HomeMy WebLinkAbout1987-274-06.01.1987 RESOLUTION NO. 1987-274
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 REVISION #1 FOR RIDGEWAY TOWERS, IA050003 .
WHEREAS, the project operating budget must be submitted to
the U.S. Department of Housing and Urban Development.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, 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
consistent with provisions of Federal law and the Annual
Contributions Contract. Pursuant to the rent schedule
provided by the U.S. Department of Housing and
implementation of Section 913 of the HUD Regulations .
This revision is made necessary by the need to bring the
budget into balance with fiscal year end expenditures.
Pursuant 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" $ 294 ,000
2 . Total Annual Gross Rent $ 88 ,200
3 . Annual Rent-Income Ratio:
Line 2 divided by Line 1 300
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 1st day of June, 1987, approved by
the Mayor this 3rd day of June, 1987.
13--(--vwcx-ua
Bernard L. McKinley, Mayor/
ATTEST:
I"?
La ry P. urger,,
y Clerk/Auditor
Resolution No. 1987-274
Page 2 t) ,.z
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CERTIFICATE
H
o I, Larry P. Burger, the duly appointed Clerk/Auditor of the
City of Waterloo, Iowa, do hereby certify that the above
Resolution No. 1987-274 is a true copy of the Resolution passed by
the Council of the City of Waterloo, Iowa, at a regular meeting
held on the 1st day of June, 1987.
14e7
4 w M L rry P. ger, Cit ler Auditor
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