HomeMy WebLinkAbout20131822.tiffRESOLUTION
RE: APPROVE MEMORANDUM OF UNDERSTANDING FOR LOAN OF FUNDS TO WELD
COUNTY HOUSING AUTHORITY FOR NEIGHBORHOOD STABILIZATION PROJECT
(NSP) REHABILITATION CONTRACT AND AUTHORIZE CHAIR TO SIGN
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Weld County Housing Authority (WCHA) has purchased dilapidated
homes in Fort Lupton using federal grant funds from the Neighborhood Stabilization Program
(NSP) for the purpose of improving those properties sufficient for sale, and
WHEREAS, due to the revolving nature of the NSP program funds, there is a potential
temporary shortfall of up to $300,000 for rehabilitation services to the properties purchased with
these funds, and
WHEREAS, such loaned funds are to be repaid as soon as possible from the proceeds
of the sale of any of the properties purchased with NSP Program funds, and
WHEREAS, after review, the Board deems it advisable to approve the Memorandum of
Understanding for the purpose of loaning the requested funds to the WCHA for the purposes,
and pursuant to the limitations, described above.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Weld County Housing Authority's request for loan of funds in
an amount not to exceed $300,000 be, and hereby is, approved.
BE IT FURTHER RESOLVED that the Chair be, and hereby is, authorized to sign the
MOU, a copy of which is attached hereto and incorporated herein by reference, for the purposes
of effectuating this Resolution.
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2013-1822
HA0030
MOU FOR LOAN OF FUNDS TO WELD COUNTY HOUSING AUTHORITY FOR
NEIGHBORHOOD STABILIZATION PROJECT (NSP) REHABILITATION CONTRACT
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 15th day of July, A.D., 2013.
BOARD OF COUNTY COMMISSIONERS
WELD CTt. COLORADO
Weld County Clerk to the Board
BY:
Deputy
APP ED
ounty Attorney
iam F. Garcia, Chair
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Dougl Radem her, Pro-Tem
Sean P. Conway
Mike Freeman
'rbara Kirkmeyer
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2013-1822
HA0030
July 9, 2013
WELD COUNTY HOUSING AUTHORITY
PHONE: 970-353-7437
FAX: 970-353-7463
903 6TM STREET
P.O. BOX 130
GREELEY, COLORADO 80632
To: Board of County Commissioners
From: Tom Teixeira
Subject: NSP Housing Rehabilitation, 5 houses in Fort Lupton
The board has approved the bid by Steamway LLC to remodel the Fort Lupton NSP3 houses for
a sum of $471,464 or a total of $518,610 with a 10% increase for change orders. At this time the
grant has uncommitted funds of $243,071 available for remodeling and carry expenses. It is
estimated that after four of the six houses are sold we will have surplus program income of more
than $100,000.
To allow the program to proceed with all five houses it is requested that the County authorize the
advancement of the necessary funds up to $300,000 to complete the rehabilitation and fund
carrying cost. The Department of Housing and Urban Development has confirmed that local
dollars may be advanced to the program and then repaid out of program income. These funds will
be repaid from the proceeds of the sale of four of the six houses.
Sincerely
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Thomas Teixeira
Executive Director
2013-1822
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