HomeMy WebLinkAbout~Master - Submittal of funding application to Iowa Finance Authority RESOLUTION NO. 06-045
RESOLUTION APPROVING SUBMITTAL OF
HOUSING REHABILITATION LOAN
THROUGH THE IOWA FINANCE AUTHORITY
IN CONNECTION WITH THE AMES/STORY COUNTY PARTNERSHIP
AFFORDABLE HOUSING PROGRAM
WHEREAS, effective July 1, 2005, the Iowa Finance Authority (IFA) announced the
availability of$1 million dollars in loan funds for use by qualifying entities to rehabilitate single-
family homes in their local communities under their newly created OurHome Single-Family
Rehabilitation Revolving Loan Program; and,
WHEREAS,under the OurHome program,the Iowa Finance Authority will provide funding
the form of a low-interest rate loan of 3% to qualifying applicants; and,
WHEREAS, one of the affordable housing program components of the Ames/Story County
Partnership (ASCP) has been the administration of a Minor Repair Program for single-family
homeowners; and,
WHEREAS, the City of Ames, on behalf of the Partnership, began implementation of this
Program in July 2002, and to date, has successfully assisted 47 homeowners; and,
WHEREAS, at their January 2006 meeting, the Partnership recommended that the City of
Ames,as the ASCP Program Administrators,prepare an application to be presented to the Ames City
Council for approval and submittal to the IFA for funds under their OurHome Program.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that
submittal of an application for OurHome Loan funds to the Iowa Finance Authority in connection with
the Ames/Story County Partnership Affordable Housing Programs is hereby authorized.
ADOPTED THIS 141"day of February, 2006.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodhue
Seconded by: Mahayni
Voting aye: Doll, Goodhue, Goodman, Mahayni, Popken, Rice
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 14th day of February, 2006.