HomeMy WebLinkAbout2008-04-22; City Council; Resolution 2008-121ibif
1 CITY COUNCIL RESOLUTION NO. 2008-121
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, APPROVING AN
3 APPROPRIATION OF FEDERAL HOME INVESTMENT
PARTNERSHIP FUNDS AND HOUSING TRUST FUNDS FOR
A DOWN PAYMENT AND CLOSING COSTS ASSISTANCE
5 LOAN PROGRAM AND/OR MINOR HOME REPAIR GRANT
PROGRAM.
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WHEREAS, a Consortium of local governments in San Diego County have formed to
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obtain HOME Investment Partnership Program (HOME) funds; and
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WHEREAS, it is the desire of the City of Carlsbad to appropriate HOME funds for a
Down Payment and Closing Costs Assistance Program to benefit lower income households; and
U WHEREAS, the Carlsbad Housing Trust Fund was established pursuant to Chapter
12 21.85.110 of the Carlsbad Municipal Code to collect fees and other funds paid in compliance
13 with the City's Inclusionary Housing Ordinance, Chapter 21.85 of the Carlsbad Municipal
14 Code; and
15 WHEREAS, it is the desire of the City of Carlsbad to appropriate Housing Trust Funds
for a Down Payment and Closing Costs Assistance Program and/or a Minor Home Repair
17 Grant Program to benefit lower income households; and
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WHEREAS, it is the desire of the Carlsbad Redevelopment Agency to also provide
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funding for said Down Payment and Closing Cost Assistance Loan and/or Minor Home Repair
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Grant Program for low and/or moderate income households and to appropriate Redevelopment
Agency Housing Set-Aside funds for said program which shall be authorized by separate
23 resolution of the Housing and Redevelopment Commission.
24 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
25 Carlsbad, California, as follows:
26 1. The above recitations are true and correct.
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The City Council appropriates $836,020 in HOME funds to implement a Down
2 Payment and Closing Cost Assistance Program to provide up to $20,000 in the form
of a zero-interest "silent second" loan for lower income households purchasing an
affordable attached or detached residential unit within the City limits of the City of
Carlsbad.
5 3. The City Council appropriates $163,980 in Housing Trust funds to assist in the
financing for the Down Payment and Closing Cost Assistance Program noted above,
6 and to provide grant funds in the form of a zero-interest forgiven loan (after five
years) to implement a Minor Home Repair Program for existing lower income
7 homeowners and their respective homes within the City of Carlsbad.
4. That the expenditure of monies from the Low and Moderate Income Housing Fund,
which shall be approved by the Housing and Redevelopment Commission by separate
resolution, for the purposes of providing additional funding for said program are and
10 will be of benefit to the Village and South Carlsbad Coastal Redevelopment Project
Areas and the general community of Carlsbad based on the following findings:
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a. The Village Redevelopment Area currently consists of a number of restaurants,
12 hotels, time-share projects and small retail operations which depend on and
offer employment at low to moderate income wages. Improving housing for
low/moderate income households and/or assisting low/moderate income
households to purchase affordable housing throughout the community is
beneficial to maintaining and/or increasing the labor supply and/or supporting
the existing employees working within the Village Redevelopment Area.
b. The South Carlsbad Coastal Redevelopment Area is proposed to have several
new restaurants, hotels, time-share projects and small retail operations which
17 will also depend on and offer employment at low to moderate income wages.
The proposed program will assist in improving existing housing stock for
18 low/moderate income households and/or assisting existing low/moderate
income wage earners to purchase affordable housing. This program will
ultimately benefit the project area by providing an employee pool which is
located in close proximity to the project area.
5. The Finance Director is hereby authorized to appropriate said funds for said
programs, and the Housing and Redevelopment Director is authorized to administer
22 said programs on behalf of the City of Carlsbad, including approval and
disbursement of said loans and/or grants and execution of all related program
23 documents.
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PASSED, APPROVED AND ADOPTED at a Joint Special Meeting of the City
Council and Housing and Redevelopment Commission of the City of Carlsbad on the
22nd day of April, 2008, by the following vote to wit:
AYES: Council Members Lewis, Kulchin, Hall, Packard and Nygaard.
NOES: None.
ABSENT: None.
ATTEST:
LORRAlNfe M. WO0D, ftity Clerk
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