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RESOLUTION NO. e2 704-
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, AS THE WATERLOO HOUSING AUTHORITY, APPROVING
SUBMISSION OF PROPOSED FISCAL YEAR 1980-81 OPERATING
BUDGET FOR RIDGEWAY TOWERS , IA-50-3.
WHEREAS , the project operating budget must be submitted to the
S . Department
p tment of Housing and Urban Development in order to be
eligible for performance funding operating subsidy,
NOW THEREFOR BE IT RESOLVED by the City Council of the City of
;JJaterloo, Iowa that:
1. The proposed expenditures are necessary in the efficient
and economical operation of the Waterloo Housing Authority
for the purpose of service to low-income families in the
City of Waterloo, Iowa.
2 . The financial plan is reasonable in that:
(i) . It indicates a source of funding adequate to cover
all proposed expenditures .
(ii) . It does not provide for use of Federal funding in
excess of that payable under the provisions of
those regulations .
3. All proposed rental charges and expenditures will be con-
sistent with provisions of federal law and the Annual
Contributions Contract.
Pursuant to the rent schedule approved by the U. S . Department
of Housing and Urban Development, the Waterloo Housing Authority
certifies that it is in compliance with the provisions of Section
860 . 407, Subpart D of Title XXIV of the Code of Federal Regulations ,
.n ' that the aggregate annual gross rent of families residing in the
dwelling units for the fiscal year beginning July 1, 1980 will not
ce less than an amount equal to one-fifth (1/5th) of the sum of the
"Family Income , " as defined in 24 CFR 860. 403 (f) , of all such families ,
as evidenced by the following estimates for the fiscal year:
1. Aggregate Annual "Family Income" $ 221, 780
2 . Total Annual Gross Rent 45 , 780
3 . Annual Rent-Income Ratio:
3" , i^ Line 2 divided by Line 1 21%
In addition, Waterloo to 24 CFR 890. 115 , the Housing
'.uthority is in compliance with Section 207 (A) of the Annual Con-
tributions Contract, which states in part, that the PHA is
reexamining the incomes of families living in the project at least
o nce a year, except that families whose heads or whose sole members
!that are sixty-two (62) years of age or over are reexamined once
â–ªvery two (2) years .
CERTIFICATE
II , Gene O. Colburn, the duly appointed Executive Director of the
' aterloo Housing Authority of Waterloo, Iowa, do hereby certify that
the above Resolution is a true copy of the Resolution passed by the
°:[aterloo Housing Authority of Waterloo , Iowa at a regular meeting
leld on theloth day of June , 1980 .
n witness whereof I have hereunto set my hand this ' h day of June , 1980.
1 ;e
j Gene O. Col urn
certify this is a true and correct statement.