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