HomeMy WebLinkAbout~Master - Extending Contract with IDED and IFA until 12/31/2000 RESOLUTION NO. 00-195
RESOLUTION APPROVING CONTRACT EXTENSIONS WITH
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT (IDED) AND
IOWA FINANCE AUTHORITY (IFA) UNTIL DECEMBER 31, 2000,
IN CONNECTION WITH THE PHASE IV LEASE-PURCHASE
AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES,IOWA
WHEREAS, staff has been working with our partner lender,Norwest Bank, to finalize the
Program guidelines; and,
WHEREAS,the grant funds from the IDED and IFA would be used to first purchase a single-
family or townhouse unit that wold accommodate a family whose income falls at or below 70% of
the Story County median income limits; and,
WHEREAS, the City's goal would be to first target families on the City's Section 8 Rental
Assistance Program who are possibly ready to transition off subsidized housing, but not ready for
homeownership responsibilities and then lease the property to them for approximately 24 months;
and,
WHEREAS, the buyer would be required to attend a homebuyer educational seminar and
work with a financial counselor until the time of purchase; and,
WHEREAS, staff is requesting approval of contract extensions from IDED and IFA until
December 31, 2000, to allow time to select a lease-purchaser and complete the Program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the contract extensions from IDED and IFA until December 31,2000,to allow time to select a
lease-purchaser and complete the Program are hereby approved.
ADOPTED THIS 9th day of May, 2000.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Quirmbach
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 9th day of May, 2000.