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<br />RESOLUTION NO. <br /> <br />'-(5/2-- <br /> <br />A RESOLUTION AUTHORIZING EXECUTION OF FINANCING <br />AGREEMENT WITH THE COMMUNITY REINVESTMENT <br />FUND. <br /> <br />The City Council of the City of Eugene finds that: <br /> <br />A. The City currently operates a Housing Rehabilitation Loan Program for the purpose <br /> <br />of the rehabilitation of affordable housing utilizing Community Development Block Grant (CDBG) <br /> <br />funds. The current CDBG one year action plan was approved by the Council on May 13, 1996. <br /> <br />B. Significant loan activity has depleted available funds and created an inability to <br /> <br />respond to potential projects, including funding for the rehabilitation of single family homes that will <br /> <br />be offered to low-income first time buyers under a lease to own program, and other homeowner and <br /> <br />rental unit rehabilitation projects. <br /> <br />C. The Community Reinvestment Fund (CRF) is a nationwide nonprofit organization <br /> <br />that is willing to advance the City $255,000 to be repaid from funds generated by payments received <br /> <br />on the City's existing CDBG loans, with no impact on the City's General Fund. It would be in the <br /> <br />public interest and further the Council's housing goals to authorize the City Manager to enter into <br /> <br />a structured finance agreement, not to exceed $255,000, with the Community Reinvestment Fund. <br /> <br />NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal <br /> <br />Corporation of the State of Oregon, as follows: <br /> <br />Section 1. Based on the above findings, which are hereby adopted, the City Manager is <br /> <br />hereby authorized to enter into a structured finance agreement, consisting of a Qualified Seller <br /> <br />Resolution - 1 <br />