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HomeMy WebLinkAbout1996-004-01/16/1996-ADMINISTRATIVE REGULATIONS AFFORDABLE HOUSING DEVELOPMENT IMPACT FEE REBATE HOMEOWNERSHIP PROJECTS RESOLUTION 96-4 OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING THE ADMINISTRATIVE REGULATIONS OF THE DEVELOPMENT IMPACT FEE REBATE PROGRAM FOR AFFORDABLE HOUSING BY EXPANDING THE RANGE OF REBATES FOR HOMEOWNERSHIP PROJECTS WHEREAS, on October 4, 1994, the City Council passed, Ordinance No. 145, 1994, amending Chapter 5 of the City Code by adding of a new Article IX permitting the rebate of City development impact fees for the purpose of promoting affordable housing; and WHEREAS, Section 5-356 of the City Code authorizes the City Manager to develop administrative regulations for the rebate program; and WHEREAS, on October 4, 1994, the Council also passed Resolution 94-167 adopting the administrative regulations for the Rebate Program; and WHEREAS, the Council has determined that it is in the best interest of the City to amend the rebate chart in the administrative regulations for homeownership projects to include another increment at the 30% of AMI level with a rebate amount of$4,200 per unit. NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the following column be added to the existing homeownership rebate chart for the 30% of Area Median Income increment. PERCENTAGE OF AREA MEDIAN INCOME Household Size 30% 1 Person $ 9,270 2 People 10,620 3 People 11,940 4 People 13,260 5 People 14,310 6 people 15,390 7 People 16,440 8 People 17,490 Maximum Rebate/Unit $4,200 Passed and adopted at a regular meeting of the City Council held this 16th day of January, A.D. 1996. Mayor ATTEST: �4s�L o City Clerk