HomeMy WebLinkAboutRES 83-417 R E S O L U T I O N
WHEREAS, the City of Beaumont has received a grant from
the United States Department of Housing and Urban Development for the
purpose of subsidizing the purchase of new housing units by low and
moderate income families of the City of Beaumont to enable them to
own their own home ; and,
WHEREAS, the funds received from Community Development
Block Grant No. B-83-MJ-48-0003 of the United States Department of
Housing and Urban Development are for the purpose of lowering
mortgage interest rates a maximum of three percent ( 3% ) below the
current market rates and assisting in the payment of closing costs
for low and moderate income families; and,
WHEREAS, federal regulations require that a local
development corporation be formed to act as a conduit for Community
Development Block Grant funds; and,
WHEREAS, the City Council is of the opinion that this
service is necessary in order to enable low and moderate income
families of the City of Beaumont to obtain suitable places to live;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
That the City Manager be, and he is hereby , authorized and directed
to take steps necessary to create a Texas non-profit corporation that
meets the requiremeents of a local development corporation, known as
"The Innovative Housing Development Corporation" , organized to act as
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a conduit for Community Development Block Grant funds within the City
of Beaumont, said corporation to be governed by a board of directors
consisting of five ( 5 ) members.
j PASSED BY THE CITY COUNCIL of the City of Beaumont this the
day of / � 1983.
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