HomeMy WebLinkAboutReso. 1980 - 096 - Approving amendments to the rehabilitation loan policy adopted by reso 75-86 •
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RESOLUTION, NO. flo-9�
A RESOLUTION OF ,THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING AMENDMENT.S ;.TO THE REHABILITATION LOAN POLICY
. ADOPTED• BY CITY. COUNCIL RESOLUTION NO. 75-86. •
WHEREAS, the City of Redding has adopted a rehabilita-
• tion loan policy by City. Council Resolution No-;, 75-86 , and amended
it by, Resolutions No. ':76-36 , No. 77-135 , No. 77-189 , No. 78-223 ,
No. 78-235 , No. 78-240, No. 79-46 , No. 79-106 , No. 79-115; and No.
79-243, and
WHEREAS , the City Council deems it to be in the' best
interest of the citizens of the City of Redding that the rehabili- •
tation loan policy be further amended as set forth in Exhibit "A"
attached hereto,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Redding 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 5th day of May , 1980, and was duly adopted
at said meeting by the following vote:
AYES: COUNCILMEN: Fulton, Gard, and Pugh
NOES : COUNCILMEN: None
ABSENT: COUNCILMEN: Demsher and Kirkpatr'
A• EST:
ARCHE rr F
( 41,4.4.460,(144_, May . th- City of Redding
I DR N i Clerk
FORM APPROVED:
RA DALL A. AYS , ity. ttorney Rescinded by 83-52, 3/21/83 •
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DRAFT
EXHIBIT "A"
Amendment No. 11 to City of Redding Rehabilitation Loan. Policy
Section 10 - SPECIAL PROGRAMS
"8. FHA Title I Home Improvement Loans
FHA Title I Home Improvement Loans will be provided on a city-wide
basis in residentially zoned areas according to the conditions set
forth in the Operating Agreement between Security Pacific National •
Bank and the City of Redding. These loans will be available to
owner-occupants in accordance with the regulations of the FHA
Title I program. Security Pacific National Bank will finance the
loans at the current FHA Title I interest rate and the City of
Redding will make interest subsidy payments to lower the interest.
Those persons determined to be Very Low Income as defined by Section
8, Title 2 of the Housing Act of 1974 will be eligible for subsidies
to an effective interest rate of 4%. Those persons determined to be
Low Income as defined by Section 8, Title 2 of the Housing Act of
1974 will be eligible for subsidies to an effective interest rate
of 8%. "
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SECTION 11 - ELIGIBLE AREAS
The following area$ $y0 "is" eligible for City of Redding Housing
rehabilitation loans (see applicable resolution$ for area map$) :
17--Parkv4ew-Freebr4dge-East-area---IRe4uded-9/3/75
2:--Parkview-Freebr4dge-West-area---Included-3/29/76
37--Magnet4a-6eurt-area---411eleded-6/28/76
47-44nden-area---4Re ded-6/2876
57--BewRtewe-area---4Releded-9/49/77
67 Cascade area - included 12/4/77 "78"
"Fends-repaid-fret-Hees}ng-Rehabll}tatlen-Leans-shall-be-depes;ted
in-a-Revelving-Heus}ng-Rehab444tatleR-Lean-Fend---These-fonds-that
er}g4Rated-freffl-HUD-Ent}}event-Grants-shall-be-used-te-make-add4-
tieRal-leans-4n-the-fellew}ng-er494nally-desl0ated-areas=
17--Parkv4ew-Freebr4dge4ast-area
27--Parkv4ew-Freebr4dge-West-area
37--Ma9n04a-Cetirt-afea
47--L4RdeR-area
57--DewRtewn-area
Those funds that originated from the 1979-1981 HUD Small Cities
Discretionary Grant shall be used to make additional loans in the
Cascade area.
"The following area is eligible for FHA Title I Home Improvement .Loans:
Residential Zoned Areas within City Limits of the City of Redding."
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