HomeMy WebLinkAbout~Master - Release of Contract and Lien for Property Located at 1426 Stafford Avenue for City's Phase IV Mortgage Buy-Down Affordable Housing Program RESOLUTION NO. 24-098
RESOLUTION APPROVING RELEASE OF CONTRACT AND LIEN FOR PROPERTY
LOCATED AT 1426 STAFFORD AVENUE IN CONNECTION WITH THE CITY'S
PHASE IV MORTGAGE BUY-DOWN AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES,IOWA
WHEREAS, in 1996, the City began offering Phase IV of the Mortgage Buy-down
Affordable Housing Program to help low and moderate-income first-time homebuyers purchase
and rehabilitate existing single-family homes. City Local Option Tax funds, along with HOME
grant funds from the Iowa Department of Economic Development and HAF grant funds from the
Iowa Finance Authority (IFA), were used to assist first-time homebuyers with down payment and
closing costs assistance; and,
WHEREAS, in 1997, Gail Shook participated in this program to receive assistance for the
purchase of a property at 1426 Stafford Avenue and received financial assistance in the amount of
$16,360. To receive the financial assistance,Ms. Shook signed a Contract&Lien agreement with
the City that required an immediate payback of 100% of the no-interest, 30-year loan if the
property was sold, rented, and/or unoccupied before the 30-year period ended; and,
WHEREAS, Ms. Shook sold her property at 1426 Stafford Avenue before the thirty- (30)
year period has ended, and therefore must repay the City of Ames an amount as described above.
These funds will be deposited in the City-wide Affordable Housing Program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that authorization of the release of the Contract and Lien for the property located at 1426 Stafford
Avenue in connection with the City's Phase IV Mortgage Buy-down Affordable Housing Program
is hereby approved.
ADOPTED THIS 27th day of February, 2024.
�e 4:�e
Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Corrieri
Seconded by: Rollins
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 27th day of February, 2024.