HomeMy WebLinkAbout1986-161-03.24.1986 RESOLUTION NO. 1986-161
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
AS THE WATERLOO HOUSING AUTHORITY, APPROVING SUBMISSION OF
FISCAL YEAR ENDING JUNE 30, 1986 OPERATING BUDGET REVISION
#2 FOR RIDGEWAY TOWERS, IA050003.
a „,cr,-N _ WHEREAS, the project operating budget must be submitted to the U.S.
- Department of Housing and Urban Development in order to be eligible for
performance funding operating subsidy.
'c-::'. ? a'_ NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
`� `t `. WATERLOO, IOWA THAT:
CW>- `=1 �-
r,
;_ c 1. The proposed expenditures are necessary in the efficient and
m M }__ economical operation of the Waterloo Housing Authority for the
m , o `` purpose of service to low-income families in the City of Waterloo,
`� •-, `- Iowa.
Q I- � -. �
, > i 2. The financial plan is reasonable in that:
c < �. (i) It indicates a source of funding adequate to cover all
'- E F= c c proposed expenditures.
-- �.-; c i I t does not( ) provide for use of Federal funding in excess of
c a that payable under the provisions of those regulations.
F_,
m. 2. ` 3. All proposed rental charges and expenditures will be consistent
•
_ Vc with provisions of federal law and the Annual Contributions
' m c- cc Contract . Pursuant to the rent schedule provided by the U.S.
ro :;, a Department of Housing and implementation of Section 913 of the HUD
,. H Regulations.
`L CC
This revision is made necessary by the need to request approval of
` replacement hall carpet for the
d a: __ pproject and to bring the budget into
nn .--,
balance.
G- t\
C' *`, r' Urban Development, the Waterloo Housing Authority, certifies that it is
in compliance with the provisions of Section 860,407, Subpart D of
0_, c Title XXIV of the Code of Federal Regulations, in that the aggregate
annual gross rent of families residing in the dwelling units for the
fiscal year beginning July 1, 1983 will not be less than an amount
equal to one-fifth (1/5) 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" $271 ,866
2. Total Annual Gross Rent 81,560
3. Annual Rent-Income Ratio:
Line 2 divided by Line 1 30%
In adddition, pursuant to 24 CFR 890.115, the Waterloo Housing
Authority is in compliance with Section 207(a) of the Annual
Contributions Contract, and pursuant to Resolution No. 1981-318 of the
City Council of the City of Waterloo, Iowa, which states in part, that
the PHA is re-examining the incomes of families living in the project
at least once a year.
Passed and adopted this 24th day of March, 1986, approved by the Mayor
this 26th day of March, 1986.
(E..-v--s,..x.N......„1)-7pe/i..4,,,,-1,-4.,
B�'rnard L. McKinley, Mayo/
ATTEST:
i /
% \ R ! 4 i
Michelle emeyer, Deputy Clerk/Auditor
CERTIFICATE
I, Michelle Temeyer, the duly appointed Deputy Clerk/Auditor of the
City of Waterloo, Iowa, do hereby certify that the above Resolution No.
1986-161 is a true copy of the Resolution passed by the Council of the
City of Waterloo, Iowa, at a regular meeting held on the 24th day of
March, 1986.
1
i .( .( / �.�
Mic e`lle Te_k meyer, Deputy Clerk/Audi"or
131-88fI .00 I1OITUJO2351
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