Label
South Toledo Homes II Ltd.
City of Toledo Home Investment Partnerships (HOME) Loan
Department of Housing and Community Development
Rosalyn Clemens (3647)
Revised
Title
Authorizing the Mayor to enter into a modified and amended HOME Loan Agreement for South Toledo Homes II Ltd. dba South East Toledo Home II scattered site affordable housing portfolio; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Home Investment Partnerships Program (HOME) provides formula grants to the City of Toledo to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. It is the largest Federal block grant to state and local governments designed exclusively to create affordable housing for low-income households.
In addition to annual HOME formula grants, the City recoups program income from the repayment of HOME loans to create affordable housing and support ongoing HOME eligible activities.
The City of Toledo provided a loan in the amount of $370,000.00 with 5.5% interest rate for a 20-year term HOME Loan as gap financing for development of the 25-unit South East Toledo Home II scattered site affordable rental housing portfolio in December 2007.
Neighborhood Housing Services of Toledo, Inc., dba NeighborWorks Toledo Region (NTR) has requested forgiveness of the current balance of the South East Toledo Home II HOME Loan including original principal and all accrued interest.
In lieu of forgiveness of the South East Toledo Home II HOME Loan current balance, the City will modify and amend the terms of HOME Loan Agreement in order to provide a measure of debt relief, as properties in the South East Toledo Home II portfolios are sold.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into a modified and amended HOME Loan Agreement for South Toledo Home...
Click here for full text