ORDINANCE NO. 176649

* Agreement with Portland Community Land Trust for $193,000 for home buyer financial assistance and acquisition under the land trust model and provide for payment. (Ordinance)

The City of Portland ordains:

SECTION 1. The Council finds that:

1.  The City's Bureau of Housing and Community Development is primarily responsible for the planning and administration of housing and community development funds and related program development.

2.  Multnomah County's Affordable Housing Development Program (AHDP) annually issues a Request for Proposals to nonprofit organizations to give the organization tax foreclosed properties for the purpose of providing long-term affordable housing.

3.  In the FY01-02 AHDP round, several properties were given to nonprofit organizations to provide home buyer opportunities under the land trust model.

4.  In the AHDP applications, gap funding was identified by the nonprofits; BHCD has identified CDBG funding to help fill the affordability gaps for lower income home buyers.

5.  The Portland Community Land Trust provides home buying financial assistance and education to home buyers under the land trust model; ensuring long-term affordability in perpetuity.

6.  The nonprofit applicants to the AHDP proposed a working partnership with the Portland Community Land Trust.

7.  Funding for home buyer financial assistance associated with the AHDP properties was approved by City Council in the FY 01-02 Supplemental Budget.

8.  The City now wishes to enter into an agreement in the amount of $193,000 with the Portland Community Land Trust to provide lower income residents homebuyer financial assistance to lower income households in association with the properties given to nonprofits under the AHDP program; in partnership with the identified nonprofit organizations.

NOW, THEREFORE, the Council directs:

a. The Commissioner of Public Works is hereby authorized to enter into an agreement with Portland Community Land Trust to provide financial assistance to lower income home in a form substantially in accordance with the agreement attached as Exhibit A (attached to original ordinance only).

b. The Mayor and City Auditor are hereby authorized to pay for said contract from the Housing and Community Development Fund and Housing Investment Fund.

Section 2. The Council declares that an emergency exists because delay in funding would interrupt Portland Community Land Trust's ability to provide homebuyer financial assistance to lower income households; therefore, this ordinance shall be in force and effect from and after its passage by Council.

Passed by the Council, JUL 03 2002

GARY BLACKMER

Commissioner Erik Sten          Auditor of the City of Portland

Trell Anderson            By /S/ Susan Parsons

June 27, 2002                Deputy

BACKING SHEET INFORMATION

AGENDA NO. 778-2002

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176649