HomeMy WebLinkAbout20031937.tiff RESOLUTION
RE: APPROVE INTEREST RATE ADJUSTMENT FOR WELD COUNTY HOUSING
REHABILITATION LOAN PROGRAM
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 Board has been presented with an Interest Rate Adjustment for the Weld
County Housing Rehabilitation Loan Program for the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County,on behalf of the Greeley/Weld County
Housing Authority, and
WHEREAS, after review, the Board deems it advisable to approve said interest rate
adjustment, a copy of which is attached hereto and incorporated herein by reference.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Interest Rate Adjustment for the Weld County Housing Rehabilitation
Loan Program for the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County,on behalf of the Greeley/Weld County Housing Authority, be,and
hereby is, approved.
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 28th day of July, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
�,i�,IO ,///l WEL�OUNTY, COLORAD
ATTEST: id""" f ��%�u� � en(() (I�'
David E. Long, Chair
Weld County Clerk to the Board
� ` EXCUSED
- / , / / / Robert D. sden, Pro-Tem
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'186I to the Board - LilA)
-'� '- M. J. eile
,�� ��'����I/ • . 'M: �, z//,'
William H. Jerke
Count Attor ey dta-/A_____
Glenn Vaad
Date of signature: g'---1?----/DS
2003-1937
HA0023
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The Weld County Housing Rehabilitation Loan Program currently makes loans fully amortized
loans at varying interest rates and terms. The interest rates are from 0 to 5 % depending on
income. With the record low interest rates in the commercial market and the slow down of this
program we are recommending that the interest rate be lower to 0 to 3%. Below is the current
table and the proposed.
0% to 30% Median Income 0% Interest Rate
31% to 40% Median Income 1% Interest Rate
41% to 50% Median Income 2% Interest Rate
51% to 60%Median Income 3% Interest Rate
61% to 70% Median Income 4% Interest Rate
71% to 80% Median Income 5% Interest Rate
Proposed
0% to 40% Median Income 0% Interest Rate
41% to 60% Median Income 2% Interest Rate
61% to 80 % Median Income 3% Interest Rate
2003-1937
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