HomeMy WebLinkAbout~Master - Approving Designation of GO Bond Funds for the Home Fund Program RESOLUTION NO. 18-287
RESOLUTION APPROVING THE DESIGNATION
OF GENERAL OBLIGATION BOND FUNDS PREVIOUSLY
ALLOCATED FOR 321 STATE AVENUE AS THE MATCHING FUNDS
FOR THE HOME FUND PROGRAM
FOR THE CITY OF AMES
WHEREAS, the City has received notification that, in addition to the 2018/19 CDBG
allocation of$572,094, the City will receive an allocation from the HOME Fund in the amount of
$601,264; and,
WHEREAS, HOME funding may be used for brick-and-mortar type projects, such as
construction of new housing, housing rehabilitation, and tenant-based assistance; and,
WHEREAS,a requirement of HOME funding is that there has to be a 25%local match from
permanent funds; and,
WHEREAS, General Obligation Bond funds may be used toward that match as well as
account balances that remain in the City-Wide Affordable Housing Program; and,
WHEREAS, it is estimated that the local match funding needed would be approximately
$132,000; and,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the reallocation of General Obligation Bond funds previously allocated for 321 State Avenue
to be used as matching funds for the HOME Fund Program is hereby approved.
ADOPTED THIS 8`''day of May, 2018.
AJ I '*� --4 f I IL471%j
" Vdmi)R- UJ-1'1'-_ "A"FIAL V
Diane R. Voss, City Clerk John . Haila, Mayor
Introduced by: Martin
Seconded by: Betcher
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8th day of May, 2018.