HomeMy WebLinkAboutReso. 1979-106 Approving Amendments to the Rehabilitation Loan Policy Adopted by City Council Resolution No. 75-86 �� ! f
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RESOLUTION NO. 79�Dlo
A RnSOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING Ab1EVDr1ENTS TO THE REHABILITATION LOAN POLICY
ADOPTED BY CITY COUVCIL RESOLUTION N0. 75-86 .
4aHEREAS , the City of Redding has adopted a rehabilitation
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 , and
i�HEREAS , 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 tne orovisions of CEQA ,
vOW, THEREFORE BE IT RESOLVED that the amendments to the
rehabilitation loan policy attached hereto as Exhibit "A" are
here'ay approved and adopted.
I HEREBY CERTIFY that the foregoing resolution was introduced
an adjourned
and read at/ regular meeting of the City Council of the City of
Redding on the 25th day of �une , 1979 , and was duly
adopted at said meeting by the following vote :
AYES : COUt�CIL��IEN : Fulton, Gard, Pugh, and Demsher
NOES : COUNCZL.MEN : None
ABSENT : COUNCILMEV : K1Y'kPdtY'iCk
ATTEST :
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//�r L.I�_i il.����'t-�—��.lL-,-, � �...�_c1 -�--
MIL�RED L. BRAYTON; CITY CLERK DONALD M. DEMSHER, Mayor �
�J City of Redding �(
FORM APPROVED : �
�E� j� ��—//I� / Amended by R-79-115 �
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ARL � . ilU H ,�TY TTOR\EY + �
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EXHIBIT "A"
AMEiVDMEP�T P�O. 8 TO CITY OF REDDIi�G REHABILITATION LOAPJ POLICY
Section 10 - Special Pro9rams : Add to Section 10 - Special Programs , a
new cateogry No. 6 , Relocation Grants and Advisory Services
for tenants to read as follows :
6. Relocation Grants and Advisory Services for Tenants
Relocation grants and advisory services shall be provided to low and moderate
income tenants who occupy housing rehabilitated under the Section 312 loan
program provided that:
1 . They occupied the unit before the rehabilitation work commenced.
2. As a result of the rehabilitation , the rent increased to
over 25% of the tenant's income.
Monthly relocation payments shall not exceed the difference between the approved
rent after rehabilitation and 25% of the tenant 's income provided that the
increased rents require the tenant to pay more than 25ro of their income for
housing expense. If the rent amount before rehabilitation exceeds 25% of the
tenant's income , then the monthly payment would be the difference between the
old rent and the ne�a rent. Nowever, the maximum payment shall not exceed
54,OOO.QO. Payments will continue for four years or until 54,000.00 has been
corrunitted provided that the tenant continues to live in the unit and still
meets the income requirements . Each case will be reviewed annually. Relocation
costs shall be funded from the rehabilitation loan program.
Section 10 - Special Programs : Add to Section 10 - Special Programs , a
new category No. 7 , 312 loan processing costs to read as
follows:
7. 312 Loan Processing Costs
Eligible Costs
The following expenses incurred while processing Section 312 loans
shall be paid from the rehabilitation loan program:
l . Appraisals
2. Credit reports
3. Termite inspection reports . �