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HomeMy WebLinkAbout850697.tiff RESOLUTION RE: APPROVE HOUSING POLICY REPORT UNDER SECTION 103A OF THE INTERNAL REVENUE CODE FOR SINGLE-FAMILY MORTGAGE REVENUE BONDS 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 , Weld County, Colorado, (the "County") is authorized by the Colorado County and Municipality Development Revenue Bond Act, constituting Sections 29-3-101 through 29-3-123 , inclusive, Colorado Revised Statutes, to finance, refinance, acquire, own, lease, improve, and dispose of properties to the end that more adequate residential housing facilities for low and middle-income families and persons may be provided, which promote the public peace, welfare, safety, convenience and prosperity, and WHEREAS, Section 103A of the Internal Revenue Code of 1954 , as amended (the "Code") , sets forth requirements which must be satisfied in order for interest on the bonds issued to finance residential housing facilities to be exempt from federal income taxation, and WHEREAS, the Tax Reform Act of 1984 amended Section 103A of the Code by, among other things, adding Section 103A(j ) (5) of the Code which provides that an issue of bonds to finance residential housing facilities is exempt from federal income taxation if, among other things, the issuer has published (after a public hearing following reasonable public notice) a report by the last day of the year preceding the year in which such bonds are issued and a copy of such report has been submitted to the Secretary of the United States Department of the Treasury on or before such last day, and WHEREAS, under Section 6a. 103A-2 (1) of the Internal Revenue Service' s Temporary Regulation the Commissioner of the Internal Revenue Service (the "Commissioner" ) has determined there is reasonable cause for failure to publish and file such a report as required by Section 103A(j ) (5) of the Code in a timely fashion and that such a report will be considered published and filed in a timely fashion if, not later than March 11 , 1985, the report is published (after a public hearing following reasonable public notice) and a copy is submitted to the Commissioner, and WHEREAS , the report required by Section 103A(j ) (5) of the Code must include a statement of the policies with respect to housing, development and low-income housing assistance which the issuer is to follow in issuing qualified mortgage bonds and 850697 Page 2 RE: SINGLE-FAMILY MORTGAGE REVENUE BONDS mortgage credit certificates and an assessment of the compliance of such issuer during the preceding one year period preceding the date of the report with the statement of policy on qualified mortgage bonds and mortgage credit certificates and that was set forth in the previous report, if any, and the intent of the Congress that issuers are expected to use their authority to issue qualified mortgage bonds and mortgage credit certificates to the greatest extent feasible (taking into account prevailing interest rates and conditions in the housing market) to assist lower income families to afford home ownership before assisting higher income families, and WHEREAS , a report entitled "Policy Statement of Weld County, Colorado, On Single Family Mortgage Revenue Bonds" was prepared and approved by the Weld County Board of County Commissioners prior to the Commissioner' s promulgation of Section 6a. 103A-2 (1) of the Regulations which specifically sets forth the required contents of reports submitted pursuant to Section 103A(j ) (5) of the Code, and WHEREAS, there has been prepared a report entitled "Policy Report Under Section 103A" (the Report) setting forth the information required under Section 103A(j ) (5) of the Code and Section 6a.103A-2 (1) of the Regulations, and WHEREAS, there was published in newspapers of general circulation available to residents of the County a notice to inform residents of the County of a public hearing to be held on March 4 , 1985 , in connection with the meeting of the Board of County Commissioners of the County to consider passage of a Resolution approving the Report, which notice set forth the time and place for the hearing and was published at least fourteen days prior to the date of the public hearing. