PLANNING AND ECONOMIC DEVELOPMENT COMMITTEE
RESOLVED, that the proper city officials are authorized to enter into an agreement, substantially in the form of that on file in the office of the city clerk as Public Document No. __________, with Neighborhood Housing Services of Duluth (NHS) pursuant to which NHS will administer a CDBG program revolving loan fund; NHS to retain up to $25,000 in loan interest repayment funds from the revolving loan fund to reimbuse it for its costs of administering the fund.
COMMUNITY DEVELOPMENT DIV
STATEMENT OF PURPOSE: The purpose of this resolution is to approve a community development block grant (CDBG) agreement with Neighborhood Housing Services (NHS) for the administrative and financial activities associated with servicing the NHS CDBG revolving loan fund.
The current 2006 CDBG NHS housing rehabilitation agreement expires on June 30, 2008. The approval of this agreement will allow NHS to continue to service the existing RLF loans, receive payments, handle delinquent payments and provide other activities as needed to administer the loan portfolio.