HomeMy WebLinkAboutReso 1980-10286
RESOLUTION NO. 10286
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CHULA VISTA APPROVING LOCALITY AND LENDER
ALLOCATION ASSIG~MENT AGREEMENTS WITH ANAHEIM
SAVINGS AND LOAN ASSOCIATION AND MISSION 3AY
110RTGAGE COMPANY
The City Council of the City of Chula Vista does hereby
resolve as follows:
~'lHEREAS, the City has approved an agreement with the
California Housing Finance Agency (CHFA) for the continuation of
the Home Ownc~rship and Home Improvement Loan Program (HOHI); and,
~~HEREAS, Anaheim Savings and Loan Association and Mission
Bay Mortgage Company have applied to the City to serve as the lending
agencies for the allocation designated to Chula Vista; and,
WHEREAS, the above two lending institutions were the
most successful lenders among the four institutions involved in the
first allocation of HOHI funds; and,
WHEREAS, the two agreements entitled Locality and Lender
Allocation Assignment Agreement are attached hereto as though fully
set forth herein.
NOW, THEREFORE, BE IT RESOLVED that the two agreements
are hereby approved and the Mayor .is authorized and directed to execute
the agree~ent for and on behalf of the City of Chula Vista.
Approved as to form by
PalL G. Desroc ers, Communlty
Development Director
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHlLA VISTA, CALIFORNIA, this 7th
I~ 0 , by the following vote, to-wit:
day of
October
AYES: Cooocilmen Scott, Hyde, Cox, McCandliss
NAYES: CCUlCilmen None
ABSTAIN: CoI.ncimen None
ABSENT: Councimen Gillow
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l ...~~ of the (City of. Vista
ATT.~... 'tn;/"1JZ li5(/~/
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STATE OF CALIFORNA )
COUNTY OF SAN DIEGO ) 55.
CITY OF CHULA VISTA )
I, JENNE M. FULASZ, CMC, Cry CLERK of the City of Chulo Vista, California,
DO HEREBY CERTIFY that the above and foregoing is 0 full, true and correct copy of
RESOLUTION NO. 10286
,and that the IOme has not been amended or repealed.
DATED
( seal)
City Clerk
CC-660
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LOCALITY AND LENDER ALLOCATION ASSIGNMENT AGREEMENT
(the
of
THIS LOCALITY AND LENDER ALLOCATION ASSIGNMENT AGREEMENT
"Agreement") is entered into this seventh day
. October 1980 by and between
City of Chula Vista (hereinafter "Local I tyITJ
Anaheim Savings and Loan Association (hereinafter "Lender").
Locality and Lender agree as follows:
ART!rLE I - AUTHORIZATION
(
This Agreement is entered into pursuant to applicable
provisions of the Zenovich-Moscone-Chacon Housing and Home
Finance Act, constituting Division 31 (commencing with Section
50000) of the Health and Safety Code of the State of California
(the "Act"); the regulations promulgated with respect to the
designation and servicing of mortgage loans pursuant to CHFA's
Home Ownership and Home Improvement Loan Program in those areas
designated by resolution of the CHFA pursuant to Chapter Six,
Part 3 of the Act as "Neighborhood Preservation Areas"; all
agreements, contracts, commitments, manuals, instruction letters
and other documents pertaining to the HOHI Program (collectively
the "Rules and Regulations"); and the Federal National Mortgage
Association ("FNMA") Home Mortgage Servicing Contract Supplement
(the "Guide").
ARTICLE II - DEFINITIONS
In this Agreement, unless a different meaning clearly
appears from the context, all terms shall have the same meanIng
as prescribed in the Act and the Rules and Regulations.
Additionally:
AllvCJ~ivu means that aggregate amount of funds allocated by
CHFA to Locality, portions of which are to be assigned by the
Locality to various Lenders to be utilized by Lenders in origi-
nating loans under the HOHI Program within the Locality boundary.
HOHI Program means the CHFA Home Ownership and Home Improve-
ment Loan Program in Neighborhood Preservation areas, as governed
by the Act, and the Rules and Regulations.
Notice of Acceptance means the written notice from CHFA to
the Lender acceptIng the Lender Application and Offer to Sell and
Service Loans and specifying the aggregate principal amount of
eligible Loans agreed to be purchased by CHFA.
