HomeMy WebLinkAbout981813.tiff RESOLUTION
RE: APPROVE REQUEST FOR FUNDING FOR DACONO SENIOR HOUSING PROJECT
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 a Request for Funding for the Dacono
Senior Housing Project between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, on behalf of the Weld County Housing
Authority, and the High Plains Housing Development Corporation, with terms and conditions
being as stated in said request, and
WHEREAS, after review, the Board deems it advisable to approve said request, 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, ex-officio Housing Authority Board, that the Request for Funding for
the Dacono Senior Housing Project between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, on behalf of the Weld County
Housing Authority, and the High Plains Housing Development Corporation, 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 September, A.D., 1998.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: flue
Constance L. H rb rt, Chair
Weld County Clerk to (i)�� " V /t)(1""Rip� Vvu
' W. H. bster, Pro-Tem
BY:
Deputy Clerk to the ¢tv�,fN -
r e . Baxter
•
ROV OFORM:
Dale K. Hal
ounty Atto ey ti>
' Barbara J. Kirkmey
(,[ //A� rqh HA0018
resa MEMORANDUM
TO: Constance L. Harbert, Chair, Board of County
IgCommissionerszt_mrc,
FR: Judy, Griego, Department of So ' ervc `/ c� /
'lY,y 7. si•-- 'rte
RE: Dacono Senior Housing Project
• DATE: September 22, 1998
COLORADO
As discussed at the Housing Authority Work Session of September 21, 1998, High Plains
Housing Development Corporation (High Plains) has requested $25,000 from the Weld County
Housing Authority for the Dacono Senior Housing Project.
Early this year, High Plains submitted an application to the Colorado Housing Finance
Authority under the Federal Low Income Housing Tax Credit Program. In May, 1998, High
Plains received final approval of their application and was awarded tax credits for the project in
the amount of$965,250. The tax credits must be sold to an investor. It is anticipated that the tax
credits will generate approximately $650,000. The Federal Home Land Bank awarded the
project $30,000. In June an application was submitted to the Colorado Division of Housing for
$250,000. The State has approved partial funding for the project. We expect that this amount
will be $200,000 Construction and permanent financing has been committed from Banc One at
1'/2 percent over prime.
Funds from the Weld County Housing Authority will come from an investment account
originally earmarked for affordable housing.
We are recommending that a deferred loan be provided to High Plains in the amount of$25,000.
The interest rate will be established to comply with tax credit requirements.
If you have any questions, please telephone me at 352-1551 ext. 6510.
981813
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