08/26/2003 Resolutions 2003-241
I
I
I
RESOLUTION 2003-241
WHEREAS, on July 14,1997, by Resolution 97-197, the City Council ofthe City of
Grand Island adopted guidelines for the Home Ownership Opportunity Program (HOP) for providing
down payment assistance to aid low-income, first-time homebuyers; and
WHEREAS, the current guidelines limit the purchase price of new homes to $70,000
and existing homes to $60,000; and
WHEREAS, the Department of Housing and Urban Development will not allow
persons to spend more than 30% of their income for housing and the family cannot exceed 80% of
the median income for Hall County to apply; and
WHEREAS, based on this criteria, it is necessary for the City to amend its guidelines
to incorporate this into the eligibility requirements and to remove guidelines setting limits on
purchase price.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Home Ownership Opportunity Program
(HOP) guidelines are hereby amended to include in the eligibility requirements that no persons
acquiring housing will be allowed to spend more than 30% of their income for housing and the
family cannot exceed 80% of the median income for Hall County to apply for such assistance in
acquiring such housing, and to remove purchase price limits.
Adopted by the City Council of the City of Grand Island, Nebraska, August 26,2003.
~~~~
RaNae Edwards, City Clerk
Approved as to Form
August 22, 2003