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ARTICLE III - TERMS
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The Locality has determined that an assignment of a portion
of its allocation should be made to the undersigned Lender for
the purposes of originating loans under the HOHI Program within
the Local it y boundary. It is agreed that a mi nimum of fifty
percent (50%) of each Lender's allocation assignment in each
tandem locality shall be in the designated Concentration Rehabi-
litation Area(s) (CRAs).
The Lender and Locality agree that the assignment of
Locality funds is based upon representations made by Lender to
Locality concerning, and Locality's evaJuation of, Lenders
ability to originaLe and servIce CHFA Loans. ~HF^ re~~irs ~h~
option of refunding the commitment fee on any unused portion and
returning to the Locality's its allocatioI) for assignment to
another Lender. The Lender and Locality further warrant that no
undisclosed promises, agreements or considerations were offered
or received at the time of making this allocation assignment.
Lender is obligated to provide Locality with reports of CHFA
Loan Activity, either prior to a loan commitment or after closing
as Locality shall determine. Locality may choose to review all
applicants prior to loan processing by Lender.
Lender and Locality understand that this allocation assign-
ment is not binding until such time as CHFA forwards written
Notice of Acceptance to all parties.
In anticipation of being participants in the HOHI Program,
the undersigned agree that successful programs will necessitate
regular meetings, reports and follow-up by all participants. The
following items are agreed to:
c
1. The following meeting schedule is required:
One meeting per mOdth.
2. Reports required are as follows:. (Give data required and
frequency of report.)
Data for each loan: a. Address
b. Number of units
c. Ar\1ount of loan
d. Loan category
Frequency: Prior to final
approval of each loan.
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3. Locality will allocate funds as between rehabilitation and
CHFA Construction as follows:
o Rehabilitation Only (100%)
m CHFA Construction Only (100%)
or
% Rehabilitation
% CHFA Construction
4. Locality will allocate funds in the following geographic
distribution within the designated area.
Tandems:
I]] SO % CRA (CHFA mi nimum requi rernen t)
or
Greater than 50% CRA show percent %
MAAS: Lenders will originate Loans in the
percentage geographic distribution pattern (e.g.
specified incorporated city in a rural MAA, or
south of Boulevard, etc.)
following
% to a
-%to area
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5. The following represents other Program requirements agreed to
by both participants:
A. This agreement is contingent upon Lender attaining status
as a "CHFA Construction Lender."
B. Lender agrees to obtain approval from Locality prior to
final approval of any loan under this program.
6. The amount of funds being assigned is $ 350,000
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Failure to comply with the terms and conditions of this
Agreement or any condi tion of the HOHI Program may resul t in
decert if i ca t i on of Lender and/or cancellations of commi tment s
and/or rescissions of allocation or designations as CHFA may deem
appropriate.
Anaheim Savings and Loan Association
Lender Name
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City of Chula Vista
Locality Name
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AuthorIzed ~~gnaLurc
Ma YO r
Title
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ANAHEIM SAVINGS
AND LOAN ASSOCIATION
LINNEA ARRINGTON
!~SSist8nt Vice President
10467 SAN DIEGO MISSION ROAD
SAN DIEGO. CALIFORNIA 92108
(714) 563-5050 (24 HRS.)
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LOCALITY AND LENDER ALLOCATION ASSIGNMENT AGREEMENT
(the
of
THIS LOCALITY AND LENDER ALLOCATION ASSIGNMENT AGREEMENT
"Agreement") is entered into this seventh day
October 1981L- by and between
[it~ of [hula Vista (hereinafter "LocalITyTTJ
Mission ay Mortgage Company (hereinafter "Lender").
Locality and Lender agree as follows:
ARTICLE I - AUTHORIZATION
(
This Agreement is entered into pu~suant to applicable
provisions of the Zenovich-Moscone-Chacon Housing and Home
Finance Act, consti tuting Di vision 31 (commencing wi th Sect ion
50000) of the Health and Safety Code of the State of California
(the "Act"); the regulations promulgated with respect to the
designation and servicing of mortgage loans pursuant to CHFA's
Home Ownership and Home Improvement Loan Program in those areas
designated by resolution of the CHFA pursuant to Chapter Six,
Part 3 of the Act as "Neighborhood Preservation Areas"; all
agreements, contracts, commitments, manuals, instruction letters
and other documents pertaining to the HOHI Program (collectively
the "Rules and Regulations"); and the Federal National Mortgage
Association ("FNMA") Home Mortgage Servicing Contract Supplement
(the "Guide").
