HomeMy WebLinkAbout~Master - Contract Extension of the City's Grant Agreements with the Iowa Department of Economic Development and the Iowa Finance Authority in Connectin with the City's Phase IV Mortgage Buy-Down Affordabel Housing Program RESOLUTION NO. 99-012
RESOLUTION APPROVING REQUEST FOR A
CONTRACT EXTENSION OF THE CITY'S GRANT AGREEMENTS
WITH THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
AND THE IOWA FINANCE AUTHORITY IN CONNECTION WITH
THE CITY'S PHASE IV MORTGAGE BUY-DOWN AFFORDABLE
HOUSING PROGRAM
FOR THE CITY OF AMES, IOWA
WHEREAS, in March 1997, the City was awarded grant funds from the Iowa Department of
Economic Development(IDED) and the Iowa Finance Authority(IFA) to implement a two-year Phase
IV Mortgage buy-down Affordable Housing Program; and,
WHEREAS, under this Program, IDED, IFA, and City funds are being used to fill a portion of
the gap between the mortgage amount and the purchase price of a home,to cover closing costs,and minor
repair costs for first-time homebuyers whose income is at or below 80% of the Story County median
income limits;
WHEREAS, the budget contribution from IDED, IFA, and the City totals $310,000; and,
WHEREAS, to date, the Program has assisted 14 first-time home buyers, and there is
approximately$55,000 remaining in the Program budget; and,
WHEREAS,the grant agreements are scheduled to end on February 28, 1999,and staff would like
to request a contract extension from IDED and IFA until June 30, 1999,to complete the expenditure of
the remaining program funds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that
the request for a contract extension of the City's grant agreements with IDED and IFA in connection with
the City's Phase IV Mortgage Buy-down Affordable Housing Program until June 30, 1999, is hereby
approved.
ADOPTED THIS 12th day of January, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Quirmbach
Seconded by: Wirth
Voting aye: Campbell, Hoffinan, Quirmbach, Wirth
Voting nay: None
Abstaining: Cross Absent: Parks
Resolution declared adopted and signed by the Mayor this 12th day of January, 1999.