HomeMy WebLinkAbout1999-06-15; City Council; Resolution 99-2210 0
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RESOLUTION NO. 99- 2 2 1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING THE ALLOCATION OF
$50,000 FROM THE HOUSING TRUST FUND TO ESTABLISH A
MODERATE INCOME LOAN PROGRAM TO PROVIDE
DOWNPAYMENT ASSISTANCE TO FIRST TIME MODERATE
INCOME HOMEBUYERS PURCHASING HOMES IN THE CITY
OF CARLSBAD.
WHEREAS, the City of Carlsbad’s Housing Element identifies and analyzes the existing an1
projected housing needs and list goals, policies, objectives, resources and programs for th
preservation, improvement and development of housing; and
WHEREAS, the Housing Element fkther identifies short-term objectives, policy positions, ar
action programs which can be utilized to achieve the long-term housing goals of the City of CarIsbaN
and
WHEREAS, the Housing Element seeks to provide a variety of housing opportunities fi
households of all income levels; and
WHEREAS, Goal 3.10@) of the Housing Element states that the City of Carlsbad’s Housil
and Redevelopment Department will work to secure funding and develop additional lending prograr
for moderate income, especially first-time home buyers; and
WHEREAS, on May 13, 1999, the Housing Commission did hold a public meeting to consid
the Moderate Income Loan Program to provide downpayment assistance to first-time moderate incorj
homebuyers purchase homes in the City of Carlsbad; and
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of
persons desiring to be heard, said Commission considered all factors and recommended approval oft
Moderate Income Homebuyer Program to the City Council;
WHEREAS, on June 15, 1999, the City Council held a public meeting to consider 1
Moderate Income Loan Program; and
WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of
persons desiring to be heard, the City Council considered all factors relating to the Moderate Inco
Homebuyer Program
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NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City (
Carlsbad, California, as follows:
1 . The above recitations are true and correct.
2. The Program is consistent with the goals and objectives of the City of Carlsbad's Housir
Element, the Consolidated Plan, and the Carlsbad General Plan.
3. The project will provide a minimum of 10 home-buying opportunities for moderate incon
first-time homebuyers earning 120% or below of the county median income. The Prograr
therefore, has the ability to effectively serve the City's housing needs and priorities I
expressed in the Housing Element.
4. That based on the information provided within the City Staff Report and testimor
presented during the public meeting of the City Council as well as the Commission Sta
Report and testimony presented during the public meeting of the Housing Commission c
May 13, 1999, the City Council ADOPT Resolution No. 59 *A2f , APPROVING tl:
allocation of $50,000 from the Housing Trust Fund to establish a Moderate Income Lo:
Program to provide downpayment assistance to first-time moderate income homebuye
purchasing homes in the City of Carlsbad, and approval of the related loan and securi
agreements.
5. That the City Council hereby authorizes the City Manager or hisher designee to execute :
documents related to provision of the City assistance, including but not limited to
Promissory Note, Deed of Trust and Borrower Disclosure in substantially the for
presented, and approval by the City Attorney.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council c
the City of Carlsbad, California, held on the 15 day of June, 1999, by the following vote, to wit:
AYES: Council Members Lewis, Nygaard, Finnila & Hall
NOES: None
ABSENT: Council Member Kulchin
ABSTAIN:
ATTEST:
tant City Clerk
(SEAL)
CC RES0 NO. - 7 9 - 221
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