Bill Type and Number: Ordinance 2007-530
Sponsor: The Council President at the
request of the Mayor:
Date of Introduction: May 8, 2007
Committee(s) of Reference: F; ECID
Date of Analysis: May 11, 2007
Type of Action: Appropriation
Bill Summary: This ordinance appropriates
$161,910.62 of HOME Program income from miscellaneous sales and charges to
provide funding for the HOME Headstart to HOME Ownership Program administered
by the Housing Services Division of the Housing & Neighborhoods Department
to provide financial assistance to individuals and families of low to moderate
income purchasing homes in
Background Information: The Headstart to HOME
Ownership program offers financial assistance to eligible low-income
families/individuals who are interested in purchasing a home. The financial assistance funding by the
federal Home Investment Partnership Program provides down payment, closing cost
and/or principal reduction. Low income
(80% or less of median income) families who qualify for a first mortgage with a
lending institution are eligible to apply for the program. The purpose of the down payment program is to
provide qualified institution borrowers with a source of down payment and closing
costs assistance.
Policy Impact: Affordable Housing/Housing
& Neighborhoods Department
Fiscal Impact: The bill appropriates
$161,910.62
Analyst: