RES 2018-1092 - Agmt with Omaha 100 Inc for mortgage financing and underwriting services I
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44D FEBRI� 7.7 0.7
Cityof Omaha David K.Fanslau
'�-OD Director
Jean Stothert,Mayor d' -o
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November 20, 2018 ` X,
Honorable President
And Members of the City Council,
The attached Resolution approves a Community Development Block Grant (CDBG) Agreement
in the amount of $60,000.00 between the City of Omaha and Omaha 100, Incorporated, a
Nebraska Non-profit Corporation (Omaha 100), Teresa C. Hunter, Executive Director, 240.1
Lake Street, Omaha, Nebraska 68111. Omaha 100 will use the CDBG Grant funding for the
provision of private mortgage financing and City second mortgage underwriting services through
the Mortgage Lending Program. This Agreement covers the grant term from January 1, 2018
through December 31, 2018.
The.Project is included in the FY 2018 Consolidated Submission for Community Planning
Programs approved by the City Council on April 24, 2018,. by Resolution No. 398 and rescinded
and replaced in its entirety on June 26, 2018 by Resolution No. 620. Funds shall be payable.
from the FY 2018 Housing Development Program, Fund No. 12186, Organization No. 128072.
Under the Agreement, Omaha 100 will provide private mortgage financing and City second
mortgage underwriting services through the mortgage lending program to qualified homebuyers
participating in City-sponsored affordable homeownership programs and take appropriate action
in the event of a foreclosure on a City-assisted property.
Omaha 100 has been successful in fostering a partnership among local area lenders who, in
consortia, provide construction and permanent financing for City-sponsored rehabilitation and.
infill housing programs in North and South Omaha and in working with local non-profit
organizations to qualify low income families for home ownership. The FY 2018 CDBG Grant will
supplement $290,200.00 in other funds for a total program budget of$350,200.00.
Your favorable consideration of this Resolution will be appreciated.
Respectfull s itted, Referred to City Council for Consideration:
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RESOLUTION NO. bt/A City Clerk Office Use Only:
1
Publication Date(if applica le):
Agenda Date:
Department.
Submitter:
CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha, Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, the City annually receives Community Development Block Grant funds under Title
I of the Housing and Community Development Act of 1974, as amended, for the purpose of benefiting low
and moderate income residents, eliminating slums and blight, and for other urgent community development
needs; and,
WHEREAS, the Mayor recommended various projects in the 2018 Consolidated Submission
for Community Planning and Development Programs (Consolidated Plan), including the continuation of the
Omaha 100, Incorporated, a Nebraska Non-profit Corporation (Omaha 100) Housing Development Program;
and,
WHEREAS, the City approved the 2018 Consolidated Plan on April 24, 2018, by Resolution
No. 398 and rescinded and replaced in its entirety on June 26, 2018 by Resolution No. 620, and $60,000.00
was allocated to Omaha 100; and,
WHEREAS, the purpose of Omaha 100 is to increase the production of affordable housing;
and,
WHEREAS, it is necessary for the City to enter into an agreement with Omaha 100 to provide
funding support for its housing development activities; and,
WHEREAS, it is in the best interest of the City of Omaha to enter into an agreement with
Omaha 100, to provide private mortgage financing and City second mortgage underwriting services through
the Mortgage Lending Program.
RESOLUTION NO.
-1M—
NOW, THEREFORE, BE IT RESOLVE° BY THE CITY COUNCIL OF THE CITY OF OMAHA:
THAT, the attached Agreement, as recommended by the Mayor, between the City of Omaha
and Omaha 100, Incorporated, a Nebraska Non-profit Corporation, Teresa C. Hunter, Authorized
Representative, 2401 Lake Street, Omaha, Nebraska 68111, in the total amount of $60,000.00 for the
provision of private mortgage financing and City second mortgage underwriting services through the
Mortgage Lending Program for the period from January 1, 2018 through December 31, 2018, is hereby
approved. Funds shall be paid from the FY 2018 Community Development Block Grant, Housing
Development Program, Fund 12186, and Organization 128072.
2726 dlh APPROVED AS TO FORM:
S/Lev a
ASSISTANT CITY ATTORNEY DATE
Adopted: NOV 2 0 2018
Attest:
1DER U T City Cle
Approved:
Mayor
• ACTING
NO. /047? •
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Item Submitted By: Patty Novacek/Christina Williamson
Department: Planning
Council Meeting Date: November 20, 2018
Res. that, the Agreement, as recommended by the Mayor, between the City of Omaha and
Omaha 100, Incorporated, in the total amount of $60,000.00 for the provision of private
mortgage financing and City second mortgage underwriting services through the Mortgage
Lending Program for the period from January 1, 2018 through December 31, 2018, is hereby
approved. (Funds shall be paid from the FY 2018 Community Development Block Grant,
Housing Development Program, Fund 12186, and Organization 128072.)
•
Presented to City Council
November 20, 2018
APPROVED 7-0
6ltzabeth Nutter
City Clerk