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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