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2000/05/23 City Council Resolution (15)RESOLUTION NO. 2000-115 A RESOLUTION OFTHE CITY COUNCIL OF THE CITY OF ROHNERT PARK APPROVING THE PROPOSED EXPENDITURE OF LOW AND MODERATE INCOME HOUSING FUNDS OUTSIDE THE REDEVELOPMENT PROJECT AREA FOR THE FIRST -TIME HOMEBUYER DOWN PAYMENT ASSISTANCE PROGRAM WHEREAS, given the high cost of ownership of housing in relation to wages and salaries in the Rohnert Park area; substantial numbers of low to moderate income households, many of whom are residents of the Rohnert Park Redevelopment Project Area, find it difficult to accumulate sufficient funds for the necessary down payment; and WHEREAS, the Community Development Commission of the City of Rohnert Park has successfully conducted a. First -Time Homebuyer Down Payment Assistance Program and proposes to utilize additional low and moderate income housing funds inside and outside the Redevelopment Project Area; and WHEREAS, the Community Development Commission proposes to obligate five hundred thousand dollars ($500,000) from low to moderate income housing funds for the First -Time Homebuyer Down Payment Assistance Program and has entered into agreements with First Security Loans, Sutter West Mortgage Bankers and Central Pacific Mortgage, d.b.a. Petaluma Home Loans to conduct the Program; WHEREAS, the success of the Program depends upon having a supply of available housing sufficient to provide a meaningful choice of housing for low and moderate income households and such a supply does not exist in the Redevelopment Project Area alone; and WHEREAS, there exist housing units, in particular condominium and PUD units, outside the Redevelopment Project Area but inside the City limits that may be available for sale at prices affordable to low and moderate income households; and WHEREAS, Section 33334.2(g) of the California Community Development Law states that the Community Development Commission may use tax increment revenues to improve and expand housing affordable to low -to- moderate income households outside the redevelopment project area if the Community Development Commission and the City Council of the City of Rohnert Park approve resolutions finding that the use will be of benefit to the redevelopment project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert Park that the utilization of First -Time Homebuyer Down Payment Assistance Program funds outside the Rohnert Park Redevelopment Project Area will benefit the Project Area because: 1. There exists a limited supply of housing affordable to low and moderate income residents in the Redevelopment Project Area; 2. There exists housing units available at prices affordable to low and moderate income residents outside the Redevelopment Project Area but within the City limits; 3. Utilization of Program funds outside the Redevelopment Project Area will help provide a meaningful choice of housing for low and moderate income households; and 4. Utilization of .Program funds outside the Redevelopment Project Area will expand the supply of housing available to low and moderate income residents making their first housing purchase. DULY AND REGULARLY ADOPTED by the City Council of the City of 23rd day of May , 2000. ATTEST: APPROVED: D ty 1 rk I Mayor F16reA AYE Mackenzie AYE peilly AYE Spiro ABSENT/idak- Martinez AYE r Ayes: . Noes: io) _Absent: (1) Abstain:, (0 `�"