HomeMy WebLinkAbout8573RESOLUTION NO. 8573
A RESOLUTION COMMITTING TO RESERVE FEDERAL HOME FUNDS FOR THE
PURCHASE OF 23 HOMES FROM THE STATE OF COLORADO DEPARTMENT OF
TRANSPORTATION AT 3 PERCENT OF MARKET VALUE AS A RESULT OF
IMPROVEMENTS ON 1 -25 AND RELOCATE THE HOMES ON CITY /COUNTY OWNED
VACANT LOTS FOR HOME OWNERSHIP FOR LOW AND MODERATE INCOME
FAMILIES
WHEREAS, the City of Pueblo (hereinafter "City"), pursuant to the HOME
Investment Partnerships Act, the Cranston - Gonzales National Affordable Housing Act; 42
U.S.0 12701 et seq; and implementing regulations under 24 CFR Part 92, has been a
participating jurisdiction for HOME federal funds under the program since 1992; and
WHEREAS, in accordance with the provisions of the Act and 24 CFR Part 92 a
portion of such financial assistance, subject to appropriation by the City Council, may be
made available for the purpose of carrying out specific elements of the City of Pueblo
consolidated housing plan including the expansion of the availability of affordable housing
for low and moderate income Pueblo residents; and
WHEREAS, Colorado Department of Transportation has proposed to sell to the city
homes located on the project site and near 1 -25 at an acquisition price of three (3) percent
of fair market value upon completion of acquisition by the State of Colorado from the
present homeowners.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PUEBLO,
COLORADO, that:
SECTION 1.
The City commit to reserve $200,000 of its available and unallocated Federal
HOME funds for the purchase of the above homes on a case by case basis after a review
of the feasibility and cost to relocate and rehab such homes.
The State of Colorado will execute instruments which constitute contracts to
purchase in such form as is approved by the City Attorney, for purchase by the city in
accordance with applicable laws and regulations, including but not limited to those set forth
in 24 CFR, Part 92.
The City of Pueblo will execute affordable housing agreements in such form as is
approved by the City Attorney, for non - profits that will participate with the city in the
relocation and rehab of the homes on vacant lots.
INTRODUCED November 23. 1998
BY: Robert Schilling
Councilperson
MPAOVED:_MU .G
PresMeid 00M CAMCO
ATTEST: