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Home My WebLink About~Master - Agreement with Entities for Ames/Story County Affordable Housing Program RESOLUTION NO. 01-036 RESOLUTION APPROVING AGREEMENT BETWEEN THE CITY OF AMES, ON BEHALF OF THE AMES/STORY COUNTY AFFORDABLE HOUSING PROGRAM; STATE BANK& TRUST,AND USDA RURAL DEVELOPMENT WHEREAS,a unique concept that has not been tried,but could be used as a model for other programs across the state,has been given approval from Fannie Mae,Iowa Mortgage Bankers,and the Iowa Department of Economic Development; and, WHEREAS,the program will be called the Rural Development Mortgage Participation Program;and, WHEREAS,Rural Development is a government agency that operates federal loan programs designed to strengthen rural businesses, finance new and improved rural housing, develop community facilities, and maintain and create rural employment; and, WHEREAS, a new partnership with USDA Rural Development in order to utilize their leverage program to target families who are at 80%or below the Story County median income limits to purchase homes in the participating cities with a population of 20,000 or less; WHEREAS, it is necessary for a partnership agreement to be entered into between the City of Ames, on behalf of the Ames/Story County Affordable Housing Program (ASCP); State Bank & Trust, and Rural Development; and, WHEREAS,the benefit to the ASCP would be that the monies loaned through State Bank&Trust will be repaid within a one-week time frame, rather than the 12-year period outlined under the regular Down Payment and Closing Cost Assistance program and that the Program will target families who are at 80% or below the Story County median income limits. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the partnership agreement between the City of Ames, on behalf of the Ames/Story County Affordable Housing Program; State Bank & Trust, and USDA Rural Development for the Rural Development Mortgage Participation Program is hereby approved. ADOPTED THIS 23rd day of January, 2001. C��"R LY-d& '�4 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.