HomeMy WebLinkAboutReso 1996-18373 RESOLUTION NO. 18373
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA SUPPORTING HUD FUNDING FOR NON-PROFIT HOUSING
ACQUISITIONS
WHEREAS, the federal government provided private developers with low-interest loans
and rent subsidies administered by HUD to promote housing affordability; and
WHEREAS, these loan agreements provided owners with "bailout" clauses to allow
such owners to cease participation after 20 years by paying off their mortgages; and
WHEREAS, this would permit owners to sell the buildings and would result in a loss
of affordable housing inventory; and
WHEREAS, non-profit agencies would like to buy such buildings in order to avoid the
loss of affordable housing but will need HUD funding; and
WHEREAS, in 1995/96, only ~700 million was allocated to this program; and
WHEREAS, no funding is being proposed by the HUD/VA subcommittee at this
committee; and
WHEREAS, as of April of this year, HUD estimates some $3 billion will be needed to
meet such funding requests; and
WHEREAS, the California Housing Partnership is asking all local government agencies
to pass resolutions of support for funding to cover the anticipated sales of affordable houses
stock, originally financed by HUD nationwide; and
WHEREAS, support for this funding is recommended based on the benefit to area low-
income families; and
WHEREAS, the Legislative Program is supportive of such creative federal or state
funding for low-income housing, but reserves such issues for direct Council action.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby request that Congress take action to prevent the loss of affordable housing units by
including sufficient funds in the 1996-97 budget to support the acquisition of "at risk" units
by non-profit agencies.
Presented by Approved as to form by
Sl~irley Hor~f~ Ann Y. Moore
Mayor Acting City Attorney
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Resolution 18373
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 16th day of July, 1996, by the following vote:
AYES: Councilmembers: Alevy, Moot, Rindone, Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: Padilia
ABSTAIN: Councilmembers: None
~orton, Mayor
ATTEST:
Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18373 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 16th day of July,
1996.
Executed this 16th day of July, 1996.
~Authelet, City Clerk