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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: