HomeMy WebLinkAboutReso 91-177 - Approve an Amendment to the Rehab Loan Policy adopted by City Council Reso 75-86 4 '
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING AN AMENDMENT TO THE REHABILITATION LOAN POLICY
ADOPTED BY CITY COUNCIL RESOLUTION NO. 75-86.
WHEREAS. the City of Redding has adopted a Rehabilitation Loan Policy
by City Council Resolution No. 75-86 and amended it by Resolution Nos. 76-36, 77-
135, 77-189, 78-223, 78-235, 78-240, 79-46, 79-106, 79-115, 79-243, 80-96, 80-240,
83-52, 84-79, 84-233, 85-32, 86-134, 88-19, 89-272, 90-251 and 90-292; and
WHEREAS, the City Council deems it to be in the best interest of the
citizens of the City of Redding that the Rehabilitation Loan Policy be further
amended as set forth in Exhibit "A" attached hereto; and
WHEREAS, it has been determined that this matter is categorically
exempt from the provisions of CEQA.
NOW, THEREFORE, BE IT RESOLVED that the amendments to the
Rehabilitation Loan Policy attached hereto as Exhibit "A" are hereby approved and
adopted.
I HEREBY CERTIFY that the foregoing Resolution was introduced and
read at a regular meeting of the City Council of the City of Redding on the 7th day
1 of May , 1991, and was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Arness, Dahl, Fulton, Moss & Buffum
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
N CY,0F*UM;; ayor
I
City edding
ATTEST:
ere"Q �
j ETHEL A. NICHOLS, City Clerk
j FOR PPRO D:
i
I
I Y"
RANDA . HAYS, City Attorney
R/RLP.AMN
EXHIBIT "A"
D. Water and Sewer Loans
1. Purpose. The purpose of a water and sewer loan is to pay the water
and sewer hook-up in those cases whether or not the family is
applying for a rehabilitation loan.
2. Eligibility. In order to qualify for a water and sewer loan the
applicant must meet all general eligibility requirements.
3. Amount. The amount of a water and sewer loan shall not exceed the
lesser-of:
a----The actual (and approved) cost of installation or;.
b----$SAA.-667-er
i
exeept--that--the--Loam-eemmrttee may -approve--losne--ever-$400--ander
special-eireumstaneee;-sash-ae;-where-a-water-and-sewer-hookup-eannet
be-made-due-to-distances-from-trunk-linea-and-maine-
47--Repayment---4ire-berm--cf the-lcan-'hal l--net- - -fears-.---ff-not
repaid-earlier;-tine- -become -clue--and- -the-time-of
a-property-transfer7
4. Terms and Conditions
e----A-Vater--sit&-sewer-loan-l ra1-1--kmssot-more--th&M-le
yeare-end-shell-bear-interest-at-the-rate-ef-three-pereent-
J
a. Repayment. The term of repayment of the water and sewer loan
shall be:
1. A maximum loan term of 15 years for those applicants
meeting the eligibility requirements for amortized loans
defined in Section 4A. Installments shall be due monthly.
or
2. A loan term that will be due and payable upon transfer of
title to the property securing the loan for those
applicants meeting the eligibility requirements for
deferred payment loans defined in Section 4C.
J b. A water and sewer loan shall be secured by a note and a deed of
trust on the property in the amount of the loan.
e---installmente-shall-be-due-monthly.--
c. The loan may be prepaid in whole or in part at any time without
prepayment penalty.
In consideration of the minimal amount of the loan for water and
sewer connection, it will not be necessary to secure termite
inspection reports, appraisals, credit reports, a title search and
1 title insurance, or evidence of insurance. It will be required that
staff document owner equity in the property and verify mortgage
balances on the property.
i
- 13 -