HomeMy WebLinkAbout095 - 08/15/2023 - AUTHORIZING EXPENDITURE OF AMERICAN RESCUE PLAN ACT FUNDS FOR AFFORDABLE HOUSING FEE CREDITS AS SPECORDINANCE NO.095,2023
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING EXPENDITURE OF AMERICAN RESCUE PLAN ACT FUNDS
FOR AFFORDABLE HOUSING FEE CREDIT S AS SPECIFIED
WHEREAS,Section 7.5-102(b)of the City Code authorizes the expenditure of
appropriated funds for affordable housing fee credits for households with annual income that does
not exceed thirty percent (30%)of the area median income (“AMI”);and
‘WHEREAS,in 2022,the City Council appropriated a Budget for Outcomes Offer of
$350,000 from the City’s American Rescue Plan Act (“ARPA”)funding for affordable housing
fee credits;and
‘WHEREAS,affordable housing fee credits have been approved administratively for 20
units serving households at thirty percent (30%)AMI or below,obligating $280,000 of the
$350,000 appropriation;and
WHEREAS,the City’s ARPA funding must be obligated by December 31,2024;and
WI-IEREAS,there are no additional thirty percent (30%)AMI units expected to be
developed before the ARPA deadline to obligate funds;and
WHEREAS,the remaining $70,000 of the $350,000 appropriation could fund affordable
housing fee credits for five units of new construction;and
WHEREAS,authorizing the expenditure of the remaining $70,000 for affordable housing
fee credits for households with annual income that does not exceed forty percent (40%)of AMI
would ensure that the remaining appropriated funds are used for their intended purpose to support
affordable housing within the City.
NOW,THEREFORE,BE IT ORDAINED 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,notwithstanding §7.5-102(b)of the City Code,Seventy Thousand
Dollars ($70,000)of the City Council’s 2022 appropriation of Three Hundred Fifty Thousand
Dollars ($350,000)in American Rescue Plan Act funds for affordable housing fee credits may be
used for affordable housing fee credits for households with annual income that does not exceed
Forty Percent (40%)of the area median income.
Introduced,considered favorably on first reading and ordered published this 18th day of
July,2023,and to be presented for final passage on the 15th d of August,
AflEST:
Chief Deputy City Clerk
AflEST:
Passed and adopted 15th day of August,2023.
Chief Deputy City Clerk