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HomeMy WebLinkAbout~Master - Contract Extension for LHAP for Ames/Story County Affordable Housing Program RESOLUTION NO.01-007 RESOLUTION APPROVING REQUEST FOR CONTRACT EXTENSION OF CITY'S LOCAL HOUSING ASSISTANCE PROGRAM GRANT AGREEMENT WITH IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT IN CONNECTION WITH THE AMES/STORY COUNTY PARTNERSHIP AFFORDABLE HOUSING PROGRAM FOR THE CITY OF AMES,IOWA WHEREAS,on December 31,1998,the Iowa Department of Economic Development(IDED)awarded a Local Housing Assistance Program (LHAP) grant in an amount not to exceed $400,000 to the Ames/Story County Partnership(ASCP); and, WHEREAS,the grant funds,along with a three-year commitment of local match funds from the participating Story County cities,are to be used to establish a Story County Housing Bank to finance the production of affordable housing units throughout the participating cities; and, WHEREAS,affordable housing programs that are presently being administered include down payment and closing cost assistance,in-fill construction financing,and infrastructure construction financing; and, WHEREAS, to date, seven home buyers have received loans under the Down Payment and Closing Cost Assistance Program,and one developer has received a loan under the In-Fill construction Financing Program since these programs began in July 1999; and, WHEREAS,the LHAP grant agreement between the City and IDED for the Ames/Story County Affordable Housing Program is due to expire on January 31,2001; and, WHEREAS,there is a program fund balance of approximately$759,000 remaining in the Housing bank;and, WHEREAS,the ASCP representatives are recommending that the City of Ames request a 16-month extension of the LHAP grant agreement with IDED which would expire on June 30,2002. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the City of Ames' request for a contract extension of the Local Housing Assistance Program grant agreement with the Iowa Department of Economic Development in connection with the Ames/Story County Partnership Affordable Housing Program until June 30,2002,is hereby approved. ADOPTED THIS 9th day of January,2001. C��?. Uk&—t" �4 Diane R. Voss, City Clerk Ted Tedesco, Mayor Introduced by: Cross Seconded by: Goodhue Voting aye: Campbell,Cross,Goodhue,Hoffman,Quirmbach Voting nay: None Absent: Wirth Resolution declared adopted and signed by the Mayor this 9th day of January,2001.