HomeMy WebLinkAbout1995-096-07/18/1995-AFFORDABLE HOUSING DISBURSEMENT HUD FUNDS HOME PROGRAM FUNDS PROCEDURES RESOLUTION 95-96
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING PROCEDURES FOR THE DISBURSEMENT OF HOUSING
AND URBAN DEVELOPMENT "HOME" PROGRAM FUNDS
WHEREAS,in May, 1994,the City received designation as a participating jurisdiction in the
Housing and Urban Development "HOME" Program (the "Program"), the intent of which Program
is to expand the supply of decent, safe and sanitary and affordable housing in the City and to
strengthen the ability of the City to provide housing and expand the capacity of non-profit
community based housing development organizations to provide affordable housing; and
WHEREAS, implementation of the Program requires that the City establish a procedure for
the disbursement of Program funds to applicants who propose to increase the number of affordable
housing units in the City, or who are low income individuals who desire to receive assistance in
becoming homeowners; and
WHEREAS, on March 21, 1995, the Council of the City of Fort Collins adopted Resolution
95-40 establishing a procedure for the disbursement of program funds which the Council has
determined to be in the best interests of the City; and
WHEREAS, upon the recommendation of the Affordable Housing Board and Community
Development Block Grant Commission, the Council has determined that the procedures as
established in Resolution 95-40 should be amended in order to allow applications from citizens for
down payment and closing cost assistance (not to exceed$5,000 per household) to be reviewed and
approved solely by the staff of the City; and
WHEREAS,the purpose of this resolution is to amend the procedures previously established
by Resolution 95-40 accordingly.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the procedures established for the disbursement of Housing and Urban Development
"HOME"Program Funds pursuant to Resolution 95-40 be,and hereby are repealed and the following
procedures be adopted for the purpose of processing applications and making disbursements of
Program funds:
1. Applications for the disbursement of Program funds will be accepted
by the City throughout the year and decisions on funding will be made on a case-by-
case basis for projects which meet the following established criteria:
a. The applicant and the subject property are verified by
the City to be eligible for Program funding.
b. The project conforms with the housing priorities
contained in the City's Consolidated Plan or the City's Comprehensive
Housing Affordability Strategy (CHAS), whichever is in effect.
C. The applicant demonstrates that it has the ability to
abide by the conditions of and perform the obligations of the Program
contract.
d. The project is determined by the City to be feasible.
2. The process to award funding of projects will be as follows:
a. Applications for funding shall be submitted to the Fort
Collins HOME Program. (Any application for CDBG funds for an
eligible HOME activity shall also be considered an application for
HOME funds.)
b. City staff shall screen all applications for basic
eligibility and program priority conformance. City staff shall
separately review applications for down payment and closing costs
assistance not exceeding $5,000.00 per household and those
applications will be certified for eligibility based upon the applicant's-
gross household income. Eligible down payment and closing cost
applicants shall receive from the City staff a Letter of Eligibility
which will entitle such applicants to the appropriate funding at the
home closing. No further review shall be required of such down
payment and closing cost applications.
C. City staff shall promptly arrange for the preparation of
the "pro forma" analysis as required by the Program with respect to
all acquisition/construction applications. Applicants will be advised
of any necessary changes/revisions that need to be made.
d. Applications for acquisition/construction shall be
reviewed by the CDBG Commission for recommendation for
funding.
e. Applications for acquisition/construction shall be
reviewed by the City Council for final decision.
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Passed and adopted at a regular meeting of the Council of the of Fort Collin is
18th day of July, A.D., 1995.
Mayor
ATTEST: 1p�
�ACauL
City Clerk
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