Louisville Metro Government - File #: O-162-15

• File #: O-162-15
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 7/10/2015
• In control: Metro Council
• On agenda: 9/10/2015
• Final action: 9/10/2015
• Title: AN ORDINANCE APPROVING A FORGIVABLE LOAN, PURSUANT TO ORDINANCE NO. 54, SERIES 2009, TO NEW DIRECTIONS HOUSING CORPORATION, FOR THE ACQUISITION, REHABILITATION, AND MARKETING OF ONE SINGLE FAMILY HOME LOCATED IN THE SHELBY PARK NEIGHBORHOOD TO HOME PROGRAM ELIGIBLE HOMEBUYERS (AS AMENDED).
• Sponsors: David Tandy (D-4)

Date	Ver.	Action By	Action	Result
9/10/2015	2	Metro Council	passed	Pass
9/3/2015	1	Budget Committee	untabled	Pass
9/3/2015	1	Budget Committee	amended
8/6/2015	1	Budget Committee	recommended for approval
8/6/2015	1	Budget Committee	tabled	Pass

ORDINANCE NO.______________, SERIES 2015
title
AN ORDINANCE APPROVING A FORGIVABLE LOAN, PURSUANT TO ORDINANCE NO. 54, SERIES 2009, TO NEW DIRECTIONS HOUSING CORPORATION, FOR THE ACQUISITION, REHABILITATION, AND MARKETING OF ONE SINGLE FAMILY HOME LOCATED IN THE SHELBY PARK NEIGHBORHOOD TO HOME PROGRAM ELIGIBLE HOMEBUYERS (AS AMENDED).
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Sponsored By: President David Tandy

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, New Directions Housing Corporation ("New Directions"), is a Kentucky nonprofit corporation which has a long and successful track record in rehabilitating real property and marketing it for affordable housing; and
WHEREAS, Metro desires to make a forgivable HOME Program loan to New Directions in the an amount ofnot to exceed $228,778.00145,000.00 to acquire and rehabilitate a single family home, and further facilitate the eventual sale of said property to HOME Program eligible homebuyers in the Shelby Park neighborhood in accordance with the HOME Program regulations; and
WHEREAS, the aforementioned HOME funds exceed the $100,000.00 or the $150,000.00 amounts contained in Ordinance 54, Series 2009 prohibiting such action without Council approval; and
WHEREAS, the Council has determined that making the forgivable loan to New Directions, is in furtherance of the HOME Program and the public purposes of Metro;

NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LOUISVILLE/ JEFFERSON COUNTY METRO GOVERNMENT AS FOLLOWS:

Section 1. That the HOME funds requested to be made available to New Directions in the manner of a forgivable loan in thean amount of not to exceed $228,778.00145,000 are hereby approved by Council in accordance with Ordinance No. 54, Series 2009, for the purposes described in the Whereas clauses above.
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