582.2004
RESOLUTION AUTHORIZING THE ESTABLISHMENT OF A HOUSING
REHABILITATION REVOLVING LOAN FUND IN CONJUNCTION
WITH THE FY2004 NEW YORK STATE DIVISION OF HOUSING AND
COMMUNITY RENEWAL (DHCR) HOME PROGRAM
RESOLUTION NO.: 582, 2004
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, the Town of Queensbury has received loan repayments ( program income)
from a HUD Grant B-93-DH-36-0292 (the AMG Economic Development Loan), and
WHEREAS, these loan repayments can be used for eligible activities according to HUD
Guidelines, and
WHEREAS, the Town of Queensbury earmarked up to $100,000 of its program income
fund for the establishment of a Housing Rehabilitation Program Revolving Loan Fund as part of
the Town’s application for funding under the NYS DHCR HOME Program in February, 2004 in
accordance with Town Board Resolution 105, 2004, and
WHEREAS, the Town has been notified that the application for HOME Program
Housing Rehabilitation grant assistance has been approved and has been assigned SHARS ID
#20040111, and
WHEREAS, The Town of Queensbury now wishes to establish a Revolving Loan Fund
for income eligible homeowners to pay for needed housing rehabilitation improvements that are
not covered under the HOME Housing Rehabilitation Program, and
WHEREAS, the maximum grant under the Town’s approved HOME Program is $20,000
and the maximum loan from the Town’s loan fund will be $5,000, and
WHEREAS, the formal establishment of the Town Housing Rehabilitation Revolving
Loan Program is an integral part of the implementation of the Town’s approved HOME
Program,
NOW, THEREFORE, BE IT
RESOLVED, that the Town of Queensbury hereby establishes a Housing Rehabilitation
Revolving Loan Fund in an amount not to exceed $100,000 utilizing its current “program
income” account with such loan funds to be used in conjunction with the implementation of the
Town’s HOME Housing Rehabilitation Program, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Budget Officer to
make any necessary adjustments, budget amendments, transfers or prepare any documentation
necessary to establish such appropriations and estimated revenues and further authorizes the
Town Supervisor, Executive Director of Community Development and/or Budget Officer to take
all other action necessary to effectuate the terms of this Resolution.
Duly adopted this 29th day of November, 2004, by the following vote:
AYES: Mr. Boor, Mr. Turner, Mr. Strough, Mr. Brewer, Mr. Stec
NOES: None
ABSENT:None