HomeMy WebLinkAbout1986-187-04.07.1986 RESOLUTION NO. 1986-187
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, AS THE WATERLOO HOUSING AUTHORITY, APPROVING
SUBMISSION OF FISCAL YEAR ENDING JUNE 30, 1987 OPERATING
BUDGET FOR RIDGEWAY TOWERS, IA050003.
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.
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L NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
�? 00 WATERLOO, IOWA, THAT:
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1. The proposed expenditures are necessary in the efficient and
,,, , economical operation of the Waterloo Housing Authority for the
>- 4 T ccpurpose of service to low-income families in the City of Waterloo,
a "r Iowa.
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rn mr\; 2. The financial plan is reasonable in that:
c -; (i) It indicates a source of funding adequate to cover all
proposed expenditures.
• r, a (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 consistent
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awith provisions of federal law and the Annual Contributions
`~ Contract .
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Pursuant to the rent schedule provided by the U.S. Department of Housing
rr 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, in that the aggregate
c- a, 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
~ s r CFR 860-403(f), of all such families, as evidenced by the following
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estimates for the fiscal year:
cc1. Aggegate Annual "Family Income" 294,000
2. Total Annual Gross Rent 88,200
3. Annual Rent-Income Ratio:
Line 2 divided by Line 1 30%
In addition, 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 7th day of April , 1986, approved by the Mayor
this 9th day of April , 1986.
Bernard L. McK' le , . ayor
ATTEST:
ry P. urger, Cit lerk Auditor
CERTIFICATE
I, Larry P. Burger, the duly appointed City Clerk/Auditor of the City of
Waterloo, Iowa, do hereby certify that the above Resolution No. 1986-187
is a true copy of the Resolution passed by the Council of the City of
Waterloo, Iowa at a regular meeting held on the 7th day of April , 1986.
Lai^ry P urger, it erk/Auditor
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