ORDINANCE NO. __________, SERIES 2014
TITLE
AN ORDINANCE APPROVING A FORGIVABLE LOAN TO HOMES OF HOPE PURSUANT TO ORDINANCE NO. 54, SERIES 2009.
BODY
Sponsored By: Councilwoman Marianne Butler
WHEREAS, Louisville/Jefferson County Metro Government ("Metro") has received from the United States Department of Housing and Urban Development a HOME Investment Partnership Program Grant ("HOME Program"); and
WHEREAS, Louisville Metro Government ("Metro"), by and through its Department of Develop Louisville, Division of Housing and Community Development, has a desire to make available up to $400,000, of which up to $350,000 will be a conditional, forgivable loan of HOME Program funds to Homes of HOPE; and
WHEREAS, the approval of the forgivable loan in the amount of up to $350,000 complies with the requirement imposed in Ordinance No. 107, Series 2013, Part I., L. Community Services and Revitalization, 68 c., up to the amount of the forgivable loan; and
WHEREAS, the Council has determined that making the forgivable loan to Homes of HOPE is in furtherance of the public purposes of Louisville Metro.
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AS FOLLOWS:
SECTION I: That the forgivable loan in the amount of up to $350,000 to be made to Homes of HOPE is approved pursuant to Ordinance No. 54, Series 2009.
SECTION II: That the Metro Mayor and other officials and employees of Louisville Metro are authorized and directed to execute all necessary agreements, notes, affidavits and other documents and to do and perform all necessary or convenient actions to carry out the purpose authorized by this Ordinance.
SECTION III: This Ordinance shall take effect upon its passage and approval.
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H. Stephen Ott Jim King
Metro Council Clerk President of the Council
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