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Home My WebLink About1987-139-04.06.1987 RESOLUTION NO. 1987-139 RESOLUTION BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA, AS WATERLOO HOUSING AUTHORITY, APPROVING SUBMISSION OF FISCAL YEAR ENDING JUNE 30, 1988 OPERATING BUDGET FOR RIDGEWAY TOWERS, IA050003. rnctcr C NF— Q' S3 Orncc. r- m - WHEREAS, the project operating budget must be submitted annually to P- e the U.S. Department of Housing and Urban Development. c QJ CD NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF '--. :144ATERLOO, IOWA, THAT: h— • �-- _ Q S Nis N m N The proposed expenditures are necessary in the efficient and ,_ economical operation of the Waterloo Housing Authority for the purpose . T of service to low-income families in the City of Waterloo, Iowa. mrrc� cg z. The financial plan is reasonable in that: c o (i) It indicates a source of funding adequate to cover all o ¢ proposed expenditures. © v > ( i i) It does not provide for use of Federal funding in excess of that °° cc payable under the provisions of those regulations. cg 443 m Q ` All proposed rental charges and expenditures will be consistent with z �, ., provisions of federal law and the Annual Contributions Contract. �- cccV } Pui^suant to the rent schedule provided 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, 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" $297,300 2. Total Annual Gross Rent $ 87,000 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 6th day of April , 1987 and approved by the Mayor this 6th day of April , 1987. Bernard L.—Q6 i n ley, a or Y 1 ATTEST: r Larry . Bur er, ity Clerk Auditor CERTIFICATE I, Larry P. Burger, City Clerk/Auditor of the City of Waterloo, Iowa, do hereby certify that attached hereto is a true and complete copy of Resolution 1987-139 as passed and adopted by the Council of the City of Waterloo, Iowa, on the 6th day of April , 1987. 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