Title
Approval of National Development Council Contract to Administer Community Development Block Grant (CDBG) Section 108 Loan Fund
Recommended Action
Committee Recommendation:
The Community Renewal Area Ad-Hoc advisory committee recommends approval.
City Manager's Recommendation:
Move to approve the Contract with NDC for continued Section 108 Loan Fund Administration with payment from Housing Program Funds, and authorize the City Manager to sign the documents.
Report
Issue:
Whether to authorize the City Manager to execute the attached agreement with the National Development Council to assist the City in technical financial assistance and underwriting administration of the CDBG Section 108 Loan Fund.
Staff Contact:
Steven Friddle, Principal Planner, CP&D 360.753.8591
Keith Stahley, Community Planning and Development Director 360.753-8227
Presenter(s):
None. Consent Calendar
Background and Analysis:
The U.S. Department of Housing and Urban Development (HUD) approved the City's Section 108 application creating a new loan fund in the amount of $1,765,000 to assist with future eligible economic and community development activities in Olympia. This new financing resource is one more tool for a variety of CDBG eligible activities including economic development consistent with Council Goals. The deadline to submit a loan note and other obligations is May 1, 2014. In order to achieve the deadline, there is a process that would need to occur.
The City previously contracted with the National Development Council to assist in preparing the loan pool application and staff recommends that NDC continue to provide technical assistance to ensure timely compliance with the May 2014 deadline. For over 40 years, the National Development Council (NDC) a 501(c)(3) non-profit corporation, has helped communities across the nation to build capacity through training, community and economic development services. NDC has mapped out the steps requir...
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