HomeMy WebLinkAbout127 - 09/06/1994 - APPROPRIATING UNANTICIPATED REVENUE OF $500,000 FROM THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ORDINANCE NO. 127, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE OF $500,000
FROM THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
AND THE COLORADO DIVISION OF HOUSING
FOR THE HOME PROGRAM
WHEREAS, the HOME Investment Partnerships Program ("HOME Program") was
authorized by Congress in the National Affordable Housing Act, to provide funds
for a variety of housing related activities including acquisition,
rehabilitation, new construction, tenant based assistance, home buyer assistance,
planning, and support services; and
WHEREAS, on March 1, 1994, the City Council passed Resolution 94-42
authorizing the Mayor to submit to the Department of Housing and Urban
Development (HUD) a notification of intent to participate in the HOME Program;
and
WHEREAS, on May 26, 1994, HUD notified the City of the official awarding
of a HOME Investment Partnerships Program grant in the amount of $425,000; and
WHEREAS, the City must have a total HOME Program budget of $500,000 and the
Colorado Division of Housing has agreed to provide the required $75,000
difference to bring the HOME Program budget total to $500,000; and
WHEREAS, Article V, Section 14, of the Charter of the City of Fort Collins
permits the City Council to appropriate by ordinance unanticipated revenue which
is the result of rate or fee increases or new revenue sources at any time during
the year in which such revenue is received.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that upon receipt of the foregoing funds from HUD and the Colorado Division of
Housing, there is hereby appropriated from unanticipated grant revenue in the
General Fund the sum of Five Hundred Thousand Dollars ($500,000) for the HOME
Investment Partnerships Program.
Introduced, considered favorably on first reading, and ordered published
this 16th day of August, A.D. 1994, and to be present for final passa a on the
6th day of September, A.D. 1994.
r
ayor
ATTEST
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City Clerk