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HomeMy WebLinkAbout~Master - Mayor to sign all program documents re: affordable housing programs RESOLUTION NO. 03-231 RESOLUTION APPROVING BLANKET AUTHORITY FOR MAYOR TO SIGN ALL PROGRAM DOCUMENTS IN CONNECTION WITH THE ADMINISTRATION OF AFFORDABLE HOUSING PROGRAMS FOR THE CITY OF AMES WHEREAS, since the late 1990's, the City has implemented various affordable housing programs in Ames and Story County that benefit primarily first-time home buyers who are of low and moderate incomes;and, WHEREAS, the majority of the dollars provided for these programs were for down payment, closing costs, and minor repair assistance; and, WHEREAS,the grants or loans were provided to the home buyers in the form of a second mortgage that would range from five to 12 years; and, WHEREAS,from time to time,home buyers choose to refinance their first mortgages to take advantage of lower interest rates or to sell their properties, and they need to repay the City for early termination of their program obligations; and, WHEREAS, in all cases, a request to subordinate or release the second mortgage requires action and approval by the City Council; and, WHEREAS,staff is receiving a large number of requests for subordination and/or releases of mortgages; and, WHEREAS,blanket authorization to execute the loan agreements would improve efficiency of service; and, WHEREAS,in order to administer these types of requests and execute loan agreements in a more timely manner, staff is requesting that the Council give the Mayor blanket authority to sign loan agreement documents, mortgage subordinations, and mortgage releases as needed. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that blanket authority given to the Mayor to sign all loan agreement documents, mortgage subordinations, and mortgage releases in connection with the administration of affordable housing programs in Ames and Story County is hereby approved. ADOPTED THIS 10 day of June, 2003. Diane R. Voss, City Clerk Ted Tedesco, Mayor Introduced by: Cross Seconded by: Wirth Voting aye: Cross, Goodhue,Hoffman,Mahayni,Vegge,Wirth Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 10"'of June, 2003.