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RESOLUTION: 2006-44
SUBJECT: Approval of a Resolution assigning and transferring to the City and County of Denver, Colorado, the City of Lakewood's 2006 allocation from the State ceiling for private activity bonds to finance residential housing facilities for low- and middle-income persons and families within the City and certain other cities and counties in the State of Colorado; authorizing the delegation to the City and County of Denver, Colorado of the authority of Lakewood with respect to the issuance of bonds to finance residential housing facilities for low- and middle-income persons and families within the City and certain other cities and counties in the State of Colorado; approving such Bonds and the Single Family Mortgage Loan program; and authorizing the execution and delivery of a delegation agreement, an assignment agreement and other documents in connection therewith.
ADDRESS: Finance Department, 480 S. Allison Parkway
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.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The Metro Mayors Caucus is a cooperative alliance of the mayors of 32 cities and towns in the Denver metropolitan region. The Caucus is a unique collaboration of elected officials providing leadership and creative solutions on some of the most challenging issues in the region. The Caucus has emerged as a voice for collective action on issues that affect our entire metropolitan area and cannot be effectively addressed by any one jurisdiction acting alone.
Colorado statute established the State of Colorado's Private Activity Bond (PAB) allocation program to provide for the allocation of the State's PAB ceiling under the Federal Tax Reform Act of 1986.
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. Using Private Activity Bond Allocations from metro cities, the City and County of Denver will issue tax exempt bonds that will be used to provide below market rate mortgages to low to moderate income first time homebuyers.
This program has provided for 27 first time homebuyers within the City of Lakewood since 1998, at no cost to the City.
Nothing in the Resolution constitutes a debt, indebtedness, or multiple year
fiscal obligation of the City of Lakewood.
RESOLUTION ADOPTION DATE: July 24, 2006
ORIGINATED BY: Finance Department
STAFF PERSON RESPONSIBLE: Larry Dorr, Finance Director, 303-987-7601
DOCUMENTS ATTACHED: Resolution
2006-44
Delegation & Participation
Agreement
Assignment Agreement
SUBMITTED BY:
Larry Dorr, Finance Director
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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