HomeMy WebLinkAbout2025-102-11/18/2025-AUTHORIZING THE EXECUTION OF A FUNDING AGREEMENT WITHRESOLUTION 2025-1 02
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE EXECUTION OF A FUNDING AGREEMENT WITH
VOLUNTEERS OF AMERICA FOR A LOAN OF FUNDS FROM THE AFFORDABLE
HOUSING CAPITAL FUND FOR SWITCI-IGRASS CROSSING
A.Volunteers of America of Colorado,a Colorado non-profit organization,has
requested $1,400,000 in last-in gap financing from the City to support development of
Switchgrass Crossing,an affordable housing development.Switchgrass Crossing will be
located at 3800 South Mason St and comprise 45 units,including 39 1-bedroom units and
six 2-bedroom units (the “Project”).The Project will serve adults 55 years of age and older
in the area median income range of 30%-60%(currently between $26,820 and $53,640
for a one-person household).The total estimated Project cost is $25.3 million.
B.The financing for the Project includes 9%Low Income Housing Tax Credits
a $1.2 million award from the City’s 2025 affordable housing competitive funding process,
and almost $1 million in gap financing from the Colorado Division of Housing.
C.Volunteers of America of Colorado has requested $1,400,000 in direct
subsidies to pay for unforeseen costs to finish the Project.The requested funds are
appropriated and available in the Affordable Housing Capital Fund (the “AHCF”).The
voter-approved ballot language for the Community Capital Improvement Program says
the AHCF is to be used for funding the capital costs of development or rehabilitation of
one or more public or private housing projects designated specifically for low-income
individuals or families.
D.The City will provide the funding as a due-on-sale loan pursuant to a
Recipient Contract between the City and Volunteers of America of Colorado.
In light of the foregoing recitals,which the Council hereby makes and adopts as
determinations and findings,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1.The City Council finds that the Project meets the requirements for
funding from the AHCF and that it is in the best interests of the City to provide the
requested funding to Volunteers of America of Colorado.
Section 2.The City Council hereby authorizes the City Manager to execute an
agreement necessary to implement the funding allocation described herein on terms and
conditions consistent with this Resolution,along with such additional terms and conditions
as the City Manager,in consultation with the City Attorney,deems necessary or
appropriate to protect the interests of the City.
Section 3.This Resolution shall not be construed as constituting City Council
approval,support for approval,or waiver of any City regulatory requirement,including any
development application process whether in administrative or quasi-judicial review,for
the Project.
Passed and adopted on November 18,2025.
ATTEST:err
Sfleputy City Clerk
Effective Date:November 18,2025
Approving Attorney:Ted Hewitt
Exhibits:None