HomeMy WebLinkAboutR04-037 Down Payment Assistance ProgramCommissioner ~';'~-t ~ moved adoption
of th following Resolution:
BOARD O COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2004-~
RESOLUTION CONCERNING THE
EAGLE COUNTY DOWN PAYMENT ASSISTANCE PROGRAM
WHEREAS, Eagle County, Colorado ("County") 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 of County Commissioners of the County of Eagle, State of
Colorado (hereinafter "the Board") established the Eagle County Down Payment Assistance
Program in 1997 (hereinafter "Down Payment Assistance Program") to assist citizens of Eagle
County in becoming homeowners; and
WHEREAS, the Board desires to set forth certain requirements governing the Down
Payment Assistance Program relating to Income Eligibility and Maximum Purchase Price.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, for purposes of the Down Payment Assistance Program and in determining
eligibility of individuals seeking assistance, Income Eligibility shall be defined by the Area
Median Income (hereinafter "AMI") for Eagle County as established annually by Housing and
Urban Development (hereinafter "HUD").
THAT, persons eligible for Eagle County funds may be eligible to earn up to 100% of
AMI.
THAT, for purposes of the Down Payment Assistance Program, Maximum Purchase
Price of the houses that can be purchased using Down Payment Assistance funds shall be
dictated by the Federal Housing Administration (hereinafter "FHA") lending limit as adjusted by
the FHA and approved by the Colorado Division of Housing and the Colorado Housing and
Finance Authority.
THAT, the Board hereby fords, determines and declares that this Resolution is necessary
for the public health, safety and welfare of the residents of the County of Eagle, State of
Colorado.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, this ~~day of March, 2004.
COUNTY OF EAGLE, STATE OF
4 ~+~ c OLORADO, By and Through Its
ATTEST: ~ ~ ARD OF COUNTY COMMISSIONERS
/ ~ -~ w ^~
\ ~-T/ C~~gRP~O
~ By:
erk to the Board of Tom .Stone
County Commissioners Chairman
~-''
Commissioner ~~~~ seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Tom C. Stone -
Commissioner Michael L. Gallagher ~,
Commissioner Arn M. Menconi ~~,~, ~'
This Resolution passed by ~il/~/-~~i~7~ vote of the Board of County Commissioners of
the County of Eagle, State of Colorado.
