HomeMy WebLinkAboutReso. 1985 - 032 - Approving amendment to the rehabilitation loan policy adopted by city council resolution no. 75-86 _. _ III •
RESOLUTION NO. 3 __
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING 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, 80-240 , 83-52 , 84-79 and 84-233; and
WHEREAS, the City Council deems it to be in the best
interest of the citizens of the City of Redding that the rehabi-
litation loan policy be further amended as set forth in Exhibit
"A" attached hereto; and
WHEREAS , it has been determined that this matter is categor-
ically 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 intro-
duced and read at a regular meeting of the City Council of the
City of Redding on the 19th day of February , 1985 , and
was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Fulton, Gard, Pugh, & Kirkpatrick
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Demsher
ABSTAIN: COUNCIL MEMBERS: None
li,; / 41241/e/' / - ' te,.- l
HOWARD D. KIRK' *TRICK, Mayor
City of Redding Its
(INk:
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. ; 411 •
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
fDAL /0.
R A
L A. YS , ;Pity Attorney
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Amendment No. 16 to City of Redding Rehabilitation Loan Policy
SECTION 4 - DESCRIPTION OF LOAN PROGRAMS
A. Amortized Loans -
6. Terms and Conditions
a. A rehabilitation loan shall be amortized in not more than
10 years and shall bear interest at one of the followoing
rates: Five percent for very low income applicants, and
eight percent for low income applicants.
B. Partial Deferred Payment Loans
5. Terms and Conditions
Insert:
d. This loan shall bear interest at the rate of five percent.
C. Deferred Payment Loans for Elderly and/or Disabled
5. Terms and Conditions:
Insert:
c. This loan shall bear interest at the rate of five percent.
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EXHIBIT "A"
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