HomeMy WebLinkAbout2023 - RESO - 35 - WR Housing Fund and FRH PaymentCITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 35 Series of 2023
TITLE: A RESOLUTION ESTABLISHING THE WHEAT RIDGE HOUSING FUND, TRANSFERRING $436,680 FROM GENERAL FUND RESERVES AND AUTHORIZING PAYMENT TO FOOTHILLS REGIONAL HOUSING IN THE AMOUNT OF $400,000 FOR THE
PURPOSE OF AN AFFORDABLE HOUSING PROJECT
WHEREAS, the City Council of the City of Wheat Ridge has adopted the 2023 Affordable Housing Strategy and Action Plan (The Plan); and
WHEREAS, a key recommendation of The Plan is to create the Wheat Ridge
Housing Fund for the purpose of funding programs and initiatives to increase access to affordable housing in Wheat Ridge; and
WHEREAS, City Council has determined that the General Fund portion of past and future lodgers’ tax revenue derived from short-term rentals be placed in the Wheat
Ridge Housing Fund for affordable housing projects and initiatives; and
WHEREAS, as an early step in the implementation of The Plan, Council wishes to support the purchase of 4097 Vance Street to increase access to affordable housing for residents in the City’s housing navigation program.
NOW, THEREFORE, BE IT RESOLVED by the Wheat Ridge City Council:
Section 1. Wheat Ridge Housing Fund Created
There is hereby created a Wheat Ridge Housing Fund, into which shall be deposited the General Fund portion of lodgers’ tax revenue derived from short-term
rentals.
Section 2. Transfer of Funds
A transfer of $436,80 is hereby approved from the General Fund
undesignated reserves to account 50-101-700-780 and the 2023 revenues are
amended accordingly.
Section 3. Payment
A payment of $400,000 to Foothills Regional Housing as a contribution to the purchase of an affordable housing apartment complex at 4097 Vance Street from account 50-101-700-780 is hereby approved.
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Section 4. Effective Date. This Resolution shall be effective upon passage.
DONE AND RESOLVED this 12th day of June 2023.
Bud Starker, Mayor ATTEST:
Steve Kirkpatrick, City Clerk