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Home My WebLink About1985-12-03; City Council; 8422; RESIDENTIAL REHABILITATION LOAN PROGRAMa > W 0 E Q a n 2 .. G 5 a 2 0 z 3 0 0 CITJ~F CARLSBAD - AGEND~ILL 2 t" .;,;; 5- ~ I I AB#& TITLE: RESIDENTIAL REHABILITATION LOAN MTG. 12/3/85 PROGRAM DEPT. HD.. CITY ATTY. I DEPT. RED I IClTY MGR I I I 1 RECOMMENDED ACTION: ~ ~~ Council adopt Resolution No. fJ#& authorizing the Mayor to execu Residential Loan Program to be conducted City-wide. ITEM EXPLANATION: The City has signed an agreement with the County of San Diego whic authorizes Community Development Block Grant Funds for implementat of the Residential Rehabilitation Loan Program. The Program makes Community Development Block Grant funds available for low interest loans and grants to property owners whose annual incomes fall with Federal guidelines. The program is currently restricted to person owning property within Census Tract 179.00 (roughly the area betwe Buena Vista and Agua Hedionda Lagoons, west of 1-51. Staff, with the approval of the City's Rehabilitation Loan Committ requested and received permission to administer the program City-w The Rehabilitation Loan Committee which is the final review board for loan applic,ants .is comprised .as follows: - A lending institution representative - City's Building Director or designee - City's Finance Director or designee - Chairperson of Housing and Redevelopment Advisory Committee The expansion of the program could benefit eligible persons throug the City, particularly elderly property owners with fixed incomes. The attached amendment permits the program to be conducted City-wi The Council needs to authorize the Mayor to execute the amendment. the contract amendment with the County of San Diego to permit the FISCAL IMPACT The City annually receives Federal Community Development Block Gra Funds which can be applied to the Residential Loan Program. Presently, the fund balance available for loans is $30,000. EXHIBITS I 1 - Resolution No. rdr&, 2 - Contract Amendment 3 - Loan Status Report I \ I/ * 0 1 RESOLUTION NO. 8286 2 3 4 5 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING AN AMENDMENT TO AGREEMENT FOR MANAGEMENT AND IMPLEMENTATION OF A COMMUNITY DEVELOPMENT BLOCK GRANT RESIDENTIAL REHABILITATION LOAN PROGRAM, .. . WHEREAS, the City of Carlsbad has entered into an agree 6 Program; and 8 a Community Development Block Grant Residential Rehabilitatior 7 with the County of San Diego for Management and Implementatior 9 WHEREAS, the City of Carlsbad wishes to amend this agrc 10 NOW, THEREFORE, BE IT RESOLVED as follows: 13 made a part hereof. 12 conducted City wide as stated in the amendment attached heretc 11 to permit the Residential Rehabilitation Loan Program to be 14 15 1) That the above recitations are true and correct. -, 2) .. That the Mayor of the City of Carlsbad is hereby autho: to execute the contract amendment. 16 17 18 City Council of the City of Carlsbad, California, on the 3rd 19 /of December, 1985, by the following vote, to wit: 20 21 22 PASSED, APPROVED AND ADOPTED at a regular meeting of tl AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine NOES : None ABSENT : None 23 ABSTAIN: 24 ATTEST : ' $ J ;[ 'kLLr czwJL4 MARY H 4 CASLER, Mayor 25 26 27 ALETHA L. 28 (SEAL) II e .. s FIRST AMENDMENT TO AGREEMENT FOR MANAGEMENT AND IMPLEMENTATION OF A COMMUNITY DEVELOPMENT BLOCK GRANT PROJECT THIS FIRST AMENDMENT to the Aareement for Manaqernent and Implementatbn of a Community Development Block Grant Project (County Contract No. 18542) between the County of Sari Die90 and City of Carlsbad entered into this day of 9 1985 by and between the COUNTY OF SAN DIEGO, a political sub- division of the State of California (hereinafter referred to as "County") and CITY OF CARLSBAD, (hereinafter referred to as "City" 1 , WITNESSETH: WHEREAS, the County and the City have earlier entered into an Agreement for management and implementation of Community Development Block Grant projects (County Contract NO. 18542); and WHEREAS, said Agreement authorized funds for the implemen- tation of the Residential Rehabilitation project; and WHEREAS, The City has now requested the Residenttal Rehabilitation project be operated on a City-wide basis at no increase in the contract amount. IT IS AGREED AS FOLLOWS: 1. Attachment "A" % Scope of work, of said County Contract is amended to read as follows: The work to be accomplished by the City of Carlsbad in their Residential Rehabilitation Prooram to be conducted City-wide will consist of: The City will make Loans available at Below Market Interest rates, Deferred Loans and Grants. Eliuible participants will be Property owners with annual incomes that are within the attached prescribed Limits and Absentee owners who agree to specific rental rates in order to qualify. The City will also establish a Loan Committee to review each of the Loans. Eligible improvements will consist of the interior, exterior and code repairs which 'are eligible under Title I, FHA Loans. Relow Market Interest rates (Low Interest Loans) will be from a minimum $1,000 to a maximum of I I\ e e t 7 $25,000 for a period of fifteen years. The interest rates will be variable dependent upon the Applicants income. Deferred Loans will be for a minimum of $500 to a maximum of $7,500. A lien will be taken on the property and the loan will be payable in full -:.when the property is sold. Grants will be available to owner-occupants for a maximum of $2,000. A grant will be iirnited to covering Uniform Housing code violations and to property which needs to be brouoht up to Rehabili- tation standards. The City will operate the program in accordance with the June 1981 "Residential Rehabilitation Program", which by reference is incorporated herein. The City also agrees that all of the loans made will be for persons of low and moderate income; i.e., 80% or less of median income. IN WITNESS WHEREOF the parties hereto have caused this First Amendment to be executed as of the day and year first above written. CITY OF CARLSB.4D COUNTY OF SAN DIEGO BY L d-&A .-. 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