HomeMy WebLinkAboutReso. 1976-036 - Approving amendments to the rehabilitation loan policy adopted by reso 75-86z
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RESOLUTION NO. 76-36
A RE'SOLU'TION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING AMENDMENTS TO THE REHABILITATION LOAN POLICY
ADOPTED BY CITY COUNCIL, RESOLUTION NO. -75-86
WHEREAS, the City of Redding has adopted a Rehabili-
tation Loan Policy by City Council Resolution No. 75-86, and
WHEREAS, the Department of Planning and Community
Development of the City of Redding has prepared and submitted
proposed amendments to the Rehabilitation Loan Policy to the
Citizens Advisory Committee and the Community Development
Advisory Board, which have reviewed the proposed amendments
and have recommended their adoption by the City Council, 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 amended and the rehabilitation
loan area be expanded,
NOW, THEREFORE, BE IT RESOLVED that the Amendment to
the Rehabilitation Loan Policy, attached hereto as Exhibit "A",
is hereby approved and adopted.
BE IT FURTHER RESOLVED that the rehabilitation loan
area previously designated by the City Council be expanded to
include portions of the Freebridge neighborhood west of the
Anderson -Cottonwood Irrigation District canal as illustrated
on the attached map, identified as Exhibit "B".
I HEREBY CERTIFY that the foregoing Resolution was intro-
duced and read at an Adjourned Regular meeting of the City
Council of the City of Redding on the
29th
day of March ,
1976, and was duly adopted at said meeting by the following vote:
Amended by Resolutions Nos.
77-135, 77-189, 78-223
n
01
AYES : COUNCILMAN: Demsher, Gard, Pugh, and Fulton
NOES: COUNCILMAN: None
ABSENT: COUNCILMAN: Anderson
ATTEST:
Mildred—L. Brayton
City Clerk
FORM APPROVED:
Ear D. Murphy �..
City -Attorney
Lee D. Fulton, M.D.
Mayor of the City of Redding
r ..L. L L. d . It n It
AMENDMENT NO. 1 TO CITY OF REDDING REHABILITATION LOAN POLICY
Adopted March 29, 1976 - Resolution No. 76-36
SECTION 1 - INTRODUCTION AT PAGE 1
Increase the loan limit in the second paragraph from $5,000 to $7,500.
SECTION 4 - DESCRIPTION OF LOAN PROGRAMS AT PAGE 9
Under 4, Amount Item b: Delete $5,000 and insert $7,500.
SECTION 3 - GENERAL ELIGIBILITY REQUIREMENTS AT PAGE 6
C. Income/Housin Expenses. The applicant must meet both of
the following conditions:
1. Family adjusted gross income must be less than
the following amounts:
Delete Add
1 person $ 7;369 $ 8,820
2 persons 9;469 11,340
3 persons 193689 12,720
4 persons 443899 14,160
5 persons 423689 15,000
6 persons 1.3;389 15,960
7 persons 443889 16,800
8 or more 443898 17,760
SECTION 3 - GENERAL ELIGIBILITY REQUIREMENTS - at page 6, under, B.
Owner Occupant, add to the end of the second sentence, the following:
in those special cases where a land contract is held by the State
of California Department of Veteran Affairs.
SECTION 3 - GENERAL EIGIBILITY REQUIREMENTS - at page 8, add the following:
K. Water and Sewer Connection. In those cases where water and
sewer services are available, an applicant must be connected
to those services or a part of the proceeds of the loan be
used to connect to these services.
SECTION 4 - DE PIPTI
' ON OF LOAN PROGRAMS at page 9
Add to Section 4 - Description of Loan Programs, a new category D.
Water and Sewer Loans to read as follows:
D. Water and Sewer Loans
I. 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. $500.00, or,
except that the Loan Committee may approve loans over
$500 under special circumstances, such as, where a
water and sewer hook-up cannot be made due to distances
from trunk lines and mains.
4. Repayment. The term of the loan shall not exceed 10 years.
If not repaid earlier, the loan shall become due and payable
at the time of a property transfer.
5. Terms and Conditions
a. A water and sewer loan shall be amortized to not
more than 10 years and shall bear interest at
the rate of three percent.
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.
c. Installments shall be due monthly.
d. 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 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.
PKofnsED .ADDITloi4 To 5.
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