Title
Authorization to Accept Grant and Adopt Budget Amendment for $100,000.00 from Wells Fargo for Homeownership down Payment Assistance and /or Rehabilitation Gap Financing Assistance on Vacant or Foreclosed Houses in ISP/NSP Areas, Citywide
Body
WHEREAS, in compliance with the Federal Housing and Community Development Act of 1974, (Public Law 98-383), and Rules and Regulations adopted pursuant thereto, the HRA has prepared and approved, and the City has, by City Council Resolution No. 10-320 dated April 7, 2010, approved a Saint Paul Consolidated Plan (hereinafter called “Plan”), which Plan incorporates and reaffirms all prior Redevelopment Plans, Small Area Plans, which is filed in the Office of the City Clerk of Saint Paul, Ramsey County, Minnesota and which Plan was submitted to the United States Department of Housing and Urban Development (hereinafter called “HUD”) and approved; and
WHEREAS, Invest Saint Paul Initiative is an effort to bring together all the necessary and needed stakeholders committed to promoting, supporting and helping people grow viable and sustainable communities by building on the strengths of Saint Paul’s neighborhoods, by insuring that neighborhoods remain strong and that where confidence is clearly declining, that we work collaboratively to stimulate changes to restore and build confidence; and
WHEREAS, the Invest Saint Paul Work Plan identifies the need to be able to work with many different scenarios related to acquisition, rehabilitation, income and businesses which will require a variety of funding sources because of funding requirements in order for the HRA/City to address the magnitude of these issues and encourage private investment, if a variety of sources can not be assembled, the work plan will only be able to treat these problems on a hit or miss basis where the activity and income meet the narrow funding requirements which will greatly minimize the HRA/City’s impact on these areas and the City as a whole; and
WHE...
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