HomeMy WebLinkAbout2008-04-22; Housing & Redevelopment Commission; Resolution 4501 HOUSING AND REDEVELOPMENT COMMISSION
RESOLUTION NO. 450
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A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION
3 OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING AN
APPROPRIATION OF REDEVELOPMENT HOUSING SET-ASIDE FUNDS
FOR A DOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN
5 PROGRAM AND/OR MINOR HOME REPAIR GRANT PROGRAM FOR LOW
AND/OR MODERATE INCOME HOUSEHOLDS WHO ARE PURCHASING
6 AND/OR OWN HOMES WITHIN THE CITY OF CARLSBAD, BOTH INSIDE
AND OUTSIDE THE VILLAGE OR SOUTH CARLSBAD COASTAL
7 REDEVELOPMENT AREAS.
8 WHEREAS, the Redevelopment Agency of the City of Carlsbad, hereinafter referred to
9 as "Agency", is a Community Redevelopment Agency organized and existing under the
Community Redevelopment Law, Health and Safety Code Section 33000, etc.seq., hereinafter
referred to as the "Act", and desires to assist in the financing of a Down Payment and Closing
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Costs Assistance Program and/or Minor Home Repair Grant Program for low and/moderate
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income owner households both inside and outside the Village or South Carlsbad Coastal
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Redevelopment Areas; and
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WHEREAS, the Agency is authorized to implement the Redevelopment Plan for the16
Carlsbad Village and South Carlsbad Coastal Redevelopment Project Areas; and
! 8 WHEREAS, Section 33334.2 of the Act requires that not less than twenty percent (20%)
19 of all taxes which are allocated to the Agency for purposes of increasing and improving the
20 community's supply of low and moderate income housing; and
21 WHEREAS, pursuant to Section 33334.2 of the Act, the Legislature declares its intent
22 that the Low and Moderate Income Housing Set-Aside Fund shall be used to improve and
23 increase the supply of affordable housing within the community; and
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WHEREAS, to carry out the purposes of increasing and improving the community's
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supply of low and moderate income housing, Section 33334.2(e) of the Act states that the Agency
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may exercise any or all of its powers, including without limitations, acquiring land or building
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sites, improving land or building sites with onsite or offsite improvements, donating land to28
1 private or public persons or entities, constructing buildings or structures, acquiring buildings or
2 structures, providing subsidies to, or for the benefit of, very low income households, lower
income households, or persons or families of low and moderate income, or other powers to carry
4 out the purposes of the Act; and
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WHEREAS, pursuant to Section 33334.2(g) (1) of the Act, the Agency may use said
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funds outside the project area(s) upon a resolution of the Agency and the Legislative body that the
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use will be of benefit to the project area(s); and
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WHEREAS, it is the desire of the Agency to establish a Down Payment and Closing
Cost Assistance Loan and/or Minor Home Repair Grant Program for low and/or moderate
U income households and to appropriate Redevelopment Agency Housing Set-Aside funds for
12 said program.
13 NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
14 Commission of the City of Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The Housing and Redevelopment Commission appropriates $500,000 in
j7 Redevelopment Housing Set-Aside funds to implement a Down Payment and
Closing Cost Assistance Program to provide up to $20,000 for lower income
18 households and 5% of the fair market value of a home purchase, or $40,000
maximum for moderate income households in the form of a zero-interest "silent
19 second" loan to purchase an affordable attached or detached residential unit within
the City limits of the City of Carlsbad, and to fund a Minor Home Repair Grant
20 Program for Low and Moderate Income Households in the form of zero-interest,
forgivable loan.
3. That the expenditure of monies from the Low and Moderate Income Housing Fund for
the purposes of funding said program are and will be of benefit to the respective
_- Project Area(s) based on the following findings:
24 a. The Village Redevelopment Area currently consists of a number of restaurants,
hotels, time-share projects and small retail operations which depend on and
25 offer employment at low to moderate income wages. Improving housing for
low/moderate income households and/or assisting low/moderate income
26 households to purchase affordable housing throughout the community is
beneficial to maintaining and/or increasing the labor supply and/or supporting
27 the existing employees working within the Village Redevelopment Area.
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b. The South Carlsbad Coastal Redevelopment Area is proposed to have several
new restaurants, hotels, time-share projects and small retail operations which
will also depend on and offer employment at low to moderate income wages.
The proposed program will assist in improving existing housing stock for
5 low/moderate income households and/or assisting existing low/moderate
income wage earners to purchase affordable housing. This program will
6 ultimately benefit the project area by providing an employee pool which is
located in close proximity to the project area.
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4. That the Low and Moderate Income Housing Set-Aside Funds will promote the City of
Carlsbad's housing goals and satisfies specific requirements of the Community
Redevelopment Law to expend a portion of its tax increment to produce and/or
improve affordable housing for low and moderate income persons.
That the expenditure of the subject Low and Moderate Income Housing Set-Aside
Funds to assist the City of Carlsbad and Carlsbad Redevelopment Agency in providing
financial assistance for the subject programs is consistent with the Village
12 Redevelopment Area Low and Moderate Income Housing Set-Aside Spending
Strategy/Plan.
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6. The Finance Director is hereby authorized to appropriate said funds for said
programs, and the Housing and Redevelopment Director is authorized to administer
said programs on behalf of the City of Carlsbad and Carlsbad Redevelopment
Agency, including approval and disbursement of said loans and/or grants and
execution of all related program documents.
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PASSED, APPROVED AND ADOPTED at a Joint Special Meeting of the
Carlsbad Housing and Redevelopment Commission and Carlsbad City Council held on
the 22nd day of April, 2008, by the following vote:
AYES: Commission Members Lewis, Kulchin, Hall, Packard and Nygaard.
NOES: None.
ABSENT: None.
DSA HILDABRAND, Secretary
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