HomeMy WebLinkAboutResolution - 96-6 RDA RESOLUTION NO. 96-6
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN JACINTO AUTHORIZING PARTICIPATION
IN THE FEDERAL DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT SECTION 203(K) PROGRAM
The Redevelopment Agency of the City of San Jacinto DOES RESOLVE as follows:
A. The Federal Department of Housing and Urban Development ("HUD") has
adopted a mortgage insurance program known as the section 203 (k) program for the
rehabilitation and repair of single family properties (the "Program"). Under the Program,
a property owner is able to secure one mortgage loan which enables the owner to finance
both acquisition and rehabilitation of a single family home.
B. The Program operates through Federal Housing Administration approved
lending institutions who fund the mortgage loans which HUD then insures. The Program
may be combined with other financial resources such as local Redevelopment Housing
funds to provide needed assistance to prospective buyers of single family homes.
NOW, THEREFORE, the Redevelopment Agency does find and RESOLVE as
follows:
Section 1. Findings and Declaration.
A. The Redevelopment Agency finds that a healthy housing market is one in
which residents have a choice of housing opportunities. The Redevelopment Agency
further finds that there is a shortage of financing opportunities available to prospective
home buyers who desire to purchase a home in need of repair and rehabilitation. The
Redevelopment Agency finds that in those circumstances where a home is in need of
repair and rehabilitation, most mortgage financing institutions require a home buyer to
obtain multiple financing namely, one loan to purchase the property and then a separate
additional loan to do the rehabilitation and reconstruction work. These separate loans
often result in increased fees and costs, additional points and higher interest rates to
prospective home buyers.
B. The Redevelopment Agency is committed to expanding home ownership
opportunities within the City and to revitalizing neighborhoods. The Redevelopment
Agency finds that adoption of this resolution authorizing participation in the Program is
in the best interests of the City, the public health, safety and general welfare of the
community and will be of benefit to the Redevelopment Project Areas.
Section 2. Participation in Program.
The Redevelopment Agency hereby authorizes participation in the Program.
Section 3. Authority of Executive Director.
The Redevelopment Agency hereby authorizes the Executive Director or his
designee to act on the Agency's behalf in all matters related to the Program including but
not limited to executing agreements and determining which properties may be included
in the Program.
Section 4. Effective Date.
This resolution shall take effect immediately upon its adoption.
MOVED, PASSED AND ADOPTED the 3rd day of September1996.
AYES: Agency Members Cornett, Smedley, Solorio, Williams & Conner
NOES: None
ABSENT: None
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ATTEST:
Secretary
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