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RESOLUTION: 2005-7
SUBJECT: Assigning and transferring to the City and County of Denver, Colorado,
a portion of the City of Lakewood's 2005 allocation from the State ceiling for
private activity bonds.
RECOMMENDATION: Approval of the Resolution as drafted will provide the City
of Lakewood with an opportunity to participate in a cooperative effort between
the City and County of Denver and other cities and counties in utilizing current
private activity bond allocations to assist low to moderate income home buyers
in purchasing homes and to continue to work together on affordable housing in
the State of Colorado. Staff recommends approval.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: Colorado statute established the State of Colorado's Private Activity Bond (PAB) allocation program (24-32-1701 et seq., C.R.S.) to provide for the allocation of the State's PAB ceiling under the Federal Tax Reform Act of 1986. Fifty percent (50%) of the state ceiling is allocated to local governments throughout the State of Colorado. Cities that warrant allocations of $1,000,000 or more receive direct allocations. The City of Lakewood's PAB for 2005 is a total of $5,738,160. In addition to the City allocation, there is a statewide balance that can be used for approved projects throughout the State of Colorado.
PROJECT DESCRIPTION: The Metro Mayor's Caucus Regional Housing Alliance (Alliance) is a voluntary body that has been convened by the Caucus to work on the issue of affordable housing. Through the effort of the Alliance, a number of strategies have been developed to increase the stock of affordable housing in the region. Among those strategies developed was the potential of applying for PAB allocation from the non-entitlement cities (those warranting less than $1,000,000) and pooling those funds with those of participating entitlement cities for a metro-wide single-family mortgage revenue bond issue. Allocations from the statewide pool and the other member cities (e.g., Denver, Aurora, Arvada, and Littleton, and Lakewood) will be assigned to the City and County of Denver on behalf of the Alliance. The City of Lakewood will be assigning $1,000,000 of its 2005 allocation through this Resolution.
RESOLUTION ADOPTION DATE: February 14, 2005
ATTACHMENTS: Resolution 2005-7
Certificate of the City
Relating to the Bonds
Delegation and Participation
Agreement
Assignment Agreement
Additional Information
provided on the program
ORIGINATED BY: Finance Department
STAFF PERSON RESPONSIBLE: Larry Dorr, Director of Finance, Department of Finance, 303-987-7601
SUBMITTED BY:
Larry Dorr, Finance Director
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Mike Rock, City Manager
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