK (402)444-5200 o➢'T�D FEBRV* August 14, 2001 (402)444-5150 O M A H A, N E R R A S K I Telefax(402)444-6140 City of Omaha Robert C.Peters Mike Fahey,Mayor Director Honorable President and Members of the City Council This attached proposed Resolution approves an Amendment to the Agreement approved May 16, 2000, Resolution No. 1344, between the City of Omaha and New Community Development Corporation, a Nebraska Non-Profit Corporation (NCDC), located at 3147 Ames Avenue, Omaha, Nebraska 68111, Michael B. Maroney, President/CEO. The original agreement allocated $400,000.00 in FY 2000 Community Development Block Grant funds for partial financing for new construction of ten (10) single-family houses and the provision of deferred payment loans to assist qualified homebuyers in purchasing the houses located in the Concord Square Target Area bounded by Clark Street on the north, Paul Street on the south, 20th Street on the east, and 24`h Street on the west. The original Agreement allows for the marketing and selling of approximately seven (7) of the ten (10) properties to qualified low-income homebuyers whose annual incomes are 80% and below the Median Family Income and that any qualified homebuyer may purchase the remaining three (3) properties. NCDC is requesting that the low-income benefit be changed from seven (7) eligible homebuyers at or below 80% of the Median Family Income to four (4) eligible homebuyers, and that the remaining units, to be purchased by any qualified homebuyer, be changed from three (3) to six (6). Approval of the attached proposed amendment authorizes their request. Your favorable consideration of this Resolution will be appreciated. Respectfully submitted, Ref City Council r Consideration: 7 zo. o I j 7—z- Robert C. Peters Date Mayor's 0 fice/Tit, Date Planning Director Approv d: Appro CeA4A.:4/K._) to/ Stanley P. Tin Date e maid L. g Date Finance Director Human Relations Director P:\PLN 1\2l l 3sap.doc • • AMENDED CDBG AGREEMENT THIS AMENDMANT is to the Agreement approved by the City Council on May 16, 2000, by Resolution No. 1344, and is made and entered into by and between the City of Omaha and New Community Development Corporation, a Nebraska Non-Profit Corporation (NCDC). It is the intention of the parties that this Amendment relates back to the original agreement. RECITALS: WHEREAS, on May 16, 2000, by Resolution No. 1344, the City Council approved an Agreement between the City of Omaha and New Community Development Corporation, a Nebraska Non-Profit Corporation (NCDC). The Agreement allocated $400,000.00 in FY 2000 Community Development Block Grant funds for partial financing for new construction of ten. (10) single-family houses and the provision of deferred payment loans to assist qualified homebuyers in purchasing the houses located in the Concord Square Target Area bounded by Clark Street on the north, Paul Street on the south, 20th Street on the east, and 24th Street on the west; and, WHEREAS, the original Agreement allows for the marketing and selling of approximately seven (7) of the ten (10) properties to qualified homebuyers whose annual incomes are 80% and below the Median Family Income, and that any qualified homebuyer may purchase the remaining three (3)properties; and, WHEREAS, NCDC is requesting that the low-income benefit of the ten (10) properties be changed from seven(7) eligible homebuyers at or below 80% of the Median Family Income to four(4), and that the remaining six (6)properties may be purchased by any qualified homebuyer. WHEREAS, it is in the best interest of the City of Omaha and the residents thereof to enter into an Amended Agreement with NCDC. NOW, THEREFORE, IN CONSIDERATION OF THESE MUTUAL COVENANTS HEREIN CONTAINED, THE PARTIES HERETO AGREE AS FOLLOWS: Section 1, Paragraph 1.13.1 shall be added to Section 1, Paragraph 1.13: -1- i • a 1.13 Maximum Deferred Payment Loans to Assist Homebuyers may not exceed the following: 1.13.1 Maximum Deferred Payment Loans to Assist Homebuyers may not exceed the following: Median Income DPL Amount 80% and Below $35,000.00 81% - 110% $25,000.00 111% - 120% $20,000.00 Over 120% -0- Section 2, Paragraph 2.1.1 shall be deleted in its entirety and the following language shall be substituted in its place and stead: 2.1.1 Use of $315,000.00 in the form of Deferred Payment Loans as described in Sections 1.12, 1.12.1, 1.12.2, 1.13 and 1.13.1 herein, plus any program income, is limited to approved NCDC construction activities, and use of $85,000.00 in the form of a Grant for predevelopment and public improvement costs as described in Section 1.14 herein. Section 2, Paragraph 2.1.2 shall be deleted in its entirety and the following language