HomeMy WebLinkAbout2002-066-07/16/2002-ALLOCATING CERTAIN HOME PROGRAM INCOME FUNDS AND REPROGRAMMED CDBG FUNDS TO THE HOMEBUYER DOWNPAYMEN RESOLUTION 2002-066
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ALLOCATING CERTAIN HOME PROGRAM INCOME FUNDS AND REPROGRAMMED
CDBG FUNDS TO THE CITY'S HOMEBUYER DOWNPAYMENT
ASSISTANCE PROGRAM
WHEREAS,since 1995,the City has administered a Homebuyer Downpayment Assistance
Program which provides downpayment and closing costs to low income eligible first time
homebuyers; and
WHEREAS, the Homebuyer Downpayment Assistance Program has been very successful
in helping families reach their goal of home ownership; and
WHEREAS, due to a supply of affordable condominiums and low interest rates, the
Homebuyer Downpayment Assistance Program has been very popular during the first half of 2002
and all $400,000 of federal funds which were allocated from the CDBG and HOME Programs for
the Homebuyer Downpayment Assistance Program have now been depleted; and
WHEREAS, the Council has determined that it is in the best interests of the City that
additional HOME and CDBG Program funds be allocated to the Homebuyer Downpayment
Assistance Program; and
WHEREAS,the HOME Program has generated program income in the sum of$51,000 and
the CDBG program has received reprogrammed funds in the sum of$51,000 both of which could
be used to assist the Homebuyer Downpayment Assistance Program; and
WHEREAS,the City has determined that$102,000($51,000 from HOME program income
and$51,000 from CDBG reprogrammed funds)should be allocated to support the City's Homebuyer
Downpayment Assistance Program.
NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that$102,000 be allocated to the City's Homebuyer Downpayment Assistance Program,
with one half of said sum coming from program income from HOME funds and the other half to be
allocated from reprogrammed CDBG funds.
Passed and adopted at a regular meeting of the City Council held is 16th day of July,A.D.
2002. '
Mayor
ATTEST:
City Clerk