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566.2006 RESOLUTION APPROVING GRANT AWARDS AND A DEFERRED LOAN FOR CASE #5421IN CONNECTION WITH THE TOWN OF QUEENSBURY HOUSING REHABILITATION PROGRAM RESOLUTION NO.: 566, 2006 INTRODUCED BY: Mr. Tim Brewer WHO MOVED ITS ADOPTION SECONDED BY: Mr. John Strough WHEREAS , the Town of Queensbury has established a Housing Rehabilitation Program which provides grants to cover 100% of the cost of rehabilitation up to a maximum of $20,000, whichever is less, and WHEREAS , the Town has received grant funds from the New York State Affordable Housing Corporation Affordable Home Ownership Development (AHOD) and the New York State Governor’s Office for Small Cities Community Development Block Grant (CDBG) programs to cover eligible project costs, and WHEREAS , the Town of Queensbury has also established a Housing Rehabilitation Loan Program which provides a deferred loan to very low income eligible property owners for the owners cost of rehabilitation, and WHEREAS#5421 , a single family property Case File has been determined to be eligible for rehabilitation grant assistance and a loan through the Housing Rehabilitation Loan Program and the owner of the property has requested such assistance and loan, and WHEREAS , property rehabilitation specifications have been provided to three (3) qualified contractors for bid, and WHEREASTwenty five thousand , the low bid cost to complete the work specified is dollars and no cents ($25,000.00) , and WHEREAS , Shelter Planning & Development, Inc. has overseen the grant and loan process and has verified that it has been followed in this case and recommends approving these grants and loan , and WHEREAS , a lien will be filed against the property for the benefit of the Town for a period of five years from the completion of the rehabilitation, WHEREAS , the property owner will enter into a Loan Agreement with the Town of Queensbury which will be filed with the Warren County Clerk’s Office with the principal balance of the loan due in full upon the transfer of title of the property THEREFORE BE IT RESOLVED , that the Town of Queensbury approves the following #5421 grants for for Case File , Queensbury, New York: Ten thousand dollars and no a) A AHOD Grant in the amount not to exceed: cents ($10,000.00) , and Ten thousand dollars and no b) A CDBG Grant in the amount not to exceed: cents ($10,000.00). THEREFORE BE IT FURTHER RESOLVED that the Town of Queensbury approves a 5421 Five thousand dollars and rehabilitation loan for Case File #, in an amount not to exceed eighty cents ($5,000.00) , and BE IT FURTHER RESOLVED that the Town Council authorizes and directs either the Town Supervisor or Town of Queensbury Executive Director of Community Development to execute Grant Award and Loan agreements and take such other and further action as may be necessary to effectuate the terms of this Resolution. th November, 2006 Duly adopted this 20 day of , by the following vote: AYES: Mr. Sanford, Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Boor NOES: None ABSENT: None