HomeMy WebLinkAbout1984-07-17; City Council; 7820; OFFICIAL REQUEST TO STATE OF CALIFORNIA FOR MORTGAGE REVENUE BOND ALLOCATIONR ./A - r, /' Y
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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.
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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.
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2 - Project Location Map