Resolution Number 99-10-19-6439
RESOLUTION NO. 99-10-19-6
APPROVAL OF THE SUBMITTAL OF AN APPLICATION FOR FUNDING
UNDER THE HOME INVESTMENT PARTNERSHIPS PROGRAM
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, AUTHORIZING THE SUBMITTAL OF AN
APPLICATION TO THE CALIFORNIA STATE DEPARTMENT OF HOUSING
AND COMMUNITY DEVELOPMENT FOR FUNDING UNDER THE HOME
INVESTMENT PARTNERSHIPS PROGRAM; THE EXECUTION OF A
STANDARD AGREEMENT, IF SELECTED FOR SUCH FUNDING ANDANY
AMENDMENT THERETO; AND, ANY RELATED DOCUMENTS
NECESSARY TO PARTICIPATE IN THE HOME INVESTMENT
PARTNERSHIPS PROGRAM
WHEREAS, the City of San Juan Capistrano, a political subdivision of the
State of California, wishes to apply for and receive an allocation of funds through the
HOME Investment Partnerships Program (hereinafter referred to as "HOME"); and,
WHEREAS, the California Department of Housing and Community
Development (hereinafter referred to as the "Department') has issued a Notice of Funding
Availability for the HOME program and is authorized to approve funding allocations which
will be made available directly through the U.S. Department of Housing and Urban
Development to be used for the purposes set forth in Title II of the Cranston -Gonzalez
National Affordable Housing Act of 1990, the implementing regulations set forth in Title 24
of the Code of Federal Regulations, Part 92, and Title 25 of the California Code of
Regulations commencing with Section 8200; and,
WHEREAS, the City of San Juan Capistrano wishes to submit an application
to obtain from the Department an allocation of HOME funds; and,
WHEREAS, the proposed program is consistent with the policies and
objectives of the San Juan Capistrano General Plan; and,
WHEREAS, the proposed program is consistent with the policies and
objectives of the San Juan Capistrano Housing Element.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
San Juan Capistrano as follows:
1. The City of San Juan Capistrano shall submit to the Department an
application to participate in the HOME program in response to the Notice of Funding
Availability issued on September 10, 1999, which will request a funding allocation for the
following activity:
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B. First -Time Homebuyer Program - This program consists of
providing secured, 30 -year second mortgage loans to eligible lower income
households. Up to $30,000 is proposed to be provided to eligible first-time
homebuyers with down payment and closing cost assistance. Soft costs (closing
costs) directly related to the loan for the property being purchased with HOME
program funds such as credit reports, appraisals, application processing fee,
inspection service fees and specifications, engineering costs, recording fees, etc.,
will be paid for through the loan made to the homeowner. The second mortgage
loans will be offered at 3 percent interest for the first 10 years, dropping to 0 percent
interest after 10 years. The loan will be due in 30 years, at refinance for cash out,
when the owner ceases to reside in the property, or upon sale or change in
ownership.
2. If the application for funding is approved, the City of San Juan
Capistrano hereby agrees to use the HOME funds for eligible activities in the manner
presented in the application as approved by the Department and in accordance with
regulations cited above. It also may execute any and all other instruments necessary or
required by the Department or the U.S. Department of Housing and Urban Development
for participation in the HOME program.
3. The City of San Juan Capistrano authorizes George Scarborough, City
Manager, and/or Thomas Tomlinson, Planning Director, to execute in the name of the City
of San Juan Capistrano, the application, the Standard Agreement, and all otherdocuments
required by the Department or the U.S. Department of Housing and Urban Development
for participation in the HOME program, and any amendments thereto.
PASSED, APPROVED, AND ADOPTED this 19th day of
October .1999.
ATTEST:
CITY CLE
q1L AW1W
JO N GREINER, MAYO
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441
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
I, CHERYL JOHNSON, City Clerk of the City of San Juan Capistrano,
California, DO HEREBY CERTIFY that the foregoing is a true and correct copy of
Resolution No.g4-in-i g-6 adopted by the City Council of the City of San
Juan Capistrano, California, at a regular meeting thereof held on the 1 oth day of
October , 1999, by the following vote:
AYES: Council Member Jones, Swerdlin, Hart, Campbell
and Mayor Greiner
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL) U
vyY�
CHERYL JCNNSON, CITY CLERK
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