ARTICLE II - DEFINITIONS
In this Agreement, unless a different meaning clearly
appears from the context, all terms shall have the same meaning
as prescribed in the Act and the Rules and Regulations.
Additionally:
Allocation means that aggregate amount of funds allocated by
CHFA to Locality, portions of which are to be assigned by the
Locality to various Lenders to be utilized by Lenders in origi-
nating loans under the HOHI Program within the Locality Doundary.
HOHI Program means the CHFA Home Ownership and Home Improve-
ment Loan Program in Neighborhood Preservation areas, as governed
by the Act, and the Rules and Regulations.
Notice of Acceptance means the written notice from CHFA to
the Lender accepting the Lender Application and Offer to Sell and
Service Loans and specifying the aggregate principal amount of
eligible Loans agreed to be purchased by CHFA.
l
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ARTICLE III - TERMS
(
The Locality has determined that an assignment of a portion
of its allocation should be made to the undersigned Lender for
the purposes of originating loans under the HOHI Program within
the Locality boundary. It is agreed that a minimum of fifty
percent (SOt) of each Lender's allocation assignment in each
tandem locality shall be in the designated Concentration Rehabi-
litation Area(s) (CRAs).
The Lender and Locality agree that the assignment of
Locality funds is based upon representations made by Lender to
Locality concerning, and Locality's evaluation of, Lenders
ability to originate and service CHFA Loans. CHFA retains the
option of refunding the commitment fee on any unused portion and
returning to the Locali ty' sits allocation for assignment to
another Lender. The Lender and Locality further warrant that no
undisclosed promises, agreements or considerations were offered
or received at the time of making this allocation assignment.
Lender is obligated t.o provide Locality with reports of -cHFA
Loan Activity, either prior to a loan commitment or after closing
as Locality shall determine. Locality may choose to review all
applicants prior to loan processing by Lender.
Lender and Locality understand that this allocation assign-,
ment is not binding until such time as CHFA forwards written .r
Notice of Acceptance to all parties. ~
In anticipation of being participants in the HOHI Program,
the undersigned agree that successful programs will necessitate
regular meetings, reports and follow-up by all participants. The
following items are agreed to:
1. The following meeting schedule is required:
One meeting per month.
2. Reports required are as follows:. (Give data required and
frequency of report.)
Data for each loan: a. Address Frequency: Prior to final
b. Number of units approval of each loan.
c~ Amount of loan
d. Loan category
e. Familiy size
f. Income (voluntary) "-
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3. Locality will allocate funds as between rehabilitation and
CHFA Construction as follows:
[K] Rehabilitation Only (100%)
DCHFA Construction Only (100%)
or
% Rehabilitation
% CHFA Construction
4. Locality will allocate funds in the following geographic
distribution within the designated area.
Tandems:
~ 50% CRA (CHFA minimum requirement)
or
Greater than 50% CRA show percent %
MAAS: Lenders will originate Loans in the
percentage geographic distribution pattern (e.g.
specified incorporated city in a rural MAA, or
south of Boulevard, etc.)
following
% to a
-%to area
S. The following represents other Program requirements agreed to
by both participants:
A. This agreement is contingent upon Lender attaining status as
a "CHFA Construction Lender."
B. Lender agrees to obtain approval from Locality prior to
final approval of any loan under this program.
6. The amount of funds being assigned is $
350,000
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Failure to comply with the terms and conditions of this
Agreement or any condi tion of the HOHI Program may resul t in
decert if ica t i on of Lender and/or cance lla t ions of commi tment s
and/or rescissions of allocation or designations as CHFA may deem
appropriate.
(
Mission Bay Mortgage Company
Lender Name
City of Chula Vista
Locality Name
c2:~e; ~~gnature
w~~~
AuthorIze Ignature
.
~A.eJ> ("' ~'~HJ
Itle
Mayor
TItle
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Date
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Date
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