HomeMy WebLinkAbout06-09-88-10 - Resolution - 06/09/1988RESOLUTION NO. 6-09-88-10
A RESOLUTION FOR THE IMPLEMENTATION OF A COMMUNITY DEVEOP-
MENT LOAN PROGRAM, CREATION OF A COMMUNITY DEVELOPMENT LOAN
PROGRAM COMMITTEE, AND ADOPTION OF ADMINISTRATIVE GUIDE-
LINES FOR THE OPERATION OF THE COMMUNITY DEVELOPMENT LOAN
PROGRAM.
WHEREAS, the City Council met on the 9th day of June, 1988,
and considered the implementation of the Community Develop-
ment Loan Program; and
WHEREAS, the City Council found that the Community Develop-
ment Loan Program is designed to assist the community in
providing affordable loans through Community Development
Funds for the purchase and/or rehabilitation of houses by
low-moderate income applicants; and
WHEREAS, the City Council of the City of College Station
found that the implementation of the Community Development
Loan Program was in the best interest of the public and
that it additionally provided rehabilitation of residential
rent property intended to be leased predominantly by low-
moderate income families;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of College Station that:
There is hereby established the College Station Community
Development Loan Program Committee. The Committee shall
consist of five (5) persons.
II.
The Committee shall consist of representatives from real
estate, finance, architecture, legal, and social services.
Upon initial appointment, Place 1 and Place 2 shall serve
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one (1) year; Place 3 and Place 4 shall serve an initial
term of two (2) years; and Place 5, the Chairman, shall
serve an initial term of three (3) years. Thereafter, each
place shall be appointed to three (3) year terms. The com-
mittee shall review all funding requests as provided by the
administrative guidelines for the Community Development
Loan Program dated May, 1988, and attached hereto.
PASSED and APPROVED this 9th day of June, 1988.
ATTEST: APPROVED:
Cit~ gec~~
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