Title
Approval of a Resolution Authorizing an Agreement with Homes First for Subordination of Two Community Development Block Grant loans
Recommended Action
Committee Recommendation:
None - not referred to a committee.
City Manager Recommendation:
Move to approve of a resolution authorizing an agreement with Homes First for subordination of two Community Development Block Grant loans
Report
Issue:
Whether to approve of a resolution authorizing an agreement with Homes First for subordination of two Community Development Block Grant loans
Staff Contact:
Anastasia Everett, CDBG Program Manager, 360.753.8277, Office of Community Vitality
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The City of Olympia entered into loan agreements with Homes First, a Washington housing nonprofit service provider, in 1994 and in 2002 to provide funding to rehabilitate their property at 501/503 18th Avenue SE.
The loans were funded by federal Community Development Block Grant (CDBG) funding. Homes First is in the process of refinancing the property with Olympia Federal Savings to secure funding for further improvements. Olympia Federal Savings has requested that the City subordinate the two loans so that they will become the first position on the title. This subordination request falls in line with the City's policies related to subordination of CDBG loans.
Climate Analysis:
Although this action is not anticipated to have any positive or negative effect on climate, Homes First regularly pursues updating their rental properties with energy efficient appliances and solar. Supporting Homes First as an organization allows for continued improvements to their properties.
Equity Analysis:
CDBG loans can be used to make improvements on private residences as well as improvements to public facilities owned by nonprofit organizations. Improvements must meet a National Objective of benefitting low- to moderate-income people. Homes First provides safe and affor...
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