Agenda Summary
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Requesting authorization to borrow $9,750,000 in a bond, and to appropriate the same amount for a portion of the costs associated with the development of the Clarendon Hill Phase II Housing Project.
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Official Text
To the Honorable City Council:
The Mayor respectfully requests that this Council appropriate $9,750,000 in order to pay for a portion of the costs associated with the development of the Clarendon Hill Phase II Housing Project. To meet this appropriation, the Treasurer will be authorized to borrow up to and not to exceed $9,750,000 in the issuance of bonds of the City through the United States Department of Housing and Urban Development's ("HUD") Section 108 Loan Program (the "Section 108 Loan Program") as provided by MGL Chapter 44.
Appropriate staff will be available to answer any questions about this bond you may have. Thank you for your consideration of this matter.
Respectfully,
Katjana Ballantyne, Mayor