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RESOLUTION NO. 3 OF 2015
AUTHORIZING A LOAN FROM SALT LAKE CITY’S HOUSING TRUST FUND TO NEIGHBORWORKS SALT LAKE
WHEREAS, Salt Lake City Corporation (the “City”) has a Housing Trust Fund to encourage affordable and special needs housing development within the City; and
WHEREAS, NeighborWorks Salt Lake has applied to the City for a revolving loan for the development and rehabilitation of single family homes throughout Salt Lake City. Homebuyer eligibility will be limited to 80% or below of the area median income.
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. The City Council does hereby approve Salt Lake City to enter into a loan agreement with NeighborWorks Salt Lake, to provide NeighborWorks Salt Lake with a revolving line of credit in the amount of $750,000.00 at 0% interest. NeighborWorks Salt Lake may draw upon this revolving line of credit for a period of two years. No further funds shall be disbursed to Neighborworks Salt Lake under this loan after such two-year period has passed.
2. NeighborWorks Salt Lake will use the loan funds for the development and rehabilitation of single family homes in Salt Lake City, Utah.
3. Ralph Becker, Mayor of Salt Lake City, Utah, following approval of the City Attorney, is hereby authorized to execute the requisite loan documents on behalf of Salt Lake City Corporation and to act in accordance with their terms.
Passed by the City Council of Salt Lake City, Utah, this 3rd day of February, 2015.