HomeMy WebLinkAbout~Master - Agreement for financial participation for Ames/Story County Affordable Housing RESOLUTION NO. 05-143
RESOLUTION APPROVING AGREEMENT FOR
FINANCIAL PARTICIPATION IN CONNECTION WITH THE
AMES/STORY COUNTY HOMEBUYER ASSISTANCE
AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES
WHEREAS,at the January 25,2005, City Council meeting,the Council approved the concepts for
the Down-Payment and Closing-Cost Assistance Program(as part of the 2004/05 CDBG Program)and the
Ames/Story County Partnership Affordable Housing Program; and,
WHEREAS,staff has been working with interested lenders in Ames and Story County to create the
underwriting and program guidelines; and,
WHEREAS,the Program will continue to target first-time home buyers at incomes at or below 80%
of the Story County median income limits; and,
WHEREAS,the Partnership consists of the following financial institutions that have committed to
participate in providing mortgage funds:
Ames Community Bank First National Bank
Commercial Federal Savings Bank First American Bank
First Federal Savings State Bank& Trust
Wells Fargo Bank
WHEREAS, a major highlight of the financial agreement is that the participating lenders will be
responsible for verifying income and other eligibility requirements of the Program,which will greatly reduce
staff workload and allow more time to be devoted to marketing and conducting homebuyer education
seminars.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the
Agreements for Financial Participation in connection with the Ames/Story County Homebuyer Assistance
Affordable Housing Program with the cities above-named are hereby approved.
ADOPTED THIS 121'day of April, 2005.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodman
Seconded by: Mahayni
Voting aye: Goodman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Abstaining: Cross, Goodhue
Resolution declared adopted and signed by the Mayor this 12"day of April, 2005.