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado: Section 1 . On March 4 , 1985 , the Board of County Commissioners, at its regular meeting, conducted a public hearing on the Report, at which time the Report was discussed and a reasonable opportunity was afforded to all interested persons to express their views, both orally and in writing, on the Report. Section 2 . The Board of County Commissioners approves the Report and authorizes the Chairman of the Board of County Commissioners to execute the Report on behalf of the County and submit a copy of the Report to the Secretary of the United States Department of the Treasury and to the Commissioner not later than March 11 , 1985. The officers of the County are authorized to take Page 3 RE: SINGLE-FAMILY MORTGAGE REVENUE BONDS any other action which is required by Section 103A (j ) (5) of the Code and regulations promulgated thereunder with respect to the Report. Section 3 . This Resolution shall be in full force and effect upon its passage and approval. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 4th day of March, A.D. , 1985. � �] .�.. BOARD OF COUNTY COMMISSIONERS ATTEST � c t +nn1 ( �(lPJtdv!oP.a�/ WELD COUNTY, OLORADO Weld County Clerk and Recorder and Clerk to the Board Ja p ue 'ne �Jo a on, Chairman ( By: _� 1j-;7zyy�� j 11--� Gene Bra tner, Pro-Tem Dflputy County C rk 62. 1- l-t--(%y APPROVED AS TO FORM: C.W. Iiirb /J i C.<7 L---- -Go':�+f„ my . 1 / County Attorney ai. - i / 4(.9�G nk ay.c i WELD COUNTY, COLORADO (TIN NO. 84-6000-813) POLICY REPORT UNDER SECTION 103A Dated as of November 30 , 1984 I. PRELIMINARY STATEMENT Pursuant to the County and Municipality Development Revenue Bond Act, constituting Article 3 , Title 29, Colorado Revised Statutes, Weld County, Colorado (the "County") , is authorized to finance more adequate residential- housing facilities for low- and middle-income families and persons. The term "law- and middle-income families and persons" is defined by statute to mean those who "lack the financial ability to pay prices or rentals sufficient to induce private enterprise in such county or municipality to build a suffi- cient supply of adequate, safe and sanitary dwellings without the special assistance afforded by [the statute] ." Consistent with this statutory authority, the Mortgage Subsidy Bond Tax Act of 1980 and the Tax Reform Act of 1984, the County intends to issue or partici- pate with other counties within the State of Colorado in the issue of qualified mortgage bonds in 1985 to further the policies and goals described herein. II. HOUSING POLICIES AND GOALS A. The primary goals of the County's 1985 qualified mort- gage bond program (the "program") are (1) to assist in providing affordable housing for residents -of the- County in accordance with expected demand and (2) to assist qualified low- and middle-income families and persons to- obtain the benefits of home ownership through lower interest rates. B. The proceeds of the qualified mortgage bonds which the County expects to issue or participate in the issuance of in 1985 (the "bonds ") are expected to be used to provide financing for the acquisition of residences, rather than to provide financing for home improvement loans or rehabilitation loans. C. The proceeds of the bonds are expected to be used to acquire mortgage loans for both new and existing housing, and to be used to finance the acquisition of detached structures, condominiums and townhouses to be used as residential housing for one family units, provided, however, that mortgage loans will not be financed for the acquisition of duplexes or two-family dwellings, and in each case to be used by the mortgagor as his or her sole place of residence. It is expected that a portion of the proceeds of the bonds will be committed to finance new residences to be sold or financed in part by corporations, partnerships or sole proprietor- ships which are in the business of constructing single family residences. The names and descriptions of any such "committed allocation" projects, the locations of any such projects and the amounts to be reserved for any such projects will be determined by the County after applications to participate in the program have been received from interested mortgage lenders. D. It is not expected that any particular portion of the proceeds of the bonds