HomeMy WebLinkAbout2022-029-02/15/2022-Supporting a grant application for an affordable housing development incentives grant from the ColorC
RESOLUTION 2022-029
OF THE COUNCIL OF THE CITY OF FORT COLLINS
SUPPORTING A GRANT APPLICATION FOR AN
AFFORDABLE HOUSING DEVELOPMENT INCENTIVES GRANT
FROM THE COLORADO DEPARTMENT OF LOCAL AFFAIRS
WHEREAS,in 2021 the Colorado General Assembly passed H.B.21-1271,creating the
Affordable Housing Development Incentives Grant program,managed by the Colorado
Department of Local Affairs (DOLA),to provide grants to local governments to develop one or
more affordable housing developments in their communities;and
WHEREAS,grants hinds can be used to offset tap fees,infrastructure costs,and other
needs and amenities that support affordable housing projects;and
WHEREAS,in January 2022 DOLA invited the City to apply in the “Catalyst”round of
funding for a grant of $2.2 million;and
WHEREAS,Catalyst projects must be shovel-ready,exceed the requirements of the grant
guidelines,have demonstration value,and be able to spend the funds by June of 2024;and
WHEREAS,on November 2,2021,the City Council adopted Ordinance No.138,2021,
authorizing the conveyance of the City-owned Affordable Housing Land Bank Property at 3620
Kechter Road to TWG,LLLP,to construct an affordable home-ownership townhome project (the
“Project”);and
WHEREAS,while TWG is scheduled to break ground on the Project soon,the Project still
has a funding gap currently being covered by loans from development partners to the Project;and
WHEREAS,City staff is recommending that the Project be considered for a Catalyst grant,
as it meets the grant program requirements;and
WHEREAS,if the City is awarded a grant the funds would be used to pay tap fees for the
Project to the Fort Collins Loveland Water District,which is an eligible expense for grant
program funds,and the Project would not need to seek additional funding for these costs through
the City’s Competitive Process;and
WHEREAS,if DOLA selects the City’s application for funding the City would have to
provide a local cash match equal to 2O0o of the Project cost,and this requirement has already been
met through investments in the Project by the Division of housing,Elevation Community Land
Trust,and the City’s in-kind contribution of the land for the Project;and
WHEREAS,DOLA requires the City to include in its grant application a resolution of the
City Council confirming that the Council is aware of,and approves of,the intent to apply for grant
funds.
C C
~ww,rHEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1.That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2.That the City Council supports the development of the Project on the
Kechter Road property and approves of the City’s intent to apply for an Affordable Housing
Development Incentives Grant for the Project as described above.
Passed and adopted at a regular meeting of the Council of the City of oil Collins this 15th
day of February,A.D.2022.
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ATTEST:44/
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