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HomeMy WebLinkAbout1984-07-17; City Council; 7820; OFFICIAL REQUEST TO STATE OF CALIFORNIA FOR MORTGAGE REVENUE BOND ALLOCATIONR ./A - r, /' Y cm& CARSBAD - AGEND~ILL '& -k d AB# 7820 DEPT. HD?! MTG. 7/17/84 DEPT. RE D CITY Ally2 CALIFORNIA FOR MORTGAGE REVENUE TITLE: OFFICIAL REQUEST TO STATE OF BOND ALLOCATION CITY MGR.~ RECOMMENDED ACTION: City Council adopt Resolution No. 7677 requesting an allocation from the State Mortgage Bond Allocation Committee for a Single Family Mortgage Revenue Bond Program. TTEM EWPLANAYION In 1983 the City of Carlsbad authorized a $20 million Mortgage Revenue Bond Program. That program has been successful in providing affordable single family homes in the community. City staff has held meetings with developers to assess their interest in another program. As a resu1t;we now have on hand "good-faith" letters of credit from two developers. These deposits enable us to request a $15 million allocation from the State Mortgage Bond Allocation Committee for a new Single Family Mortgaqe Revenue Bond Issue. I The developers wishing to participate in the program are Pacesetter Homes, Inc. (Carlsbad Crest), and Woodward Companies, Inc. (Tamarack Pointe). We are asking City Council to authorize this request to the State Mortgage Bond Allocation Committee. This action does not incur any obligation on the part of the City to use the funds requested. The City will be placed on the State's waiting list for allocation. The allocation will probably not be granted until early 1985. a W > 0 z a. 2 FISCAL IMPACT This request not to exceed $15 million for Single Family Mortgage Revenue Bonds. .This action does not incur any obligation on the part of the City to use the funds requested. EXHIBITS 1 - Resolution .No. 7G77. 2 0 F 0 a J 0 Z 3 0 0 - 2 - Project Location Map