Resolution 1982-28 - Laserfiche WebLink

Home Browse Search

, formula for allocation by the enactment into law of Senate Bill No. 112, codified as Part 8 of Article 4 of Title 29 of Colorado Revised Statutes 1973, as amended (the hAllocation ActU). (d) The Allocation Act authorizes governmental units in the State of Colorado to transfer all or part of their allocations pro- vided for in the Allocation Act to any other entity otherwise autho- rized to issue bonds to finance single-family mortgages and to accept transfers of such allocations. (e) It is deemed necessary and advisable by the City and the County that a program be made available for the origination and servicing of mortgage loans for residential housing facilities for low and middle-income families and persons (the UMortgage Loans") in order to increase the supply of money available for mortgage loans so that families and persons of low- and middle-income may finance the purchase of residential housing facilities at less than the prevail- ing market interest rate, thereby providing more adequate residential housing facilities for low- and middle-income families and persons within both the City and the County. (f) It is deemed necessary and advisable by the City and the County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (g) The City Council of the City has indicated its willing- ness to transfer to the County the City's allocation under Section 29-4-803 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within the County, including the City which is located within the County. (h) The Board of County Commissioners of the County has indicated its willingness to accept such transfer and to finance the Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within the County, including the City which is located within the County. -2-