HomeMy WebLinkAbout094 - 06/02/1998 - APPROPRIATING FUNDS FROM THE AFFORDABLE HOUSING TRUST FUND RESERVE FOR USE AS MATCHING FUNDS FOR THE ORDINANCE NO. 94, 1998
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING FUNDS FROM THE AFFORDABLE
HOUSING TRUST FUND RESERVE FOR USE AS MATCHING FUNDS
FOR THE LARIMER HOME IMPROVEMENT REHABILITATION PROGRAM
WHEREAS, by the adoption of Resolution 94-43, the Council of the City of Fort Collins
determined that it is in the best interest of the citizens of the City to participate in the Larimer Home
Improvements Program (the "Program") with the City of Loveland and Larimer County and
authorized an intergovernmental agreement regarding the administration of the Program; and
WHEREAS, the purpose of the Program is to provide housing rehabilitation loans to low
income households that would otherwise be unable to afford major home repairs; and
WHEREAS,pursuant to Resolution 98-84 Council has agreed to participate in the Program
for the upcoming fiscal year; and
WHEREAS, the Colorado Division of Housing has offered the Cities of Fort Collins and
Loveland,Larimer County,and the Fort Collins and Loveland Housing Authorities the opportunity
to request a grant in the approximate sum of$350,000 utilizing Colorado Small Cities Community
Development Block Grant funds and Federal HOME Program funds for an ongoing, County-wide
housing rehabilitation program under the Program; and
WHEREAS, the Program requires that "matching funds" be provided from the receiving
entities; and
WHEREAS,the City must,accordingly,pledge the sum of$22,500 of local funds(local non-
federal sources) to the Program; and
WHEREAS,the recommended source for these funds is the Affordable Housing Fund and
sufficient funds are available in the Affordable Housing Trust Fund Reserve Account; and
WHEREAS,Article V, Section 9 of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as
may be available from reserves accumulated in prior years,notwithstanding that such reserves were
not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from prior year Affordable Housing
Trust Fund reserves the sum of TWENTY-TWO THOUSAND FIVE HUNDRED DOLLARS
($22,500) for expenditure in the General Fund for use as matching funds for the Larimer Home
Improvement Rehabilitation Program.
Introduced, considered favorably on first reading, and ordered published this ay of
May, A.D. 1998, and to be presented for final passage on the 2n of June, 1998.
ayor
ATTEST:�
City Clerk
Passed and adopted on final reading this 2nd day of June, 4. 98.
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City Clerk