HomeMy WebLinkAbout~Master - Request for Contract Extension of the City's Grant Agreements with teh Iowa Department of Economic Development (IDED) adn the Iowa Finance Authority (IFA) in Connection with the City's Phase IV Mortgage Buy-Down Affordable Housing Program RESOLUTION NO. 99-198
RESOLUTION APPROVING REQUEST FOR A CONTRACT EXTENSION
OF THE CITY'S GRANT AGREEMENTS WITH THE IOWA DEPARTMENT
OF ECONOMIC DEVELOPMENT (IDED) AND THE IOWA FINANCE
AUTHORITY (IFA) 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 and the Iowa Finance Authority 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 for minor repair costs for first-time homebuyers whose income is at or below 80%of the Story
County median income limits; and,
WHEREAS, there is approximately$55,000 remaining in the Program budget; and,
WHEREAS, the grant agreements are scheduled to end on June 30, 1999; and,
WHEREAS, staff would like to request a contract extension from IDED and IFA until
December 31, 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 contract extensions 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
December 31, 1999, is hereby approved.
ADOPTED THIS 8th day of June, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Campbell
Seconded by: Cross
Voting aye: Campbell, Cross, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: Parks
Resolution declared adopted and signed by the Mayor this 8th day of June, 1999.