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HomeMy WebLinkAbout2000-150-12/19/2000-ESTABLISHING AFFORDABLE HOUSING AS THE HIGHEST PRIORITY IN THE USE OF THE CITYS YEAR 2001 PRIVATE AC RESOLUTION 2000-150 OF THE COUNCIL OF THE CITY OF FORT COLLINS ESTABLISHING AFFORDABLE HOUSING AS THE HIGHEST PRIORITY IN THE USE OF THE CITY'S YEAR 2001 PRIVATE ACTIVITY BOND ALLOCATION WHEREAS,the City of Fort Collins is authorized and empowered under the laws of the State of Colorado (the "State") to issue private activity bonds to support the tax-exempt financing of limited private activities or projects,including projects that will provide affordable housing for low and moderate income individuals and families; and WHEREAS, the Internal Revenue Code of 1986, as amended, restricts the amount of tax- exempt private activity bonds that may be issued in the State to a total State Ceiling; and WHEREAS, in view of the limitations in federal tax law, the Colorado General Assembly has adopted the Colorado Private Activity Bond Ceiling Allocation Act,Part 17 of Article 32 of Title 24, Colorado Revised Statutes (the "Allocation Act"), providing for the allocation of the State Ceiling among the Colorado Housing Finance Authority and other governmental units in the State, including the City of Fort Collins; and WHEREAS,Section 24-32-1706(1),C.R.S.,establishes a formula by which the City of Fort Collins will receive an allocation of the year 2001 State Ceiling permitting the issuance of private activity bonds with a total principal amount not to exceed $2,837,700, during the year 2001 (the "2001 Allocation"), and WHEREAS, in February 1999, the Council, by Resolution 99-16, adopted the Priority Affordable Housing Needs and Strategies Report (the "Report"), which set forth various goals, strategies and objectives, intended generally to assist the City in taking strategic action to obtain housing assistance for persons in the greatest need of such assistance; and WHEREAS, the Report included a recommendation that the City take various actions, including the establishment of affordable housing activities and projects as the City's highest priority in the use of its private activity bond allocation; and WHEREAS, the Council supports the implementation of the recommendations set forth in the Report,to the extent practicable,and has determined that the establishment of affordable housing activities and projects as the City's highest priority in the use of its 2001 Allocation is both appropriate and desirable. NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the Council hereby declares its policy and intent that affordable housing activities and projects shall be the City's highest priority in the use of its 2001 Allocation for private activity bonds. Passed and adopted at a regular meeting of the City Council held this 19th day of December, A.D. 2000. Mayor ATTEST: City Clerk