HomeMy WebLinkAbout~Master - Contract Extension for Section 8 Grant Agreements with IDED and IFA RESOLUTION NO. 99-449
RESOLUTION APPROVING REVISIONS TO PHASE IV
MORTGAGE BUY-DOWN AFFORDABLE HOUSING PROGRAM AND
REQUEST FOR CONTRACT EXTENSIONS OF THE CITY'S GRANT
AGREEMENTS WITH THE IOWA DEPARTMENT OF
ECONOMIC DEVELOPMENT AND IOWA FINANCE AUTHORITY
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, to date there is approximately$74,000 remaining in the Program budget, and
the grant agreements are scheduled to end on December 31, 1999; and,
WHEREAS, staff has been working for months with IDED, IFA, and our partner lender,
Norwest Bank, to revise the Program into a lease-purchase program; and,
WHEREAS, under the lease-purchase program, grant funds would be used to purchase a
single-family or townhouse unit and lease it to a lower-income first-time homebuyer for
approximately 24 months.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Program revisions for a lease-purchase project and a contract extension from IDED and IFA
until June 30, 2000, to implement and complete the Program are hereby approved.
ADOPTED THIS 14th day of December, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Hoffman
Seconded by: Parks
Voting aye: Campbell, Cross, Hoffman, Parks, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 14th day of December, 1999.