HomeMy WebLinkAbout~Master - Agreement for "Iowa Helping Iowans" Flood Program RESOLUTION NO. 10-412
RESOLUTION APPROVING GRANT AGREEMENT FOR
"IOWA HELPING IOWANS" FLOOD RECOVERY ASSISTANCE PROGRAM
FOR THE CITY OF AMES
WHEREAS, on August 23, 2010, Governor Culver announced the creation of the "Iowans
Helping Iowans" (IHI) Flood Program as part of the state's flood recovery efforts; and,
WHEREAS,this new housing and small business assistance plan is designed to help bridge
the gap between the immediate needs of Iowans and assistance being made available through FEMA;
and,
WHEREAS,IHI for"residential units"(owner-occupied only)is being administered through
the Iowa Finance Authority(IFA); and,
WHEREAS, under the residential assistance program, the IFA will grant funds to local
government participants, such as cities and Councils of Government, and the local government
participants, in turn, will loan the funds to eligible residents under the conditions specified; and,
WHEREAS,the funds provided under this program are restricted to owner-occupied primary
residences,and they come in the form of loans that will be forgiven over a five-year period at a rate
of 20%per year, as long as the home owner remains in the home; and,
WHEREAS, some highlights of the proposed agreement include: 1)the grant award to the
City of Ames is up to $500,000, depending on the number of applicants that meet the program
eligibility guidelines;2)the grant provides administrative reimbursement of up to 5%of the amount
of the grant funds committed to home owners, plus reasonable inspection fees; 3) administrative
funds cannot be drawn down until funds have been committed to home owners;and,4)the duration
of the agreement is through December 31, 2011.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Grant Agreement with the Iowa Finance Authority for the "Iowa Helping Iowans" Flood
Recovery Program is hereby approved.
ADOPTED THIS 31 st day of August, 2010.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
Seconded by: Orazem
Voting aye: Davis, Goodman, Mahayni, Larson, Orazem, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 3 Pt day of August, 2010.