HomeMy WebLinkAbout2002-01-15; City Council; Resolution 2002-0211
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RESOLUTION NO. 2o02-021
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING THE TERMINATION OF
THE CARLSBAD HOMEBUYER ASSISTANCE AND MODERATE
INCOME LOAN PROGRAMS, AND AUTHORIZING STAFF TO
REALLOCATE THE BALANCE OF PROGRAM FUNDS INTO THE
UNDESIGNATED FUND BALANCE OF THE HOUSING TRUST FUND
WHEREAS, on December 10, 1996, the City of Carlsbad City Council approved the Carlsbad
Homebuyer Assistance Program, which provided down payment assistance to low income, first time
homebuyers in the City of Carlsbad; and
WHEREAS, 85 five loans have been made and approximately $3 million have been expended
from Carlsbad Homebuyer Assistance Program funds; and
WHEREAS, there remains approximately $28,450 in funding available to provide new loans
under the Carlsbad Homebuyer Assistance Program; and
WHEREAS, the City of Carlsbad believes that the remaining balance of program funds are better
spent producing needed housing within Carlsbad rather than providing silent second financing at this
time; and
WHEREAS, on June 15, 1999, the City Council allocated $50,000 to establish the Moderate
Income Loan Program to provide down payment assistance and closing cost assistance to moderate
income, first time homebuyers in the City of Carlsbad; and
WHEREAS, because no loans have been issued through this program, the City of Carlsbad has
determined that this program is not the best use of the Housing Trust Funds, and that such funds should
be appropriated for new construction of housing units.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of Carlsbad,
California, as follows:
1. The above recitations are true and correct.
2. The City Council hereby approves the termination of the Carlsbad Homebuyer Assistance
and Moderate Income Loan Programs.
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3. That the City Council authorizes the Finance Director andor other appropriate staff to
reallocate any remaining program funds not expended for loan servicing fees into the
undesignated fund balance of the Housing Trust Fund, should it be determined that the funds
set aside for loan servicing fees are no longer needed.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the
City of Carlsbad, California, held on the 15th day of JANUARY , 2002 by the following vote. to
wit:
AYES: Council Members Lewis, Kulchin, Finnila, Nygaard, Hall
NOES: None
ABSTAIN: None
ABSENT: None
CLAUDE A. LEWIS, Mayor
ATTEST:
LORRAINE &OOD, City Clerk