will be targeted to new, existing or any other particular class or type of housing, provided that no more than 10% of the aggregate principal amount of mortgage loans acquired with the proceeds of the bonds will be for purchase of condominiums or townhouses. The County has determined that the best method of deter- mining the need and demand for various types of housing is to accept applications for mortgage loans from prospective mortgagors on a first-come first-served basis, except as otherwise provided in Sections III (A) . E. The County is confident that the single-family mortgage bonds thus far issued have served a number of important public policy purposes and have assisted in meeting a number of critical housing program needs. These funds represent an investment in County neighborhoods. They have also provided needed funds for the purchase of homes and stabilization of neighborhoods. These funds have pro- vided individuals and families with the opportunity, at an affordable price, to achieve home ownership. III. DEVELOPMENT POLICIES AND GOALS A. It is expected that for the first nine months after issuance of the bonds, a portion of the lendable proceeds of the bonds will be reserved for the purchase of mortgage loans to finance the purchase of residences located within the County and each, if any, of the counties participating in a qualified mortgage bond issue with the County, provided that no amount is expected to be reserved or remain reserved for any participating county if the amount that would otherwise be reserved or remain reserved is not at least suffi- cient to purchase one mortgage loan to finance the purchase of a res- idence located in that county. B. The entirety of Weld County is a "targeted area" and therefore all of the lendable proceeds of the bonds will be reserved for the purchase of single-family residences located in such desig- nated "targeted areas" . C. It is believed that there is a shortage of adequate housing for low- and middle-income housing in all regions of the County. This is evidenced by the fact that the proceeds of the qual- ified mortgage bond issues in which the County has participated, have been spent very quickly. Consequently, the purpose of the nine month reservation of proceeds for each participating county, if any, as set forth in paragraph III(A) above, is to assure that each participating county is given a fair opportunity to have originated within their respective jurisdictions mortgage loans in amounts equal to their pro rata contributions to the program of the state volume cap, before all the proceeds are otherwise spent. -2- D. The targeted areas as described in paragraph III (B) above are (1) the qualified census tracts listed by the United States Department of the Treasury as such, constituting those census tracts within the County in which 70% or more of the families have an income which is 80% or less of the median family income for the State of Colorado, and (2) the relevant areas of chronic economic distress which have been designated by the State of Colorado and approved as such by the Secretaries of the Department of the Treasury and the Department of Housing and Urban Development. Federal law requires the reservation of bond proceeds for use in the targeted areas set forth in paragraph III (B) above. The use of bond proceeds in such targeted area is consistent with the County's policies and goals of encouraging the use of bond proceeds because more people of rela- tively greater need reside in the County and because of the social benefits which accrue as a result of increasing home ownership in such areas of need. E. Proceeds of the Bonds are expected to be available to finance the purchase of both existing housing and new housing, but will not be used for "redevelopment, " i.e. , rehabitation, of existing housing. IV. LOW-INCOME HOUSING ASSISTANCE POLICIES AND GOALS A. No particular portion of the proceeds of the bonds will be targeted to low-income (i.e. , 50% of median income) , moderate- income (i.e. , 80% of median income) , or median income (i.e. , 100% of median income) . State law, however, permits the financing of resi- dences for use as the sole place of residence of only low- and middle-income families and persons, as determined by the County. No bond proceeds