HomeMy WebLinkAbout1786 ResolutionRESOLUTION NO. /711
A RESOLUTION authorizing, under certain conditions, the use of
Community Development Block Grant funds to be
expended toward interest and late payment
penalties on Local Improvement District (LID)
accounts.
WHEREAS, Federal rules and regulations have previously
precluded the use of Community Development Block Grant Funds
toward interest, penalty or penalty interest charges on Local
Improvement District (LID) assessments; and,
WHEREAS, owner-occupants of single family homes within
Pasco, unable to stay current on LID assessment payments,
presently face foreclosure and resulting displacement from their
homes; and,
WHEREAS, the U. S. Department of Housing and Urban
Development (HUD) has provided written authorization that the use
of block grant funds for the purpose stated hereinabove is an
eligible expense of said funds; and,
WHEREAS, the City Council of the city of Pasco, in
reliance upon said written authorization, concludes such use of
block grant funds to be appropriate under certain conditions;
NOW, THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO,
AS FOLLOWS:
$50,000 of heretofore unused Community Development Block
Grant funds shall be transferred to the LID Assistance Program.
Each award of these funds shall be used to pay the entire LID
account assessment against the benefitting property listed on the
1987 LID foreclosure list, including all outstanding principal
balance, interest, penalty, and penalty interest, necessary to
retire the account. All awards shall be subsequent to
confirmation of eligibility under the rules of the 1986 LID
Assistance Program, except that for purposes of determining
eligibility, household income for income tax years 1984, 1985
and 1986 shall be averaged and said average compared to the
average of the income limits for low and very low income
households, provided by HUD, in efect for the same three year
period of time.
PASSED y the City Council of the City of Pasco thise,"
day of , 1987
ckson, Mayor oe W.
ATTEST:
Eve
APP
Greg bstello, City attorney