shall be substituted in its place and stead: 2.1.2 Loans must be made in compliance with Sections 1.12, 1.12.1, 1.12.2, 1.13, 1.13.1 and 2.6 of this Agreement and the Subrecipient Underwriting Guidelines for a City of Omaha Deferred Payment Loan, attached hereto as Exhibit "D" and incorporated herein by this reference as though fully set forth. Section 3, Paragraph 3.22, shall be deleted in its entirety and the following language shall be substituted in its place and stead: 3.22 Ensure during this initial phase of development that the CDBG Loan funds shall only be used to finance the construction and sale of approximately four (4) housing units to be initially owned and occupied by households whose annual incomes are less than or equal to 80% and the remaining six (6) may be available for purchase by households whose annual incomes are over 80% of the "Median Income by Family Size (MFI)". The "Median Income by Family Size (MFI)" refers to specific income data as published by HUD and as further updated and revised by HUD to reflect the current or most recent income level statistics, a copy of the relevant portion of which is included in the Exhibit "J" attached hereto and incorporated herein by this reference. 1 -2- je n WHEREAS, the remainder of the Agreement approved by the City Council on May 16, 2000,by Resolution No. 1344, shall remain the same and shall be in full force and effect. IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth below. ATTEST: CITY OF OMAHA, a Municipal Corporation in Douglas County,Nebraska CITY CLERK OF THE CITY OF OMAHA MAYOR OF THE CITY OF OMAHA DATE DATE NEW COMMUNITY DEVELOPMENT CORPORATION, a Nebraska Non-profit Corpo tion 2%rj Michael B. Maroney Date President/CEO APPROVED AS TO FORM: (3271/1-6X, 1-dC-c)( ASSISTANT CITY ATTORNEY DATE P:\PLN1\2115sap.DOC ,ram- MOTION BY COUNCILMEMBER I hereby move that Council Document No. , Current Series, be amended as follows: Page 2 of the Amended CDBG Agreement, Section 1.13, add paragraph 1.13.2: "1.13.2 The maximum sales price cannot exceed the Nebraska Investment Finance Authority(NIFA) first-time homebuyer limitation in effect at the time of loan closing to receive homebuyer assistance from the City. Purchase Agreements dated prior to this Amendment shall be exempt: from this provision." APPROVED AS TO FORM: ;4 C Y ATTORNEY DATE / P:\PLN 1\6268Apj m.doc . , , wy\ � \"% dt2. ±\ • .� . . al 9 o J ) q 7 § . cr 2 ƒ 1 _ q @ , \ � � I- k, Cr _ � y _, 0 \r1/4 § ± ) CD co CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebr August 14, 2001 RESOLVED BY THE CITY COUNCIL OF THE CITY.OF OMAHA: WHEREAS, on May 16, 2000, by Resolution No. 1344, the City Council approved an Agreement between the City of Omaha and New Community Development Corporation, a Nebraska Non-Profit Corporation (NCDC). The Agreement allocated $400,000.00 in FY 2000 Community Development Block Grant funds for partial financing for new construction of ten (10)single-family houses and the provision of deferred payment loans to assist qualified homebuyers in purchasing the houses located in the Concord Square Target Area bounded by Clark Street on the north, Paul Street on the south, 20th Street on the east, and 24th Street on the west; and, WHEREAS, the original Agreement allows for the marketing and selling of approximately seven (7) of the ten (10) properties to qualified homebuyers whose annual incomes are 80% and below the Median Family Income, and that any qualified homebuyer may purchase the remaining three (3) properties; and, WHEREAS, NCDC is requesting that the low-income benefit of the ten (10) properties be changed from seven (7) eligible homebuyers at or below 80% of the Median Family Income to four (4), and that the remaining six (6) properties may be purchased by any qualified homebuyer. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, as recommended by the Mayor, the attached Amendment to the Agreement approved by the City Council on May 16, 2000, by Resolution No. 1344, between the City of Omaha and New Community Development Corporation, a Nebraska Non-Profit Corporation (NCDC), located at 3147 Ames Avenue, Omaha, Nebraska 68111, Michael B. Maroney, President/CEO, changing the low income benefit of the ten (10) properties from seven (7) eligible homebuyers at or below 80% of the Median Family Income to four (4), and changing the number of properties that any qualified homebuyer may purchase from three (3) to six (6), is hereby approved. Funds shall be payable from. FY 2000 Community Development Block Grant Program, Concord Square Housing Development Program, Agency No. 200, Fund No. 193, Organization 8319. 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