will be available to finance the purchase of residences by high income families and persons, i.e. , families and persons with incomes above the limit to be established by the County. B. Because a disproportionately large number of low-, moderate-and median income (as defined above) families reside in the County, it is expected the availability and use of bond proceeds by such families will be of great benefit in providing affordable hous- ing to such families. WELD COUNTY, COLORADO B e \ .. .a' man .f th oard of County Commissioners (SEAL) a _... �; if -3- /tCL2r94 SUMMARY OF COMMENTS ON THE PROPOSED REPORT RECEIVED AT THE PUBLIC HEARING No public comment was offered at this hearing. -4- CERTIFICATION I, the undersigned, hereby certify that I am the duly qual- if ied and acting County Clerk of Weld County, Colorado (the "County") and that: - 1. The County expects to issue or participate in the issue of qualified mortgage bonds in 1985 and the Chairman of the Board of County Commissioners of the County has signed a conformed copy of this report. 2 . A hearing was held at which a reasonable opportunity for interested individuals to present their views on this report was provided. Notice was published at least 14 days before the hearing in newspapers of general circulation available to residents of the County and the hearing was held in the County seat of the County. 3. Following the hearing, copies of this report were made available for distribution to the public at the office of the County Clerk and Recorder. Notice that copies of the report could be obtained at such office was included as part of the public notice given of the hearing. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the County this March 1985. WELD COUNTY, COLORADO ai a. of the Board of County Commissioners (SEAL) Attest :%11)C my Clerk -5- HEARING CERTIFICATION DOCKET NO. 85-10 RE: WELD COUNTY POLICIES ON SINGLE FAMILY MORTGAGE REVENUE BONDS A public hearing was conducted on March 4, 1985, at 10:00 A.M. , with the following present: Commissioner Jacqueline Johnson, Chairman Commissioner Gene Brantner, Pro-Tem Commissioner C.W. Kirby Commissioner Gordon E. Lacy Commissioner Frank Yamaguchi Also present: Acting Clerk to the Board, Mary Reiff Director of Finance and Administration, Donald Warden The following business was transacted: I hereby certify that pursuant to a notice dated February 11, 1985, and duly published February 14, 1985, in the La Salle Leader, a public hearing was conducted to consider Weld County policies regarding the issuance of single family mortgage revenue bonds during the calendar year 1985. Don Warden, Director of Finance and Administration, advised the Board that this hearing, published in both the La Salle Leader and the Greeley Tribune, was to review and consider the policy report concerning single family mortgage revenue bonds which must be submitted to the Internal Revenue Service. Mr. Warden briefly reviewed the policies and goals as outlined in the policy report under discussion and said a Resolution approving this report has been prepared. No one was present to make comments and no letters were received concerning this report. Commissioner Brantner moved to approve the Resolution adopting the policy report. The motion, seconded by Commissioner Kirby, carried unanimously. APPROVED: ,A.�/_� BOARD OF COUNTY COMMISSIONERS ATTEST:14101-""n" WELD COUNTY, CO ORADO Weld County Clerk and Recorder and Clerk to the Board c J el e Johns Chairman By:_ v �erk�c�c \J Deputy County Cler ene R. rantner, Pro-Tem 772 tie r .� . sac Frank Yamagu' TAPE #85-19 DOCKET #85-10 LHR 2173 ATTENDANCE RECORD TODAY ' S HEARINGS ARE AS FOLLOWS : March 4 , 1985 DOCKET # 85-10 : Policies regarding issuance of single family mortgage DOCKET # _ revenue bonds during 1985 DOCKET # PLEASE write or print legibly your name , address and the DOC # (as listed above) or the applicants name of the hearing you are attending . NAME ADDRESS HEARING ATTENDING -X- 47 Lc• NOTICE NOTICE OF PUBLIC HEARING CONCERNING WELD COUNTY POLICIES ON SINGLE FAMILY MORTGAGE REVENUE BONDS Docket No. 85-10 Notice is hereby given that Weld County will conduct a public hearing concerning its policies regarding the issuance of single family mortgage revenue bonds during the calendar year 1985 . All interested parties are invited to present comments at the public hearing to be held on Monday, March 4 , 1985 at 10 :00 a.m. at 915 10th Street, Greeley, Colorado. The public hearing will consider the housing, development and low-income housing assistance policies which Weld County will follow in issuing its mortgage revenue bonds and assess the prior performance of its mortgage bond programs. THIS NOTICE GIVEN BY ORDER of the Board of County Commissioners of the County of Weld, State of Colorado, as of the 11th day of February, 1985 . THE BOARD OF COUNTY COMMISSIONERS BY: MARY ANN FEUERSTEIN COUNTY CLERK AND RECORDER AND CLERK TO THE BOARD OF COUNTY COMMISSIONERS BY: TOMMIE ANTUNA, DEPUTY PUBLISHED: February 14 , 1985 in the LaSalle Leader i DATE: February 13 , 1985 TO: The Board of County Commissioners Weld County, Colorado FROM: Clerk to the Board Office Commissioners: If you have no objections, we have tentatively set the following hearing for Monday, the 4th day of March, 1985 , at 10 :00 A.M. Docket No. 85-10 - Policies regarding the issuance of single family mortgage revenue bonds during the calendar year 1985 OFFICE OF THE C RK TO THE BOARD i�/BY: , s Deputy The above mentioned hearing date and hearing time may be scheduled on the agenda as stated above. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLO DO I , re Affidavit of Publication SCAiZ CT C0L0RAi,0. 1 ss. County al Weld. ) • L Paul I:assay ci said County c! Weld. hesnq duly swam. say that 1 am qublmhet of La Salle Lamer that the same is a weekly newspaper of general r-uienen cast artnted cad published in the town a! LP Salle — in acid county end stele: that the notice at adver- tisement o! which the canned is a irue copy. bentls aretx pealed ie be1(tsa6 has been published to sass weekly newspaper '}bMaWuisni0nof res far AUJBpr soh invited .,ir med for home imyrt_"4drjmri x 10o"i or oral r,Qm tar one e? YdL•k X reliibihtahlNt loans, alm (or both meaH at the public rhearing at th weans: that thr coves was published in the . tege" none ` - axis= hMny nst en Iffithene cthea'�Ire specified to regular end entire issue c! every number al said • ' Ihs'jpy p ' Report ,. opesei honey. aewapape: dusnq the perod ax' lime a! pun!, NOTICE OF PUBLIC NEARING ont amity tmNs;pr "`- . more than 1p PeKenf of the WELD COUNTY,COLORADO x NOTICE IS HEREBY GIVEN aggregate swat-MM. amount 3 eatlOn at acid :.Once and in he news the that at the regular Meeting of the ''morigige loans will be eYa(IyNe - �'"s'eneleh Ann�Feuerste,n ptcper and net et a supple.aent thereat: that the soars of County Commissioners of for Wr<hase-ef Oonsaiinigm,s or County Clerk act hemmer Weld County,Colorado(the"Coin. 'Folmh kilt eOthebelaewllBout tar- and ClorkbiMBeard first publieelian at said neL•a, was eantcned in ty")to be held on March e,1905,in gating o any.,particular'class or of County Commissioners the issue of sand newspaper beet= date rho the Board of County Commission. !nit-ef, "ash».2 sets.wills Qu 8.r' ers',Chambers at the rep' lee NON 8Y Truss°(°Akigna 21 d=y of February .,:.. I5�� -comdles..9is tom Sorel/Centennial 'yBlrtqq --- let. Colorado at the hour of 10:00 rte“"‘"""'---.... eserved fay fellRilo5 an WlR be -.- _ -nepWY arid t'.! last p iii:aaan t eKal, in Inq bSa O; a.m.,a,public hearing Wilt be held of ant perimeter Meanie leYlirgHY Gated.FlWuafY I8,198S said aewapeper bear:ne dare, the eery e. on the "Policy Report Udder Site. ti' and middle.mcom. famfti[s Published in the La Sant Leader rr lion 103A"dated aref('Ihgellther 3e, and Persons may participate in the February 19 8J the' the Said Sea tine "Policy Reese i N the program. on rhuroday. Pebruary rt was. ounty.The PolkY Report COntatp — lhe h4usin0,eoWlppmenl and low. It is expeitet ttinf the County will La Salle 1, ac1e1' ncome housing psi; 0 rlaNcies issue ar participate elfh ether and goals which the will Cwrsea<Swages and municipali- &PMY in issuing or eartic(pdttng is,-1,11E-Os he Suntan" et gin weed has been puhlisised ca c':atsly s r ad tit:inte :Pt- the issuance of qualified mortgage mart9age sfo!tei b finance the - ad!y during the patine c! at IeGal fihytwa can• bonds in 1906 sintpa:Ylpn mo rtgage ily mart revenue s.cunve weeks net prior to the first issue thereat bade program in 190$. A description, 111 , aaniasn.aq