HomeMy WebLinkAbout143 - 09/21/2004 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND FOR MATCHING FUNDS FOR A TENANT BASED, PILOT R NO ACTION TAKEN
ORDINANCE NO. 143, 2004
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL F
FOR MATCHING FUNDS FOR A TENANT BASED, PILOT RENT
ASSISTANCE PROGRAM
WHEREAS,the City of Fort Collins is committed to the availability affordable housing;
and
WHEREAS,Fort Collins and other Front Range cities are curre y facing double-digit rental
market vacancy rates, financially challenged low income afforda housing projects, and large
waiting lists for heavily subsidized housing programs such as Se ion 8 vouchers; and
WHEREAS, the State Housing Board of the Color o Division of Housing ("DOH") has
committed$2.8 million for a two-year,stopgap,rental assi ance program that would target between
25 and 70 families earning 0% to 30% of Area Me ' Income, working families in shelters,
homeless individuals and families,those on Section aiting lists,and others in need of affordable
housing; and
WHEREAS, the funding will provid rental assistance, security deposit assistance, case
management for self-sufficiency and proje administration; and
WHEREAS, $465,000 of t e DOH committed funds are targeted for the Fort
Collins/Loveland area; and
WHEREAS, the grant oney from the DOH requires a local cash contribution by the City
of Fort Collins in the amo of$169,651; and
WHEREAS, fu s are available from the General Fund prior year reserves; and
WHEREA ,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to appro 'ate by ordinance at any time during the fiscal year such funds for expenditure as
may be availa a from reserves accumulated in prior years,notwithstanding that such reserves were
not previou y appropriated.
OW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
CO INS that there is hereby appropriated for expenditure from General Fund prior year reserves
t sum ofONE HUNDRED SIXTY-NINE THOUSAND SIX HUNDRED FIFTY-ONE DOLLARS
169,651), for matching funds for a two-year tenant based, pilot rental assistance program.
Introduced, considered favorably on first reading, and ordered published this 7th day of
September, A.D. 2004, and to be presented for final passage on the 21 st day of September, A.D.
2004.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21 st day of September, A.D. 2004.
Mayor
ATTEST:
City Clerk