HomeMy WebLinkAbout~Master - Lender Agreement for Purchase of 320 South Hazel Avenue RESOLUTION NO. 06-406
RESOLUTION ACCEPTING THE AFFORDABLE HOUSING
INITIATIVE AGREEMENT FOR FINANCIAL
PARTICIPATION IN COMMUNITY DEVELOPMENT
BLOCK GRANT RENT-TO-PURCHASE PROGRAM
BETWEEN THE CITY OF AMES AND FIRST FEDERAL
SAVINGS BANK OF IOWA
WHEREAS, the City of Ames has adopted a policy of assisting in the purchase and/or
renting of single family housing, affordable to families of low and moderate income, and
WHEREAS,as part of said policy the City has undertaken to secure the commitment of First
Federal Savings Bank of Iowa to make purchase money home loans to buyers of said home, and
WHEREAS, First Federal Savings Bank of Iowa is willing to make said loans, and
WHEREAS, An agreement has been drafted and both parties have signed the agreement,
therefore:
BE IT RESOLVED,by the City Council of the City of Ames,Iowa,that it hereby approves
the Affordable Housing Initiative Agreement for Financial Participation in Community Development
Block Grant Rent-to-Purchase Program Between the City of Ames and First Federal Savings Bank
of Iowa.
DONE this 26 day of September , 2006.
�XI
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
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