HomeMy WebLinkAbout1984-179-11/20/1984-ADOPTING CRITERIA FOR THE ISSUANCE OF MULTI-FAMILY REVENUE BONDS _ 1
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RESOLUTION 84-179
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING CRITERIA FOR THE ISSUANCE OF
MULTI-FAMILY REVENUE BONDS
WHEREAS, the City Council has adopted policies supporting affordable
housing; and
WHEREAS, the City Council finds that the issuance of industrial
revenue bonds to finance residential rental housing presents another
opportunity for the City of Fort Collins to pursue its commitment to
affordable housing in accordance with federal and state legislation;
and
WHEREAS, the City Council recognizes that multi-family revenue bonds
to finance apartment projects are a form of industrial revenue bonds and
can be issued by cities; and
WHEREAS, the Council wishes to establish specific criteria for the
issuance of such bonds in the City of Fort Collins.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the following criteria shall be used to evaluate any and all
requests for multi-family revenue bonds:
1. Twenty percent (201) of the units in a project must be rented
families below Seventy Percent 70% of the existing to a ies at or e y ( /) g
median income of the community as established annually by HUD.
2. Base rents for the Twenty percent (20%) restricted units will
be set at thirty percent (30%) of seventy percent (70%) median
income.
3. One-fourth of 1% ( .25%) of the original bond amount will be
applied annually by the owner as an additional rent subsidy for
the 20% restricted units. This rent subsidy will be provided
instead of collecting the City' s normal IDRB fee. The rent
subsidywill be allocated equally among the restricted units.
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4. Items 2 & 3 wi11 be used to calculate the actual rents
established for the restricted units.
5. The project must have received final approval by the Planning
and Zoning Board and rights of appeal have expired.
6. The amenities provided in the restricted units will be the
same as those provided in the non-restricted units.
7. All other federal and state requirements for multi -family
revenue bonds must be met.
8. The trustee for the bonds will be responsible for assuring
that all federal , state and local requirements are met. The
trustee will submit an annual report to the City certifying all
criteria are being met.
9. Even if a project meets all these criteria, City Council
reserves the right to deny bonds for any project.
10. The City shall consider varying criteria one through
four above for projects in the downtown or other redevelopment
areas where relocation concerns have been addressed, and for
projects that offer an equal or better program for meeting
affordable housing goals of the program. In no case shall
projects be considered that do not meet the minimum federal
and state requirements .
Passed and adopted at a regular meeting of the City Council held this
20th day of November, 1984.
Mayor
ATTEST:
sty clerK
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