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RESOLUTION: 2007-50
SUBJECT: A resolution authorizing the City of Lakewood to assign all $6,069,425 of the City's remaining private activity bond allocation (PAB) for 2007 to the Colorado Housing and Finance Authority (CHFA).
RECOMMENDATION: Adopt the resolution.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: This is a request that the City assign to CHFA $6,069,425 of the City's 2007 allocation under the bond ceiling for the State of Colorado and its issuing authorities, as computed under Section 146(d) of the Internal Revenue Code of 1986.
This bond allocation is intended for use in the financing of affordable housing throughout Colorado. The assignment of this capacity will not result in any liability for the City, but will serve to increase opportunities for working families to secure affordable housing in Colorado.
In past years, the Lakewood Housing Authority has been the assignee of PAB Bond cap from other agencies.
FUNDING SOURCE: None
RESOLUTION ADOPTION DATE: September 10, 2007
ORIGINATED BY: Tami Fischer, Director, Housing and Family Services
STAFF PERSON RESPONSIBLE: Bill Lunsford, Housing Development Manager 303-987-7581
DOCUMENTS ATTACHED: Resolution
2007-50
Assignment of Allocation Certificate
SUBMITTED BY:
Tami Fischer, Director, Housing and Family Services
Bill Lunsford, Housing Development Manager
REVIEWED BY:
Joni Inman, Director of the Mayor and City Manager's Office
Michael J. Rock, City Manager
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