HomeMy WebLinkAbout1999-140-12/07/1999-ESTABLISHING AFFORDABLE HOUSING AS THE HIGHEST PRIORITY IN THE USE OF THE CITYS YEAR 2000 PRIVATE AC RESOLUTION 99-140
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ESTABLISHING AFFORDABLE HOUSING AS THE
HIGHEST PRIORITY IN THE USE OF THE
CITY'S YEAR 2000 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 ofArticle 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 2000 State Ceiling permitting the issuance of private
activity bonds with a total principal amount not to exceed $2,756,250, during the year 2000 (the
"2000 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 2000 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 2000 Allocation for private activity
bonds.
Passed and adopted at a regular meeting of the City Council held this 7th day of December,
A.D. 1999.
Mayor
ATTEST:
City Clerk_