HomeMy WebLinkAboutReso. 1983 - 052 - Approving amendment to the rehabilitation loan policy adopted by city council resolution no. 75-86 •
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RESOLUTION NO. "3- 5-.4
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 by
Resolution Nos. 76-36, 77-135 , 77-189 , 78-223 , 78-235 , 78-240 ,
79-46 , 79-106 , 79-243 and 80-96; and
WHEREAS, the City Council deems it to be in the best
interest of the citizens of the City of Redding that the reha-
bilitation 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 21st day of March , 1983, and
was duly adopted at _said .meeting :by the following vote:
AYES: COUNCILMEN: . Deinsher,..Ful tdn';' Kirkpatrick, Pugh, and Gard •
NOES: . COUNCILMEN:' fNone •
ABSENT: COUNCILMEN: {None
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Ivo - ♦L . Off ` I
. RBA'JA ALLEN GARD, Mayor
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Po
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
RA 'BALL A. HAYS, Ci'Attorney
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,Amendment No. 13 to City of Redding Rehabilitation Loan Policy
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SECTION 1 - INTRODUCTION
A. Amortized Loan: A loan amortized monthly over a period
not to exceed 10 years .
SECTION 2 - DEFINITIONS
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Insert:
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LOW INCOME shall mean those incomes which do not exceed 80
percent of the median income as established by the Depart-
ment of Housing and Urban Development.
VERY LOW INCOME shall mean those incomes which do not exceed;
50 percent, of the median income as established by the
Department of Housing and Urban Development.
SECTION 4 - DESCRIPTION OF LOAN PROGRAMS
A. Amortized Loans
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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 following rates: 4
. percent for very low income applicants and 8
percent for low income applicants.
B. Partial Deferred Payment Loans
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5. Terms • and Conditions
hnsert: •
d.` - . This loan shall; bear: interest at the rate of
4, percent.'
C. Deferred .Payment Loans, for Elderly and/or Disabled
5 . Terms and Conditions •
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Insert:
c. This loan shall bear interest at' the rate of •
• . 4 percent.
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EXHIBIT ."A"