ORDINANCE NO. 176823

* Agreement with Portland Housing Center for $91,630 to provide financial assistance to lower income homebuyers 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. The Portland Housing Center, Inc. was established in 1990 with assistance from the City with the purpose of providing a variety homebuyer assistance and education programs.

3. The Portland Housing Center has recently been designated a Community Development Financial Institute and was award funding from the U.S. Treasury Department to match local funds that provide financial assistance to lower income home buyers.

4. As a NeighborWorks Network organization, the Portland Housing Center also has access to a secondary markets where it can sell its financial assistance products at a dollar for dollar exchange and develop a local revolving loan pool.

5. The City continues to play an active role in the development, programming, and funding of homebuyer programs and has committed to provide loan pool match funding to the Portland Housing Center in FY 2002-03.

6. The City Council has authorized funding in the Housing Investment Fund for housing activities.

7. The City and the Portland Housing Center now desire to enter into a formal agreement in the sum of $91,630 to provide financial assistance to lower income home buyers.

NOW, THEREFORE, the Council directs:

a. The Commissioner of Public Works is hereby authorized to enter into an agreement with Portland Housing Center to provide financial assistance to lower income homebuyers 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 Investment Fund.

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

Passed by the Council, AUG 14 2002

GARY BLACKMER

Commissioner Erik Sten        Auditor of the City of Portland

Trell Anderson            By /S/ Susan Parsons

August 8, 2002              Deputy

BACKING SHEET INFORMATION

AGENDA NO. 1019-2002

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176823