Title
Ordinance Making Supplemental Appropriation of $54,669 in Program Income to the Special Purpose Fund to Support the City’s Housing Programs
Body
LEGISLATIVE INTENT/PURPOSE:
WHEREAS, the City's housing program enhances the opportunity for partnership and collaboration with financial institutions, with a shared goal of providing opportunities for home ownership to households representing all income levels of the community; and,
WHEREAS, area banks and financial institutions support the City’s Home Ownership Pool (“HOP”) program by partnering in the provision of mortgages for eligible home buyers; and,
WHEREAS, over $54,669 in origination fees and HOP certified broker fees have been collected, which will be used to offset the cost of the housing program, including marketing and materials, homebuyer education classes, software, and other direct costs associated with the housing program.
THEREFORE, BE IT ORDAINED:
THAT, the following appropriation is hereby made to the Special Purpose Fund for the provision of housing programs.
SPECIAL PURPOSE FUND
(Homeownership Services [1EPHS0310])
Revenue:
1EPHS031-6MISC-6PROGINC-HOPCERTFEE $9,880
1EPHS0310-6MISC-6PROGINC-LOANORIG $44,789
Appropriation:
1EPHS0310-RESTRICTED-OPERATING-OUTREACH $54,669