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4, <br /> ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> Memo No. 08-152 <br /> November 20, 2008 <br /> TO: Honorable Mayor Michael T. Carr' a and City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Greg Crowe, Assistant City Manag Economic &Urban Developmer� <br /> SUBJECT: Ordinance Transferring 2008 Volume Cap in Connecti�n with Private Activity <br /> Bond <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached ordinance <br /> transferring the City's 2008 volume cap to the ASSIST Homebuyer Program in the amount of <br /> $6.6 million. <br /> BACKGROUND: The City of Decatur has participated in the program for the past several <br /> years. Several Illinois communities, including Decatur, pool their bonding resources together to <br /> provide this first-time homebuyer assistance. The program provides down payment assistance <br /> and reduced rate mortgages to income qualified families. <br /> POTENTIAL OBJECTION: N/A <br /> INPUT FROM OTHER SOURCES: N/A <br /> STAFF REFERENCE: If Council members have questions they may contact Greg Crowe at <br /> 424-2727, or at gcrowe@decaturil.gov <br /> BUDGET/TIME IMPLICATIONS: N/A <br />