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ECONOMIC AND URBAN DEVELOPMENT MEI�ORANDUM <br /> No. 06-271 , <br /> November 27,2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve G City Manager <br /> Dane C. B ,Assistant City Manager� <br /> SUBJECT: 2006 ASSIST Homebuyer Program <br /> SUMMARY RECOMMENDATION: Staff recommends a roval of the attached <br /> intergovernmental agreement for the ASSIST Homebuyer Progr . The program utilizes <br /> the City's bonding authority to fund loans for first-time buyers. taff recommends again <br /> financing single family mortgage revenue bonds in the amount of 6.3 million. <br /> BACKGROiTND: The City of Decatur has participated in this rogram for the past five <br /> years. Several Illinois communities, including Decatur, pool eir bonding resources <br /> together to provide this first-time buyer assistance. The program provides downpayment <br /> assistance and reduced rate mortgages to income-qualified famili . <br /> POTENTIAL OBJECTION: N/A. <br /> INPUT FROM OTHER SOURCES: The agreement h been reviewed by <br /> Corporation Counsel and the City's bond counsel. <br /> STAFF REFERENCE: Any additional questions may be forw ded to Dane Bragg at <br /> 424-2727 or dbra���?decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: N/A. I <br /> __- — _ __ <br />