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HomeMy WebLinkAboutC03-232 Colorado Mountain Housing Association~.o3-~3Z -S/ COLORADO MOUNTAIN HOUSING COALITION, INC. (CMHC) Funding Application Amount~Requested: $ 100,000 Note: Please fill out this form completely. "Not applicable" ("N/A") should be noted if a question does not pertain to the project for which funds are requested. 1, APPLICANT IDENTIFICATION Applicant Name Eagle County Mailing Address P.O. Box 179, Eaale, Colorado 81631 Contact Person KT Gazunis Title Housing Director Phone (970) 328-8769 Please check the phrase that best describes the applicant. 501(c) 3 _ _Housing Authority X Political Subdivision Other (please specify) II. NARRATIVE Briefly describe the project, program criteria, loan terms, target population including income levels, and the number of households benefiting from the project. Eagle County is one of the most expensive areas in the nation to purchase a home. In 'addition its service-dominated economy results in avera a wages that are lower than elsewhere. This combination of high housing costs and relatively low wages makes buying a home very difficult for local residents. To help meet this challenge, Eagle County has established a down payment assistance program which has proven so popular that the demand for it has exceeded the funding available. This reauest will allow for additional funding to be rolled into the grogram Under this program clients can obtain a loan of up to $10,000 ($20,000 for those at or below 80% of A]VII who are eligible to receive additional HUD funding). The current maximum income limits are $59,300 for 1 and 2 person households and $68,195 for households of three or more persons The program is open to all persons who work in Ea a County. The purchased home must be the buyer's primary residence and home buyers must provide a minimum of 3% of the~urchase price or $3,000, whichever is less. This request for $100,000 will allow at least ten families to be assisted. • A. Mission statement or brief statement of organization's goals and/or objectives Ea a County is a county government which provides a full range of local government services. These services include providin hg ousing, opportunities for those who work and live in Eagle County. The Eagle County Housin~Department was established to create opportunities for local residents housing. B. Brief summary of organization's history The Eagle County Housing_pe artment (formerly Division) was established by Eagle County in 1995. Since that time, it has carried out numerous efforts to provide housing opportunities for local residents which are summarized below. C. Description of current programs, activities and accomplishments The Eagle County Housing_Department develops, implements, and administers pro ams to provide housing opportunities for local residents. These opportunities include two mort~a~e assistance programs, the Eagle CountyDown Payment Assistance Program and the Mortgage Credit Certificate LIVICC) Program. The first of these programs provides a loan to assist with downpayment, closing costs and prepaid expenses. The MCC Program allows eligible applicants to receive a substantial tax credit against their federal income taxes which frees up money to assist them with making their mortgage payments. Eagle County also provides first time home buyers classes. One of its major efforts has been the Down Payment Assistance Program, which was established to create home ownership opportunities. It is a community-based affordable housing initiative. The revolving fund for this • program has been set up with assistance from a variety of funding sources, and to date it has helped more than 133 households purchase their own homes. Other housing efforts include workin~a private developer on a proiect which is currently under construction that will provide 280 affordable homes for sale. The County's rental efforts include three apartment complexes, rangm~Lfrom a project-based Section 8 apartment to a senior citizen apartment complex. III. HOW WILL YOUR PROGRAM BE ADMINISTERED? The Ea a County Housing Department will provide information to potential clients on the program. In addition, it will also~rovide information to_ local lenders interested in the program. The existing Eagle County Home Buyers Assistance Committee, consistini? of lenders, realtors, and citizen members, oversees the Down Payment Assistance Program and provides policy recommendations for changes over time. Program Budget H omebu ers Assistance Matching Sources of Funds Total Projed Cost CMHC Request Local donations and CDOH 320,000 100,000 Total 320,000 100,000 N EVALUATION PROCESS The success of this program is measured by the number of households helped. The Eagle County Housing Department keeps ongoing records for the program. • V. ATTACHMENTS A List of the names and qualifications of key staff KT Gazunis, Ea a County Director of Housing, has five yeazs experience as a housing developer, is a Certified Economic Development Finance Professional, a Certified Grant Writer and a graduate of the Rocky Mountain School of Executive Management. Ms. Gazunis administered the first revolving loan fund created by the Colorado Housing, & Finance Authority jCHFA) in the State of Colorado. David Carter has worked on a wide variety of housing_prosxams for many years. He specializes in special projects and grant administration and has completed numerous projects valued at many millions of dollars. He started the Eagle County Down Payment Assistance Program five years aao. Gail Cameron Britt is a former real estate agent and has been working with the Eagle County Down Payment Assistance Program since joining the Housing Department staff. B. Most recent financial statements (audited if available) The transmittal letter from the auditor who performed the Eagle County audit for 2002 is included with this application. The audit itself is available upon request. C. Current agency budget The Eagle County budget is available upon request. D. Annual report (if available) Not applicable E. lRS determination letter confu~ming 501(c) 3 status Not applicable as Eagle County is a unit of local government. F. Articles of Incorporation /Certificate of Filing Not applicable as Eagle County is a unit of local government. Gc Boazd Resolution Authorizing Loan • The information represented herein and the attachments are true and accurate to the best of my lmowledge. I understand that the CMHC Boazd of Directors may review any documents or instruments relating to the prudent analysis of the application. Signature Michael L. Galia4her Name Chairman Title ~IZ~~v/ U~ Date Commissioner moved adoption of the following Resolutio BOARD OF COUNTY COMMISSIONERS ._ ~_ ~~' -~ .~.~ ~'~? ii Z ~ 2C~p~ COUNTY OF EAGLE, STATE OF COLORADO w ~ L ~_ ~4:.; '^ e RESOLUTION NO. ~~ -~~ ~ ~ ; r ~,~~~~ f~7 AUTHORIZING THE CHAIRMAN OF THE BOARD OF COUNTY COMMISSIONERS AND COUNTY STAFF TO APPLY FOR, ACCEPT AND USE FUNDING FOR HOMEOWNERSHIP PROGRAM WHEREAS, Eagle County, Colorado ("Count}') is a political subdivision of the State of Colorado ("State"), duly organized and existing pursuant to the laws and the constitution of the State; and WHEREAS, the Board would like to maintain a program to assist persons to become homeowners; and WHEREAS, there is an ongoing need to obtain and utilize funding from a variety of sources to continue this program. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, it authorizes its chairman and staff to take all action necessary to maintain the levels of funding needed to maintain this program. THAT, such actions includes the application for funds from a variety of sources. THAT, such action includes the acceptance and utilization of such funds when they aze awazded, provided that doing so will not require the County to provide any additional matching funding which is not already available in the County's budget. THAT, all action (not inconsistent with the provisions of this resolution) heretofore taken by members of the Eagle County Board of County Commissioners or staff toward acquiring, accepting and utilizing funding for the program shall be, and the same hereby is, ratified,. approved and confirmed. THAT, this resolution is necessary for the public health, safety, and welfare of the County of Eagle, State of Colorado • ~ ~ THAT, this resolution shall be recorded in the records of the Eagle County Clerk and Recorder. id7®VED, READ ~.ND ADOPTED by the Board of County Commissioners of the C ty of Eagle, State of Colorado, at its regular meeting held the day of 20(x. COUNTY OF EAGLE, STATE OF COLORADO By and Through Its BOARD OF COUNTY CONIlVIISSIONERS ATTEST: By: Clerk to the Board County Commissioners Tom C. Stone, Chairman Commissioner Arn Menconi Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the a was as follows: Commissioner Stone Commissioner Gallagher Commissioner Menconi The Resolution passed by ~ ~~ vote of the Board of County Commissioners of the County of Eagle, State of Colorado.