sate notice r cdvenuemeai abOW summary term, Of the' dit All resigOnts SI the County and the POligy Report ortlOws. The ' any other interested persons may tied tar and titre said newspaper was at the Policy Repert sets forth me.hei- ress obtain copies ai meproposed policy tine di acct of the pC.hiica:ian2 e! said (lotto. mart goals of the County's 1985 Report, listed before and.after Me yualifiltl mortgage hand Pfagrim. POb1icr hearing.at the oniceof Mary dry Gu +Red ter that purees, within the :seen which are to aasw hi roviding Mm t rotog.:'tha. Ceunt), inq of en e:, entitled. "An Act Careening Lagai r aitd "NN o + a sit' m to eetioll- :faucet. AdvertMe:aents end Pilcllr_Iwra. end row and mledleiM$me���if i le eraYg (:ememiar ire Gees ci Printers and P'lahs,ert Ihereci end obtain the benefits of bhr t aeWiter' 'tetll*1fee�`Mirtl flyer,in GYealey, ship through lower-Interest rates; 6eiw,de,'KL'U*tk#utar lwsines; to Repeal eat ACM and Perth at Acs SI COnil!r, recites that the proceeds of the "glint' with the P eyule ns of this Act." approved April 7. 1521. and ei: emendatents Metec!, end parrrl• r—fly as =ended Sr en oat e--'aved. March 23. Ig./ �, g ' n G. .•roved M t3. 1931. Subscrietd e d„w=orn t__ // o before me this_L_ dry a! •7/1 the A.... 1?.3.a�d. My can..^..issie° emcee //-J -75 -- Notary ?uric t'l1F' :7r$ II,. 2.2r1 , ° 1C'.J�,, 5'- • v t • Affidavit of Publication STATE CF CC:ORA:C. 1- as. County at Weld. 1 L Paul ',lassey e! said County at Weld. being duly sworn. say thct I am Qubloner ai . '^' r' ' La Salle Leader Legal 11bt that the same is a weekly newspaper at genera! 4VC£ QF?eG [ NEARING cirtrlcacn GO printed and published in the CONCERN,IOT O D COUNTY eOLVCVE`S"t5N'�i'L£•FAMVLY town at La Salle MORTGAGE NUE BONDS in said aunty end state: that the notice as adver- - . rr Ggelt6t Mot as-to tisement. of whicr the annexed is a true rcpt. Notice if hereby/livhn that Weld has been published in said weekly newspaper Coun1Y WW tpnduct,a ptbUc_liear- inq concerning.*policies regard- tart one dbYfiG Stl¢i ing the Moaned* single family mortgage revenlldbeMs during the week: that the notice was published in the calendar year its*,Alt Interested. parties are Waded fo present regular and enure issue et every number at said comments at theis hoer ee to newspaper during Use period and time a: posit- be held on Mond** arch 4,1985 at cation Cl said rouse and in the newspaper l9 0o a.m. WM.'aWM.'thief, Greeley.CgleratblxlM public bear- proper and net in a supplement thereat: ihet the ,inq will cowl* the Maoism oevetnn non Wild gftidncoiBF bbiii• tint publication at said notice was contained in inq assistanceppt bdpf winch-Wale County w'1 fatMge•hi issuing its the isaw of said newspaper 6eerine dote. the mortgage rev bonds one 1!A Fi ebruary to a_ assess the prior p , erinaswe of ifs dal' e! ^A'14�" mortgage bond p ams. and the last publicaucn thereat, in ',....L..41 ...e Issue at *ma newspaper bear date. theday at TNIS NOTI GIVEN BY C pp�� ORDER of the' rd or County February. , 15127. the: the said commissioners etc*e County of Weld, State of.Calprado, as of the I1th day of February, 1965. La Sal In Leade ' THE BO BVR9MoF COUNTY ISSIiN ERS has been published coot:nucuty end uainterrupt- -8V MARY ANI�ItEUEtt St fN ec'y duanq the *pence of et Ifcat tflrywe an- COUNTY CLERK ANO secunve weeks next prier to the first issue thereat RECORDER AND CLERK TO motairung said notice o: advertisement above net BOARD OF COUNTY COMMISSIONERS rebored to: and that said newspaper was c: the t caBY.TOMMIE ANTUNA, time o{ each of the pt..:.-.tags et said notice. 1 DEPUTY duly qualified for that purpose within the mean Published hi the 4a sable Leader inq at an e. entitled. "An Act Cancentuic :opal on Thersdiy, FeleeearY 14, 1985. Notices. Advertisements and rubilcaticns, and the Fees el Printers end Publishers thereat. cnd ., . ' to Repeal ail Acts and parts ei Acs _n Conflict with the Provisic-.s of this Acts approved April 7, 1521. and alt amendmenn thereat. and parrcu- la:ty as wended by an cat -_.:wed. Me nth _7. tSr. 4ad-gn act approved Ma 13. 1331. (4 ? timer Subscabrd ddysworn ,to/heisre me this day at__-,tG LLJtt1 ' // A.:.. 15 My commission expires . 1j' —.. Notary Ia.:b le ELIZABETH MASSEY 22019 W C.RD. 54 . GREELEY, CC SOf3t .G///ear/73 Hello