Laserfiche WebLink
<br /> WHEREAS, the Allocation Act authorizes governmental units <br />in the State of Colorado to transfer all or a part of their <br />allocations provided for in the Allocation Act to any other entity <br />otherwise authorized to issue bonds to finance single-family mort- <br />gages and to accept transfers of such allocations; and <br /> WHEREAS, the City and the County deem it necessary ana <br />advisable that a program be made available for the origination and <br />servicing of mortgage loans for residential housing facilities for <br />low- and middle-income families and persons (the "Mortgage Loans") in <br />order to increase the supply of m?ney available for mortgages so that <br />families and persons ot low- and middle-income may finance the pur- <br />chase of residential housing facilities at less than the prevailing <br />market interest rate, thereby providing more adequate residential <br />housing facilities for low- and middle-income families and persons <br />within both the City and the County; and <br /> WHEREAS, the City desires to transfer to the County its <br />allocation under Section 29-4-803 of the Allocation Act to finance <br />Mortgage Loans to provide more adequate residential housing facili- <br />ties for low- and middle-income families and persons within the <br />County, including the City which is located within the County; and <br /> WHEREAS, the County desires to accept such transfer and to <br />finance Mortgage Loans to provide more adequate residential housing <br />facilities for low- and middle-income families and persons within the <br />County, including the City whicn is located within the County; and <br /> WHEREAS, economies of time and expense will result from one <br />governmental unit financing Mortgage Loans to provide more adequate <br />residential housing facilities for low- and middle-income families <br />and persons within both the City and the County; and <br /> WHEREAS, it is necessary to evidence such transfer and the <br />acceptance of such transfer by the Allocation Transfer Agreement <br />attached hereto as Exhibit A (the "Allocation Transfer Agreement") <br />which will be executed and delivered by the City and the County. <br /> -3- <br />