HomeMy WebLinkAbout~Master - Revisions to Downpayment & Closing Costs for Partnership for Affordable Housing RESOLUTION NO. 99-275
RESOLUTION APPROVING REVISIONS
TO DOWN-PAYMENT AND CLOSING-COSTS ASSISTANCE
PROGRAM GUIDELINES AND UNDERWRITING GUIDELINES
FOR THE AMES/STORY COUNTY PARTNERSHIP
FOR AFFORDABLE HOUSING
WHEREAS,as part of the LHAP grant agreement in connection with the Ames/Story County
Partnership Affordable Housing Program, program guidelines and agreements between the
participating cities and lenders with the City of Ames were submitted to the Iowa Department of
Economic Development for their review and approval; and,
WHEREAS, staff has worked very closely with the participating lenders to develop
competitive underwriting criteria that will assist as many first-time homebuyers at various income
levels as possible, not exceeding 110% of the Story County median income limits; and,
WHEREAS, after reviewing underwriting criteria,City staff,the Financial Committee, and
Fannie Mae representatives are recommending that some revisions be made to the eligibility
requirements and underwriting criteria for the down-payment and closing-cost assistance portion of
the program guidelines.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,Iowa,
that the revisions to the down-payment and closing-costs assistance program guidelines and
underwriting guidelines for the Ames/Story County Partnership for Affordable Housing are hereby
approved.
ADOPTED THIS 27th day of July, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Campbell
Seconded by: Hoffman
Voting aye: Campbell, Hoffman, Parks, Quirmbach
Voting nay: None Absent: Cross, Wirth
Resolution declared adopted and signed by the Mayor this 27th of July, 1999.