HomeMy WebLinkAboutReso 1991-16414 RESOLUTION NO. 16414
RESOLUTION OF THE CITY OF CHULA VISTA ESTABLISHING A
POLICY REGARDING THE COMMUNITY REINVESTMENT ACT
WHEREAS, the Community Reinvestment Act (CRA) of 1977 confirmed that
government chartered banks and savings institutions have a "continuing and
affirmative obligation to help meet the credit needs of the local communities in
which they are chartered", including the needs of low and moderate income
neighborhoods and small business; and,
WHEREAS, the 1989 FIRREA legislation (the "savings and loan bail-out bill")
included amendments to the Community Reinvestment Act which significantly
increased the power of the Community Reinvestment Act as a community development
tool; and,
WHEREAS, Community Reinvestment Act guidelines applying to federally
regulated lenders include: 1) ascertaining community credits needs; 2) helping
to meet housing and small business credit needs; 3) marketing special programs
to target groups; 4) addressing geographic distribution of branches; and 4)
participation in local community development and redevelopment projects or
programs; and,
WHEREAS, the Council has adopted an objective in its Economic Development
Plan to "pursue development of a Community Reinvestment Act strategy to encourage
lenders' participation in economic development activities; and,
WHEREAS, the Economic Development Commission subcommittee is taking a
leadership role in pursuing these strategies, including the assimilation of a
group of resource people to act as advisors and liaisons to other community
groups.
NOW, THEREFORE, BE IT RESOLVED by the City of Chula Vista that it shall be
the policy of the City to encourage every federally regulated local lender to
develop and implement a community reinvestment plan in conformance with Community
Reinvestment Act goals and local housing and economic development goals. Such
plans could include, but not be limited to: mortgage and special home
improvement loan programs for lower income and minority households; special loan
programs for small business clients; sponsorship of educational workshops for
targeted residential and commercial consumers; participation in affordable
Resolution No. 16414
Page 2 '
housing and economic development loan programs sponsored by the City or
Redevelopment Agency, federal government and/or state government; and support of
local non-profit groups involved in affordable housing and/or economic
development activities.
Presented by Approve as ~form
Chri s Sal omone gaar
Community Development Di rector City Attorney
Resolution No. 16414
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 12th day of November, 1991, by the following vote:
YES: Councilmembers: Grasser Horton, Malcolm, Moore
Rindone
NOES: Councilmember: None
ABSENT: Councilmembers: Nader
ABSTAIN: Councilmembers: None
Leonard M. Moore
Mayor Pro-Tempore
ATTEST:
~uthelet, 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. 16414 was duly passed, approved,
and adopted by the City Council held on the 12th day of November, 1991.
Executed this 12th day of November, 1991.
Be~h~e~e~