HomeMy WebLinkAboutReso 2010-258RESOLUTION NO. 2010-258
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA (1) AUTHORIZING THE CITY MANAGER TO
APPROPRIATE $1,470,000 IN NEIGHBORHOOD
STABILIZATION PROGRAM FUNDS AND $452,936 IN
HOME INVESTMENT PARTNERSHIP FUNDS FOR USES
PREVIOUSLY APPROVED BY CITY COUNCIL; (2)
AUTHORIZING THE CITY MANAGER TO EXECUTE A
FIRST AMENDMENT TO THE MARCH 24, 2010,
AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND
COMMUNITY HOUSINGWORKS FOR THE MANAGEMENT
AND IMPLEMENTATION OF A NEIGHBORHOOD
STABILIZATION PROGRAM; AND (3) AUTHORIZING THE
CITY MANAGER TO EXECUTE A THIRD AMENDMENT TO
THE AGREEMENT BETWEEN THE CITY AND
COMMUNITY HOUSINGWORKS FOR THE FIRST TIME
HOMEBUYER ASSISTANCE PROGRAM
WHEREAS, on March 23, 2010, Council approved an agreement between Community
HousingWorks and the City of Chula Vista for the use of Neighborhood Stabilization Program
(NSP) funds to acquire, rehabilitated, and resell properties to first time homebuyers and the City
entered into that agreement with Community HousingWorks on March 24, 2010 (hereinafter
"March 24, 2010 Agreement"); and
WHEREAS, the City of Chula Vista may receive anticipated revenue from NSP
activities (acquisition/rehabilitation/resell) completed by Community HousingWorks under the
March 24, 2010 agreement approved by Council earmarked to assist low- and moderate-income
households purchasing foreclosed properties in NSP tazget azeas; and
WHEREAS, staff has identified up to $1,470,000 in revenue received from NSP
activities be earmarked to assist additional NSP eligible homebuyers and establish a revolving
loan fund; and
WHEREAS, the City wishes to appropriate the $1,470,000 identified above to assist
additional NSP eligible homebuyers and establish a revolving loan fund and to enter a First
Amendment to the March 24, 2010, agreement to effectuate the appropriation of such funds; and
WHEREAS, the City also has an agreement (as previously amended) with Community
HousingWorks for the management of a first time homebuyer down payment and closing cost
assistance program (hereinafter Agreement); and
WHEREAS, on November 25, 2008, Council approved amending the Fiscal Yeaz
2008/2009 Annual Action Plan to allocate $452,936 of HOME Investment Partnership Funds for
first time homebuyer activities; and
Resolution No. 2010-258
Page 2
WHEREAS, on March 3, 2009, Council approved a Second Amendment to Community
HousingWorks First Time Homebuyer Agreement for underwriting services for a first time
homebuyer assistance program to include the use of $452,936 in HOME Investment Partnership
Funds subject to Council appropriation; and
WHEREAS, the City Council of the City of Chula Vista wishes to approve a Third
Amendment to the agreement between the City of Chula Vista and Community HousingWorks
for underwriting services for homebuyers wishing to acquire and rehabilitate foreclosed
properties using HOME Investment Partnership Funds, including the aforementioned $452,936
in HOME Investment Partnership Funds; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA
HEREBY DOES RESOLVE as follows:
(1) The City Manager is authorized to appropriate revenue and establish a revolving loan
fund from NSP funds received in an amount not to exceed $1,470,000 with existing non-
profit NSP contractors/developers, including Community HousingWorks to acquire and
rehabilitate properties under the NSP program to be sold to eligible first time
homebuyers; and
(2) The City Manager is further authorized to appropriate HOME Investment Partnership
Funds in the amount of $452,936 for first time homebuyer assistance; and
(3) A First Amendment to the March 24, 2010, agreement between the City of Chula Vista
and Community HousingWorks for the Management and Implementation of a
Neighborhood Stabilization Program is approved and the City Manager is authorized to
execute such amendment; and
(4) The Third Amendment to the agreement between the City of Chula Vista and Community
HousingWorks for First Time Homebuyer Program for underwriting services is approved
and the City Manager is authorized to execute such amendment.
Presented by
Approved as to form by
~~~
es D. Sandoval B .Mies d
ity Manager City Atto y
Resolution No. 2010-258
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 9th day of November 2010 by the following vote:
AYES: Councilmembers: Bensoussan, Castaneda, McCann, Ramirez and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Cheryl Cox ayo
ATTEST:
o 'a
Donna R. Norris, CM ', City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2010-258 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 9th day of November 2010.
Executed this 9th day of November 2010.
~~/Vn ~,1, rA
Donna R. Norns, CMC, City Clerk