HomeMy WebLinkAbout~Master - Program Guidelines for Ames/Story County Affordable Housing Program RESOLUTION NO.01-035
RESOLUTION APPROVING PROGRAM GUIDELINES
PERTAINING TO THE
AMES/STORY COUNTY AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES,IOWA
WHEREAS, as part of the 28-E Agreements with the participating cities and Story County,the City of
Ames is responsible for the administration of the Ames/Story County Partnership Affordable Housing Programs;
and,
WHEREAS, as Program implementation continues, from time to time changes and adjustments need to
be made to the Program Guidelines; and,
WHEREAS, staff has been working very closely with participating cities and lenders to develop,revise,
and/or correct Program Guidelines that will allow them to be more competitive, efficient, and attractive to
interested first-time homebuyers and/or builders/developers; and,
WHEREAS,the current major revisions being recommended by staff and the partners are as follows:
1. Raise the percent portion of the loan given by the Program from 12%to 17%,with 3%still being
required by the borrower; i.e., a total down payment of 20%;
2. To build a spec home in Colo: (1) a qualified builder/developer could receive a home
construction loan of 90%of the cost of construction and would not need to borrow from a second
lender; (2) the in-fill guidelines would be expanded to allow the Partnership to acquire and/or
demolish properties on in-fill lot(s)on behalf of the eligible buyer or builder on a case-by-case
basis with the cost of the lot(s)being repaid to the Program at the full cost or a reduced cost; (3)
the in-fill guidelines would also be expanded to include loans to a qualified builder/developer for
feasible housing rehabilitation.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that the above-
listed major revisions to the Program Guidelines pertaining to the Ames/Story County Affordable Housing
Program Guidelines are hereby approved.
ADOPTED THIS 23rd day of January,2001.
. LY-d& '�4 �9�
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Wirth
Voting aye: Campbell, Cross, Goodhue,Hoffman, Quirmbach
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23rd day of January, 2001.