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HomeMy WebLinkAboutCC RESO 13,365RESOLUTION NO. 13,365 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY ESTABLISHING INTEREST RATES IN CONNECTION WITH ALL RESIDENTIAL PROPERTY IMPROVE- MENT LOAN PROGRAMS ADMINISTERED BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY, CALIFORNIA WHEREAS, the City Council of the City of National City, California by adoption of Resolution No. 13,235 on February 5, 1980 extended itsneighborhood revitalization or home improvement loan area City Wide and limited loans to units actually occupied by the owner; and WHEREAS, the demand for such loans in National City is great and the supply of loan funds is limited; and WHEREAS, the U. S. Department of Housing & Urban Development (HUD) has published its proposed rules for its Section 312 Rehabilitation Loan Program and HUD's proposed interest rates would assist the City and the Community Development Commission in making loans available to a larger number of National City residential owner occupants than the present 3% rate regardless of family income; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of National City, California that the interest rates charged by the Community Development Commission of the City of National City for the improvement of owner occupied residential units shall be as follows: BE category "at "in process", Category III) BE Category III, following bas (a) (b) 3 percent if the borrower's adjusted annual family income is below 80 percent of the median income for the area; 6 percent if the borrower's adjusted annual family income is below 200 percent but at/or above 80 percent of the median income of the area; 9 percent if the borrower's adjusted annual family income is at/or above 200 percent of the median income of the area. The terms "adjusted annual family income" and "median income for the area" shall be as defined and as redefined, from time to time, by the U. S. Department of Housing & Urban Development. IT FURTHER RESOLVED that loan applications in the the lender and/or working", Category I, and in the Category Category II, (but not loans in the category "preapplication" as of June 17, 1980 shall be at the existing 3% rate. IT FURTHER RESOLVED that loans in the Category "Preapplication", and other loans in the future shall be funded on the is of allocation: 50% of funds shall go to applicants of low and moderate income (80% of median family income for the area) adjusted for family size. 10% of funds shall go to applicants of low income for deferred payment loans, (below 80% of median family income with priority to lowest incomes). (c) 20% of funds shall go to applicants above low and moderate income and up to 200% of the median income for the area, adjusted for family size. (d) 20% of funds shall go to applicants with incomes above 200% of the median income for the area, adjusted for family size. BE IT FINALLY RESOLVED that this Resolution shall take effect immediately. PASSED AND ADOPTED this 17th day of June, 1980. ATTEST: Ione ampbell, City erk