HomeMy WebLinkAboutrda min 1988/12/13
MINUTES OF A SPECIAL MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA, CALIFORNIA
Tuesday, December 13, 1988
J 0: J 5 p.m.
Council Chamber
PubJic Services ßui1ding
276 Fourth Avenue
ROLL CALL
PRESENT: Chairman Cox, Members McCand1iss, Nader, Moore
ABSENT: Member Ma1c01m
ALSO PRESENT: Executive Director Goss, Executive Secretary
Desrochers, Assistant Director of Community
Development Gustafson, City Attorney Harron
1. REPORT:
COMMUNITY HOUSING IMPROVEMENT PROGRAM
REGARDING DEFERRED PAYMENT LOANS.
POUC IES
Executi ve Secretary Desrochers submi tted a wri tten report in
which he discussed the basic intent of the Community Housing
Improvement Program (CHIP), the current CHIP loan p01 icies,
and the issues raised by the Council regarding deferred
loans. Generally, the report detailed the:
(1 ) CHI P
neighborhoods
rehabil itati on,
Program intent
by encouraging
to
and
improve Chul a
financing
Vis ta
housing
(2) CHIP Loan Pol icies (and grants) of which there are
four types. Each is structured to respond to the
circumstances of particular el igible households. All el igible
households must have annual household incomes at or below 80%
of the median income $27,600 for a family of four); and
(3) Issues of specific concern raised by City Council was
deferred loans, in particular the fact that deferred loans did
not charge interest or require equity participation. Equity
participation means that the lender shares in the equity gain
at sale or loan term from the point of making of the loan,
usually in proportion to the loaned amount.
MINUTES
- 2 -
December 13, 1988
The CHIP program is funded from the Agency's low and moderate
income housi ng fund. $700,000 was appropri ated for fi sca1
year 1988-89. In fisca1 year 1987-88, the Agency received
$26,043 in deferred 10an paybacks.
The recommendation is that the Agency accept the report and
maintain the existing p01icies for the CHIP program. The CHIP
Loan Commi ttee met on 9/15/88 and concurred wi th the
recommendation to keep the present policy in place, thereby
permitting the homeowner to realize any increase in the equity
of the property in question.
Executive Di rector Goss, respondi ng
stated this item will also be
Redevelopment Agency Meeting.
MSUC (Nader/McCandliss) to trail this item to the Redevelopment
Agency Meeting scheduled for Thursday, December 15, 1988 at 4 pm.
to the Members' comments,
discussed at Thursday's
2. ORAL COMMUNICATIONS - None
3. DIRECTOR'S REPORT - None
4. CHAIRMAN'S REPORT - None
5. MEMBERS' COMMENTS -
r4ember McCandl i ss asked staff for a status report on the
attempts to get a grocery store in the downtown area.
ADJOURNMENT at 10:18 p.m. to the Regular Meeting of Thursday,
December 15, 1988 at 4:00 p.m.
~;~~? c:i!-d~ /
ennie M. Fu1asz, CMC ;;-
CITY CLERK