To authorize expenditures in an amount up to $12,060.00 within the 2021 HOME Investment Partnerships Program (HOME) grant and $152,929.00 within the 2023 HOME grant; and authorizes the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with individual homebuyers who access the American Dream Downpayment Assistance (ADDI) program. ($164,989.00)

Summary

This agenda item authorizes expenditures totaling $164,989.00 for the American Dream Downpayment Assistance (ADDI) program. This includes $12,060.00 from the 2021 HOME grant and $152,929.00 from the 2023 HOME grant. The Director of the Department of Development is authorized to execute necessary legal documents, including commitment letters and loan agreements, with individual homebuyers participating in the ADDI program.

Citizen Impact

This action provides funding for the American Dream Downpayment Assistance (ADDI) program, helping residents achieve homeownership.

Confidence

high