HomeMy WebLinkAboutAgenda Statement 1979/12/18 Item 15CITY OF CHULA VISTA
COUNCIL AGENDA STATEMENT
Item No. 15
For meeting of 12/18/79
IT [M RITLL
ITEM
QQ ~ Approving an Agreement with Security Pacific
Resolution ~ PJational Bank for Services Related to .the
Home Ownership and Home Improvement Program
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Community Development Director 1
TION (4/5TH'S VOTE REQUIRED YES- N0~)
July 7, 1979, the City received approval to participate in the Home Ownership
Hom Improvement Program (HOHI). The ownership phase of the program has been in
ratio with the services of four local lenders. The Home Improvement phase,
led 'tle I, is set up state-wide in cooperation with Security Pacific
Tonal Bank, and it is necessary to enter into an agreement with that bank
impl ent the program.
This ag ement itemizes the role of the City and the bank in regard to origi-
n ting a loan, filling out certain forms and certifications, determining
eligibility, and credit investigation. The actions to be performed by the
City ar substantially the same as those performed for the CHIP program.
H HI Ti le I provides for low-interest loans (currently 8;%) loans to low and
m de rat income persons for housing rehabilitation. It is available anywhere
i the ity to low and moderate-income homeowners who have owned their homes
f rat 1 ast one year. It is also available to any owner of one to four rental
u its i the Concentrated Rehabilitation Areas of the City if a rent control
a reeme t is signed. The maximum loan amount ranges from $15,000 for one unit
t $30, 00 fora fourplex rental.
Since t is section of the HOHI program deals only with rehabilitation and not
~vith th purchase of housing, it is not affected by the Ullman bill which has
c used halt in HOHI housing purchases.
T e Cit has $220,000 available in Title I for this program and can draw addi-
t onal llocations from the State when this amount is exhausted.
EXHIBITS
Agree~ent~ Resolution X Ordinance- Plat_ Notification List
Other~_ ENVIRONMENTAL DOCUMENT: Attached- Submitted on
FINANCIAL IMPACT
tle I~funds will complement the use of Block Grant funds in rehabilitating private
overt ,and will extend rehabilitation efforts to the entire City.
STAF RECD MENDATION
A opt re olution.
BOAR /COMM SSION RECOMMENDATION
IL AC ION
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