Resolution - 9378a
•
RESOLUTION NO. 9378
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA AUTHORIZING THE SUBMITTAL OF
AN APPLICATION TO THE CALIFORNIA STATE
DEPARTMENT OF HOUSING AND COMMUNITY
DEVELOPMENT FOR FUNDING UNDER THE HOME
INVESTMENT PARTNERSHIPS PROGRAM; AND THE
EXECUTION OF A STANDARD AGREEMENT AND ANY
RELATED DOCUMENTS NECESSARY TO PARTICIPATE
IN THE HOME INVESTMENT PARTNERSHIPS PROGRAM
IF SELECTED FOR SUCH FUNDING
WHEREAS, the City of West Covina ( the "City") wishes to apply for and receive an
allocation of funds through the Home Investment Partnerships Program, Title II of the
Cranston -Gonzalez National Affordable Housing Act of 1990, as implemented by the regulations
set forth in Title 24 of the Code of Federal Regulations, part 92, and Title 25 of the California
Code of Regulations commencing with Section 8200 ("HOME"); and
WHEREAS, the California Department of Housing and Community Development (the
"Department") has issued a Notice of Funding Availability on September 9, 1996 (the "NOFA")
for the HOME program, and is authorized to approve funding allocations which will be made
available directly through the U.S. Department of Housing and Urban Development ("HUD") to
be used for the purposes set forth in the HOME program; and
WHEREAS, the City wishes to submit an application to obtain an allocation of HOME
funds from the Department; and
WHEREAS, the Executive Lodge Site has been identified as a potential affordable
housing project for very low, lower and moderate income persons; and
WHEREAS, the Redevelopment Agency of the City of West Covina (the "Agency")
established a First Time Home Buyer Program in October 1994, which assists low and moderate
income first time home buyers through down payment assistance of up to $25,000; and
WHEREAS, in Fiscal Year 1995-96, the Agency's infusion of $500,000 from the
Agency's Low and Moderate Income Housing Fund ("Set Aside Fund") to the First Time Home
Buyer Program leveraged over $2,000,000 in private sector first mortgages, and in Fiscal Year
1996-97, due to limited resources, the Agency has approved a budget of $300,000 in Set Aside
Funds for the First Time Home Buyer Program.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST COVINA
HEREBY RESOLVES AS FOLLOWS:
1. The City Manager, or designee, in response to the NOFA, shall submit to the
Department an application to participate in the HOME program which will request a funding
allocation for the following activities:
a)
b)
Executive Lodge Project
The City will request $700,000 in HOME funds to augment Agency
assistance to the project with the use of Set Aside Funds.
First Time Home Buyer Program
The City will request $300,000 in HOME funds to augment the $300,000
in Agency Set Aside Funds currently allocated for the Agency's First Time
Home Buyer Program for Fiscal Year 1996-97.
PUBL:43830_21319122740.0003
Resolution No. 9378
October 8, 1996
Page Two
c) Other Affordable Housing Projects and Programs.
The City may request HOME funds for other affordable housing projects
to and programs which the City Manager deems necessary or appropriate to
carry out the City's affordable housing program.
2. If the application for funding is approved, the City shall use the HOME funds for
eligible activities in the manner presented in the application as approved by the Department and
in accordance with regulations cited above. The Mayor and the City Manager are hereby
authorized to execute any and all instruments necessary or required by the Department or HUD
for participation in the HOME program, including without limitation the application and the
Standard Agreement.
3. The City Clerk shall certify to the adoption of this Resolution.
PASSED AND ADOPTED this 15th day of October , 1996.
1
Mayor
ATTEST:
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 9378 was duly adopted by the
City Council of the City of West Covina at its regular meeting thereof held on the 15th day of
October , 1996, by the following vote:
AYES: Herfert, Manners, McFadden, Wong, Touhey
NOES: None
ABSENT: None -
ABSTAIN: None
City Clerk
APPROVED AS TO FORM:
0 ��.a`CI,P crSL� W/, O-tx6Yy
City Attorney
vOBu43830_21319122740.0003 2