21.362 An Order to Appropriate 230,100 in CPA Funds to Valley CDC for a Mortgage Subsidy Program - Certified21.362
City of Northampton
MASSACHUSETTS
In City Council, December 2, 2021
Upon the i•econimendation of the Community Preservation Committee
21.362 An Order to A ro riate 2301 00 in CPA Funds to Valley CDC for a Mortgage Subsidy
Proram
Ordered, that
WHEREAS, Valley Community Development Corporation submitted an application for
Community Preservation Act funding for a Mortgage Subsidy Program;
WHEREAS, the project will provide $50,000 in direct downpayment assistance through a
deferred (interest and principal) payment loan to four homebuyers earning Iess
than 100% of area median income to be able to afford a home in Northampton,
with any loan recapture being redeposited into the Community Preservation Act
revenue account;
WHEREAS, affordable homeownership for families is a high priority item in the Community
Preservation Plan, and the project is supported by the Northampton Housing
Partnership;
WHEREAS, on November 17, 2021, the Northampton Community Preservation Committee,
voted unanimously to recommend that $230,100 in Community Preservation Act
funds be used to support this project.
NOW, THEREFORE BE IT ORDERED,
That $230,100 be appropriated from Community Preservation Act funding to the Northampton
Mortgage Subsidy program. And, that the grantee meets the conditions above, with any
mortgage note approved by the Mayor and subject to conditions imposed by the Mayor.
Specifically, $230,100 is appropriated from the CPA Affordable Housing Reserve (account
#2344930-359933 In City Council, December 2, 202 t
Passed First Rending on Roll Call Vote of 9 Yes, 0 No, 0 Absent
Attest: /1„ a r!n , Clerk or council
In City Council, December 16, 2021
Passed Second Reading on Roll Call Vote or9 Yes, 0 No, 0 Absent
Attest: —,Clerk or Council
Approved: David J. Narkewicz, Mayor
Passed two readings and enrolled.
I hereby certify that the above Order passed the Northampton City Council on December 16, 2021
David J. Narkewicz, Mayor approved the Order on December 20, 2021
Attest: , Clerk of Council