Resolution - 9631RESOLUTION NO. 9631
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 August 28, 1998 (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 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 Years
1996-97 and 1997-98 the Agency expended an additional $300,000 annually in Set Aside Funds for
the First Time Home Buyer Program; and
WHEREAS, in Fiscal Year 1997-98, the Agency committed $125,000 to provide matching
funds for its HOME/First Time Home Buyer Program and in January 1998 was awarded $500,000
in HOME funds from the Department to provide down payment assistance to lower income buyers.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST COVINA
HEREBY RESOLVES AS FOLLOWS:
1. The City Manager,. or his 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 HOME/First Time Home Buyer Program. The City will request $500,000 in
HOME funds to augment the Agency Set Aside Funds currently allocated for the Agency's First
Time Home Buyer Program for Fiscal Year 1998-99.
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 City Manager, or his designee, is 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.
3.1 The City Clerk shall certify to the adoption of this Resolution.
HSC554MM.DOC 10/15/98
•
Resolution No. 9631
October 20, 1998
Page Two
PASSED AND ADOPTED this 20th day o
ATTEST:
� 1
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No.9631 was duly adopted by the City
Council of the City of West Covina at its regular meeting thereof held on the 20th day of October,
1998, by the following vote:
AYES: Herfert, Howard, Touhey, Wong, Melendez
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED AS TO FORM:
L.CA/I f,I..Lwi - A� c fi✓U
City A orney
City Clervr
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