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HomeMy WebLinkAbout1996-112-10/01/1996-AGREEMENT HOME BUYER ASSISTANCE PROGRAM LARIMER COUNTY RESOLUTION 96-112 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE MAYOR TO EXECUTE A GRANT AGREEMENT BETWEEN THE STATE OF COLORADO AND THE CITY OF FORT COLLINS FOR THE INTERIM ADMINISTRATION OF THE LARIMER COUNTY HOME BUYER ASSISTANCE PROGRAM WHEREAS, upon the joint application of the City of Fort Collins and Latimer County, the State of Colorado Division of Housing has allocated a grant of Eighty-five Thousand Dollars ($85,000)to the applicants for the initiation of the Latimer County Home Buyer Assistance Program; and WHEREAS, the aforesaid grant of Eighty-five Thousand Dollars ($85,000) is to be administered by the City of Fort Collins as the first cycle of funding under which cycle,the City shall receive Five Thousand Dollars ($5,000) for administration with the remaining Eighty Thousand Dollars ($80,000) to be utilized for home buyer assistance; and WHEREAS,following the first cycle of funding(the grant of$85,000)the Loveland Housing Authority has agreed in principle to assume long term administration of said Latimer County Home Buyer Assistance Program ("the Program") in future funding cycles; and WHEREAS, it is anticipated that the first cycle of funding will assist at least sixteen households pursue home ownership in the County, including approximately three (3) households from Pioneer Mobile Home Park, which households are presently awaiting funding from the Program; and WHEREAS, the Council has determined that the initial administration of the first cycle of funding should be performed by the City in order to expedite the commencement of the Program, and is in the best interests of the citizens of the City. NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS, that the Mayor be, and hereby is, authorized to execute a grant agreement between the State of Colorado and the City of Fort Collins for the interim administration of a Latimer County Home Buyer Assistance Program for the purpose of administering a grant from the Colorado Division of Housing in the sum of Eighty-five Thousand Dollars ($85,000), of which sum, the City shall retain Five Thousand Dollars ($5,000) for administrative costs; and further provided that upon the conclusion of said first cycle of funding, the Loveland Housing Authority shall assume permanent administration of said program for future funding cycles. Passed and adopted at a regular meeting of the City Counci this 1 st da tober, A.D. 1996. r ATTEST: City Clerk