HomeMy WebLinkAbout1985-223-12/03/1985-CHANGING THE SUBSIDY MECHANISM OF THE CITYS RENTAL REHABILITATION PROGRAM RESOLUTION 85- 223
OF THE COUNCIL OF THE CITY OF FORT COLLINS
CHANGING THE SUBSIDY MECHANISM
OF THE CITY'S RENTAL REHABILITATION PROGRAM
WHEREAS, the City of Fort Collins has been allocated funds from the
Department of Housing and Urban Development for use in a Rental
Rehabilitation Program; and
WHEREAS, the City of Fort Collins desires to utilize these funds to
increase the supply of standard condition rental housing in the community;
and
WHEREAS, the Council of the City of Fort Collins established Rental
Rehabilitation Program Guidelines in Resolution 85-41, one of which was a
shared equity deferred loan subsidy mechanism; and
WHEREAS, time and experience have indicated the shared equity subsidy
mechanism is in need of change in order to achieve Rental Rehabilitation
Program goals and reduce to possibility of further HUD reduction of funds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the subsidy mechanism to be used in the City's Rental
Rehabilitation Program is a zero interest deferred loan forgivable after
ten years.
Passed and adopted at a regular meeting of the City Council held this
3rd day of December, A.D. 1985.
Mayor
ATTEST:
�441L
ity Clerk