HomeMy WebLinkAbout03-26-18 City Commission Packet Materials - C4. Disbursement of Down Payment Funds for Affordable Homes1
REPORT TO: Mayor and City Commission
FROM: Matthew Madsen, Affordable Housing Program Manager Martin Matsen, Director of Community Development
SUBJECT: Authorization of approval of the payment of funds from the Affordable Housing
Program Down Payment Assistance Incentive Line Item in the amount of
$80,000, $10,000 each to 8 different home-buyers. MEETING DATE: March 26th, 2018
AGENDA ITEM TYPE: Consent
RECOMMENDATION: That the City Commission authorize the approval for the Community
Development Director to disburse $80,000 of Affordable Housing Program Down Payment Assistance
Funds to assist 8 home buyers with the purchase of Affordable Homes through the Affordable Housing
Program.
BACKGROUND: As part of the City of Bozeman’s Affordable Housing Ordinance 1922, city funds
may be used to incentivize the building, sale and purchase of Affordable Homes. For the 2018 budget,
the City Commission approved a budget line item of $200,000 per year to be used towards down-
payment assistance for home-buyers through the city’s Affordable Housing Program. Through a
professional services agreement, the Human Resource Development Council works as the city’s agent for Affordable Housing Services and will certify the buyers eligible for down-payment assistance. The tentative first 4 affordable homes that will be sold are part of the Lakes at Valley West Subdivision Phases 3 & 4 with addresses: 5583 Arnhem Way, 5575 Arnhem Way, 5567 Arnhem Way and 5557 Arnhem Way The tentative second 4 affordable homes that will be sold are also part of the Lakes at Valley West Subdivision with addresses: 5519 Arnhem Way, 5533 Arnhem Way, 5603 Arnhem Way and 5609 Arnhem Way UNRESOLVED ISSUES: None determined at this time.
ALTERNATIVES: As determined by the Commission.
Commission Memorandum
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FISCAL EFFECTS: The current budget has $200,000 set aside for Down Payment Assistance. The
$80,000 being requested is within the amount funded in the 2018 fiscal year budget and will reduce the
available incentive amounts to $120,000
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