R2005-112 AUTHORIZING THE PARTICIPATION IN THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY

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. c� , � + Economic&Urban Development Department Memorandum #OS-166 August 23, 2005 TO: Honorable Mayor Osborne and City Council FROM: Steve City Manager Dane C. B a g, Assistant City Manager of Economic and Urban Developme� Vickie Buck ngham, Assistant Director of Economic and Urban Developmen Richelle D. Irons,Neighborhood Redevelopment Ma.nager '�� SUBJECT: American Dream Downpayment Initiative (ADDI)Homebuyer Assistance Program RECOMMENDATION: The City of Decatur received approval July 1 S, 2005 from the Illinois Housing Development Authority(II3DA)Board for funding through American Dream ' Downpayment Initiative(ADDI)Homebuyer Assistance Program. The ADDI funds, in the amount of$137,340, will be used to assist 241ow-income, first-time homebuyers over a period I of two years. The period of this program is October 15, 2005 through October 15, 2007. Staff '�, recommends approval of the attached resolution. BACKGROLJND: The City of Decatur cunently operates a Homebuyer Progam using HOlNIE entitlement funds which are received annually from HL7D. The ADDI funds will be used in conjunction with the existing program to provide additional downpayment and closing cost assistance to qualified first-time homebuyers. In addition, the program will be targeted to specific neighborhoods, income groups and other special populations with the City of Decatur. As with the e�sting Homebuyer Program, applicants will receive first mortgage financing from participating local lending institutions. POTENTIAI,OBJECTIONS: Staff is not aware of objections. INPUT FROM OTHER SOURCES: Comments and information were secured through public meetings and input from a variety of community or�aniza.tions. STAFF REFERENCE: Should the City Council have any questions, they may contact Richelle Irons, Neighborhood Redevelopment Manager at 424-2864 or e-mail ydirons�a,decaturnet.org. BUDGET/TIlVIE IlV��LICATIONS: None.