HomeMy WebLinkAbout1988-06-07; Housing & Redevelopment Commission; 102; Conversion Funding for Solamar Mobilehome Park’ HOUSING AND --* EDEVELOPMENT COMMIIS,c --‘N - AGENDA BIL
AB# 102, / TITLE: CONVERSION FUNDING FOR THE
MT& 6/%4788 SOLAMAR MOBILEHOME PARK CITY Ad!%
DEPT. RED CITY MGRi
I RECOMMENDED ACTION:
If Housing and Redevelopment Commission concurs, your action is to adopt Resolution No. 108, to grant 20% set-aside housing funds in the amount of $148,000 to the Solamar Mobilehome Park Homeowners Association to assist in purchase of nine (9) lots for residents of that park.
I ITEM EXPLANATION
At the City Council meeting of May 24, 1988, the staff was directed by the Council to bring an agenda.bill and resolution appropriating $148,000 in Redevelopment housing set-aside funds to be used in conjunction with funding from San Diego County to purchase a total of eleven (11) lots in Solamar Mobilehome Park. The City's contribution will actually assist nine (9) of the eleven residents. Redevelopment housing set-aside funds are legally designated for the production and enhancement of affordable housing.
City Council indicated that there was a definite need to assist the residents of Solamar with completing the conversion and assisting the very low-income tenants of the park. However, the City Council and staff felt that Community Development Block Grant funds were not the appropriate source of funds for this assistance.
As directed, the agenda bill and resolution therefore proposes the use of the Redevelopment 20% housing set-aside funds which have a current unencumbered balance of approximately $530,000 to finance the Solamar conversion.
Following your action loan documents will be drawn up by the County of San Diego for review by our City Attorney and to be executed by the City Manager placing the Commission in a trust deed position. Loan funds will be repaid to the Commission upon change of title. r
> FISCAL IMPACT:
The City will loan $148,000 from the 20% set-aside Housing Fund (810-3420) to the Solamar Mobilehome Park very-low income tenants, as specified by the County of San Diego. Loan will be secured by a lien on the tenants' property in a subordinated position to the County. The loan will be repaid to the City upon change of title of the assisted units.
EXHIBITS:
l- Resolution No. 108 approving the funding.
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RESOLUTION NO. 108
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, GRANTING FUNDS TO THE SOLAMAR MOBILEHOME PARK HOMEOWNERS ASSOCIATION FOR THE CONVERSION OF NINE RESIDENT LOTS TO SELF-OWNERSHIP.
WHEREAS, the City Council of the City of Carlsbad,
California, on May 24, 1988, considered the needs of the
Solamar Mobilehome Park Homeowners Association (i.e. the nine
very low-income residents therein): and
WHEREAS, the City Manager and staff were directed to
bring forth enabling documents to facilitate the loan of
$148,000 to the aforementioned residents.
NOW, THEREFORE, BE IT RESOLVED, that the funding for
said conversion in the amount of $148,000 for the 20% set-
aside Housing Fund is hereby approved.
BE IT FURTHER RESOLVED, that the City Manager is hereby
directed to accomplish the fund transfer in the form of a
deferred loan in terms comparable to the loans made to
Solamar by the County of San Diego.
PASSED, APPROVED, AND ADOPTED, at a special meeting of
the Housing and Redevelopment Commission of the City of
Carlsbad, California, held on the 7th day of June, 1988, by
the following vote, to wit:
AYES: Commissioners Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
* L A L . , ity r
(Seal)