HomeMy WebLinkAbout1994-134-08/16/1994-AFFORDABLE HOUSING TRUST FUND IMPACT FEE REIMBURSEMENT PROGRAM REVOLVING LOAN FUND Option B
RESOLUTION 94-134
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DIRECTING STAFF TO PREPARE A METHOD OF DISTRIBUTION OF
MONIES FROM THE AFFORDABLE HOUSING TRUST FUND BASED UPON
AN IMPACT FEE REIMBURSEMENT PROGRAM
WHEREAS, on October 6, 1992, the City Council passed Resolution 92-155
adopting an affordable housing policy, the purpose of which was to strengthen the
City's commitment to the provision of affordable housing for low and moderate
income citizens of the City; and
WHEREAS, at the end of 1993, there was $250,000 available in the Affordable
Housing Reserve; and
WHEREAS, pursuant to Ordinance No. 28, 1994, $133,000 from unanticipated
revenue from increased development review fees and $100,000 from the 1994 fiscal
year budget allocation were also appropriated and made available in the
Affordable Housing Trust Fund; and
WHEREAS, $22,500 has been expended from the Affordable Housing Trust Fund
for the Larimer HOME improvement- Program;- and-
WHEREAS, the sum of $460,500 is currently available in the Affordable
Housing Trust Fund; and
WHEREAS, on June 28, 1994, the City Council held a joint work session with
the Affordable Housing Board to review the potential methods of distributing
money from the Affordable Housing Trust Fund; and
WHEREAS, on August 4, 1994, the Affordable Housing Board studied the
proposed methods of distribution from the Affordable Housing Trust Fund and
recommended that the Council establish a combination revolving loan fund
(administered through a request for proposal process) and impact fee
reimbursement program (for six [6] units or less) ; and
WHEREAS, after considering this recommendation and reviewing alternative
proposals, the Council has determined that the most desirable method for the
distribution of said monies is through an impact fee reimbursement program.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the staff is directed to develop a method of distribution of monies from the
Affordable Housing Trust Fund based upon an impact fee rebate/reimbursement
program.
Passed and adopted at a regular meeting of th ity Council he is 16th
day of August, A.D. 1994.
or
ATTEST:
City Clerk n:'P