HomeMy WebLinkAbout099 - 08/20/2002 - APPROPRIATING UNANTICIPATED REVENUE IN THE HOME INVESTMENT PARTNERSHIP FUND FOR THE HOMEBUYER DOWNPA ORDINANCE NO. 099, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE
IN THE HOME INVESTMENT PARTNERSHIP FUND
FOR THE HOMEBUYER DOWNPAYMENT ASSISTANCE PROGRAM
WHEREAS, the City of Fort Collins Advance Planning Department has administered the
Homebuyer Downpayment Assistance Program,which has provided downpayment and closing cost
loans to income-eligible first-time homebuyers since 1995; and
WHEREAS,the Homebuyer Downpayment Assistance Program has used equal amounts of
CDBG and HOME federal dollars to fund this program; and
WHEREAS,federal funds in the amount of$400,000 were allocated from CDBG and HOME
Programs in November of 2001 to assist 50 families with the purchase of new homes over the next
year and all available funds have been committed; and
WHEREAS,funds have been returned to the HOME Program from repayment of previous
loans in the amount of$51,000 and these funds are available for new programs; and
WHEREAS,a proposal to allocate the$51,000 of HOME Program revenue and a matching
amount of CDBG reprogrammed funds to extend the Homebuyer Downpayment Assistance Program
was discussed by the CDBG Commission at its regular meeting on June 13, 2002 and the proposal
received a recommendation for approval; and
WHEREAS,Article V,Section 9,of the Charter of the City of Fort Collins permits the City
Council to make supplemental appropriations by ordinance at any time during the fiscal year,
provided that the total amount of such supplemental appropriations,in combination with all previous
appropriations for that fiscal year,do not exceed the then current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS,City staff has determined that the appropriation of the HOME Program revenue
as described herein will not cause the total amount appropriated in the relevant funds to exceed the
current estimate of actual and anticipated revenues to be received in that fund during any fiscal year.
NOW, THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from unanticipated revenue in the HOME Investment
Partnership Fund the sum of FIFTY-ONE THOUSAND DOLLARS ($51,000)for expenditure for
the City's Homebuyer Downpayment Assistance Program.
Introduced and considered favorably on first reading and ordered published this 16th day of
July, A.D. 2002, and to be presented for final passage on the 20th day of A ust, A.D. 20 .
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 20th day of August, A.D. 2002.
Mayor -
ATTEST:
14 1 A 4k�3,, A A L
City Clerk