HomeMy WebLinkAboutAgenda Statement 1976/01/27 Item 07CITY OF CHULA VISTA
COUNCIL AGENDA STATEMENT
ITEM TITLE
ITEM NO
7
FOR MEETING OF: 1 27 76
803
Resolution/approving agreement with Balboa Bank for services relative
to the City's Community Housing Improvement Program
SUBMITTED BY~ Community Development Director
ITEM EXPLANATION
The agreement for services between Balboa Bank and the City has been legally reviewed
by both the City Attorney and the Bank's counsel. The document will implement the
Community Housing Improvement Loan Program (CHIP) as presented to the Council at
their November 18, 1975, meeting. A summary of the basic elements of the program
is as follows: funding from the Block Grant will guarantee loans to be disbursed
by Balboa Bank at 6% simple interest rate per year; payment terms flexible in accord-
ance with ability to pay; income limits will be required (80% or below the City's median
income for various household sizes); initially available to homeowners in the area
bounded by Church Street, "G" Street, Second Avenue and "E'" Street -any changes will
be reported to Council in advance; the City'sHousing Element Advisory Board will
serve as a loan committee; initially, if the Board is not functioning, then a
committee of staff from Building and Housing, Planning and Community Development, and
a Bank representative will act in this capacity; the program will be implemented by
Building and Housing Department personnel in the field and Community Development
Department staff for loan and bank coordination.
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G/lr'liDl I J HI IHI..I"IGU
Agreement X Resolution X Ordinance Plat Other
Environmental Document: Attached Submitted on
STAFF RECOMMENDATION:
approval
BOARD/ COMMISSION RECOMMENDATION
N.A.
COUNCIL ACTION
APPROVE D
by i;h~
City ~`~~_~..:~.~~sl
V:-
;~lula Vista, Cwl~~or3lia
....
gated ~ ~ ~- ~
Form A-113 (Rev 5-75)