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COUNCIL MEMORANDUM <br /> #00-06 <br /> March 23, 2000 <br /> TO: Honorable Mayor Howley and City Council Members <br /> FROM: Steve G ity Manager � <br /> Cecil Colli , ssistant City Manager of Intergovernmental Affair <br /> RE: FY 2000/20 1 Bonding Authority for the Assist Program <br /> For the past two (2) years the City of Decatur has utilized its bonding authority to fund loans for <br /> the First Time Home Buyer ASSIST Program. It is staffs recommendation to again finance <br /> single family mortgage revenue bonds in the amount of$3.9 million to fund approximately 125 <br /> loans with the average purchase price being $52,000. <br /> A detailed description of the ASSIST Program is attached for your review and consideration. <br /> Also included is a comparison of the State's Low Interest Program and the ASSIST Program <br /> prepared by Gates Capital and National City Bank. <br /> Staff recommends approval and will be available to answer questions. <br />