Iowa Finance Authority (IFA) Grant - Matching Funds Request Copyright 2014
City of Dubuque Consent Items # 4.
ITEM TITLE: Iowa Finance Authority (IFA) Grant - Matching Funds Request
SUMMARY: City Manager recommending approval to commit funds from the North
Cascade TIF FY 2016 receipts as a match to the Iowa Finance Authority
(IFA) grant from the State Housing Trust Funds.
RESOLUTION Approving Commitment of Matching Funds for an
Application to the Iowa Finance Authority (IFA) for State Housing Trust
Funds
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ Washington Neighborhood Housing Trust Fund Application-MVM Memo City Manager Memo
❑ Memo Staff Memo
❑ Resolution Staff Memo
THE CITY OF Dubuque
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Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Washington Neighborhood/Housing Trust Fund Application
DATE: August 10, 2015
The Housing Trust Fund Committee has made an application in the amount of$147,046
to the Iowa Finance Authority for a State Housing Trust Fund grant to be used for
continued support of homeownership activities in the Washington Neighborhood. This
grant requires a 25% local match in the amount of$36,762.
Housing & Community Development Department Director Alvin Nash recommends City
Council approval to commit $36,762 in available funds from the North Cascade TIF FY
2016 receipts as a match to this grant. Commitment of the matching funds will satisfy
the Iowa Finance Authority requirements and ensure that the City's application is
competitive.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Alvin Nash, Housing & Community Development Department Director
Jennifer Larson, Budget Director
THE CITY OF Dubuque
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Masterpiece on the Mississippi 2007-2012-2013
TO: Michael Van Milligen, City Manager
FROM: Alvin Nash, Housing & Community Development Department Director
SUBJECT: Washington Neighborhood / Housing Trust Fund Application
DATE: August 10, 2015
Dubuque is a certified "local housing trust fund" according to eligibility requirements of
the Iowa Finance Authority (IFA). Our Housing Trust Fund Committee has made
application in annual competition to IFA, for State Housing Trust Fund grants, in the
past ten years. We have received more than $1.7 million in awards for the HEART
Program, the Step by Step Project and for support of home purchase and rehabilitation
activities in the Washington Neighborhood.
For this year's application, we are applying for $147,046 for continued support of
homeownership activities in the Washington Neighborhood. This requires a 25% local
match, or $36,762. The local match cannot be from any other state/federal program, In
fact, according to the application 10% of the 25% local match must be provided by the
local government. In the past these funds were made available in the CIP budget,
under the Homeownership Grants Activity No. 101-1595 or General Fund. However,
this year, it was decided to use funds from the North Cascade TIF FY 2016 Receipts,
Activity No. 3601595-62761.
Commitment of these matching funds, to the Housing Trust Fund Committee, in support
of the application for the State Housing Trust Fund, will satisfy the IFA requirement and
ensure that our application is competitive.
These funds must be committed and approved by the City Council at the August 17,
2015 Council meeting. Once the local match is approved by City Council, the
application can be completed with Council Resolution, reviewed and approved by the
Trust Fund Committee at a public hearing and forwarded to the Iowa Finance Authority
(IFA). The application is due to IFA no later than October 1, 2015.
Action Step
The action requested of the City Council is to approve the attached resolution
authorizing commitment of $36,762 is available from North Cascade TIF FY 2016
receipts as a match to the Housing Trust Fund Committee's application to the Iowa
Finance Authority for a $147,046 grant from the State Housing Trust Fund.
KLN
RESOLUTION NO. 272-15
A RESOLUTION APPROVING COMMITMENT OF MATCHING FUNDS FOR AN
APPLICATION TO THE IOWA FINANCE AUTHORITY (IFA) FOR STATE HOUSING
TRUST FUNDS
WHEREAS, the Iowa Finance Authority has recognized Dubuque's Housing Trust
Fund Committee as a certified Local Housing Trust Fund; and
WHEREAS, IFA has made funding available in statewide competition to local trust
funds for State Housing Trust Fund grants, in amounts based on population size; and
WHEREAS, a 25% local match is required for receipt of a funding award; and
WHEREAS, the Housing Trust Fund Committee has authorized an application to IFA
for a Housing Trust Fund award, in the amount of $147,046; and
WHEREAS, North Cascade TIF FY 2016 receipts committed to the Washington
Neighborhood revitalization initiative are available in the current year Housing
Department's budget in sufficient amount to meet the matching funds requirement; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the City of Dubuque hereby approves commitment of $36,762 in
current year North Cascade TIF FY 2016 receipts as a match to the application for IFA
State Housing Trust Funds.
Section 2. That the Housing Trust Fund Committee, in accordance with Sec. 2-5D-7
of the Code of Ordinances, shall have final authority to direct how such funds shall be
used in support of revitalization activities in the Washington Neighborhoods.
PASSED, APPROVED AND ADOPTED this 17th day of August, 2015.
Roy Dd: uol, Mayor
Attest:
Kevin S. Firnstahl, Cit Jerk