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RESOLUTION: 2007-8
SUBJECT: Participation in the Metro Mayors' Caucus 2007 Single Family Mortgage Loan Program.
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 of this request.
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, CRS) 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. The City wishes to participate in this program by allowing the City and County of Denver to issue bonds and use them within the City of Lakewood for approved projects related to affordable housing.
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 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 other member cities (e.g., Denver, Aurora, Arvada, Littleton) will be assigned to the City and County of Denver on behalf of the Alliance. The City of Lakewood only wishes to participate in this alliance in 2007 and is not currently requesting the assigning of any part of its allocation at this time.
RESOLUTION ADOPTION DATE: February 26, 2007
ORIGINATED BY: Department of Housing and Family Services, Development Division
STAFF PERSON RESPONSIBLE: Bill Lunsford, Housing Development Manager, Department
of Housing and Family Services
303-987-7581
DOCUMENTS ATTACHED: Resolution
2007-8
Certificate of the City
of Lakewood
Delegation and Participation
Agreement - See Exhibit B of the Certificate
SUBMITTED BY:
Tami Fischer, Director of Housing and Family Services
REVIEWED BY:
Joni D. Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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