ORDINANCE NO. ______________, SERIES 2019
TITLE
AN ORDINANCE APPROVING A FORGIVABLE LOAN PURSUANT TO LOUISVILLE METRO CODE OF ORDINANCES ? 39.131, TO THE COMMUNITY FOUNDATION OF LOUISVILLE, INC. ON BEHALF OF RUSSELL: A PLACE OF PROMISE AND REBOUND, INC. FOR THE DEVELOPMENT OF EIGHT UNITS OF MARKET RATE HOUSING IN THE RUSSELL NEIGHBORHOOD.
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SPONSORED BY: COUNCIL MEMBERS SEXTON SMITH
AND HOLLANDER
WHEREAS, on behalf of Louisville/Jefferson County Metro Government ("Metro"), Develop Louisville's Office of Housing and Community Development is the administrator for the Russell Market Rate Housing Program that will be used to award direct financing to create or preserve approximately 15 single family homes in the Russell neighborhood;
WHEREAS, Metro desires to make a loan of $802,000.00 to the Community Foundation of Louisville, Inc. on behalf of Russell: A Place of Promise and Rebound, Inc. ("Community Foundation of Louisville")-$538,000.00 in the form of a Revolving Loan that will be revolved by the Community Foundation of Louisville for additional phases of market rate development in the project area, and $264,000.00 in the form of a forgivable loan to homebuyers at the time of sale;
WHEREAS, the Community Foundation of Louisville, Inc. will initially use these funds to rehabilitate four units and construct four new units of for-sale market rate housing;
WHEREAS, the aforementioned loans exceed the $100,000.00 and the $150,000.00 amounts contained in the Louisville Metro Code of Ordinances ("LMCO") ? 39.131, which prohibits such action without Council approval;
WHEREAS, the Council has determined that making the Revolving and forgivable loans to the Community Foundation of Louisville, Inc. is in furtherance of the public purposes of Metro.
NOW, THEREFORE, BE IT ORDAINED BY THE LEGISLATIVE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT ("COUNCIL") AS FOLLOWS:
SECTION I: The funds requested to be made av...
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