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HomeMy WebLinkAbout08-04 RDA Resolution' RESOLUTION NO. RDA 08-04 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA APPROVING A REVISED FIRST TIME HOME BUYER PROGRAM THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS: Section 1. A. On June 12, 1988, the Board of Supervisors of the County of Riverside adopted Ordinance No. 658 adopting and approving the "Redevelopment Plan for Riverside County Redevelopment Project No. 1988-1" (hereafter the "Plan") in accordance with the provisions of the Community Redevelopment Act (Health and Safety Code Sections 33000 et seq.). On December 1, 1989, the City of Temecula was incorporated. The boundaries of the Project Area described in the Plan are entirely within the boundaries of the City of Temecula. On April 9, 1991, the City Council of the City of Temecula adopted Ordinances Nos. 91-08, 91-11, 91-14, and 91-15 establishing the Redevelopment Agency of the City of Temecula and transferring jurisdiction over the Plan from the County to the City. Pursuant to Ordinance Nos. 91-11 and 91-15, the City of Temecula and the Redevelopment Agency of the City of Temecula assumed jurisdiction over the Plan as of July 1, 1991. B. Since June, 1996, the Agency has had a First Time Home Buyer's Program to help persons of moderate income purchase their first homes. C. The primary objective of the First Time Home Buyer's Program is to provide housing inventory on a continuing basis which will be available for purchase by first time home buyers of moderate income. D. The Agency desires to expand the First Time Home Buyer's Program as described below and authorize the Executive Director to establish a Manual for administration of the First Time Home Buyer's Program in accordance with the terms of this Resolution. E. The First Time Home Buyer's Program is intended to effectuate the objectives of the Agency and the City of Temecula (the "City") in complying with their obligation to provide moderate income housing pursuant to the Community Redevelopment Act and the goals of the City's Housing Element to the Temecula General Plan. The First Time Home Buyer's Program and the fulfillment generally of its objectives are in the best interest of the City and the welfare of its residents, and in accordance with the public purposes and provisions of applicable federal, state, and local laws and requirements. R:/RDA Resos 2008/RDA 08-04 ' F. The First Time Home Buyer's Program, as revised by this Resolution, is consistent with the Redevelopment Plan, the Implementation Plan adopted by the Agency on December 7, 2004 for the Project Area, and the City's General Plan and each element thereof, including without limitation, the City's Housing Element. G. The Agency Board has duly considered all terms and conditions of the proposed revised First Time Home Buyer's Program and believes that the revised First Time Home Buyer's Program is in the best interests of the Agency and City and the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable State and local law requirements. Section 2. The Agency hereby establishes and approves a First Time Home Buyer's Program ("Program") subject to the following terms: A. The Program shall be available to borrowers of moderate income as defined by the State of California. B. The Program shall be available to borrowers who have not owned a home in the three (3) years prior to application to the Program. C. Borrower shall provide a cash down payment of three percent (3%) of the purchase price of the home; ' D. The Agency shall provide qualified borrowers a loan secured by a second trust deed on the property in the amount of twenty percent (20%) of the appraised value of the property up to a maximum of sixty five thousand dollars ($65,000.00). E. The loan shall be a thirty (30) year loan at five percent (5%) interest, deferred for the first five (5) years, then fully amortized in years six (6) to thirty (30). F. The loan shall become due and payable in full if the borrower transfers title, ceases to occupy the property as his or her principal residence, refinances with cash taken out, or otherwise defaults on the loan documents. Section 3. The Executive Director of the Agency (or his designee), is hereby directed and authorized, on behalf of the Agency, to: (1) take all actions necessary and appropriate to carry out and implement the First Time Home Buyer's Program; (2) administer the Agency's obligations, responsibilities and duties to be performed under the First Time Home Buyer's Program; (3) develop, approve and implement a "Manual for the First Time Home Buyer's Program" providing for the administrative directives and regulations necessary and convenient for the implementation of the First Time Home Buyer's Program in accordance with the provisions of this Resolution; and (4) enter into and execute on behalf of the Agency all documents necessary and convenient for the implementation of the First Time Home Buyer's Program, including but not limited to the Lender Agreements, Promissory Notes, Deeds of Trust, Regulatory Agreements, ' acceptances, escrow instructions, certificates of completions and such other implementing agreements and documents as contemplated or described in the Manual. R:/RDA Resos 2008/RDA 08-04 2 ' Section 4. This Resolution shall be effective upon its adoption and shall be applicable to all applications for loans under the First Time Home Buyer's Program submitted after this date. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Redevelopment Agency of the City of Temecula this 22nd day of July, 20Q~. rson ATTEST: Susan W~Jon~s, MMC City Cler Bo rd Secretary [SEAL] R:/RDA Resos 2008/RDA 08-04 ' STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula Redevelopment Agency of the City of Temecula, do hereby certify that the foregoing Resolution No. RDA 08-04 was duly and regularly adopted by the Board of Directors of the Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on the 22"d day of July, 2008, by the following vote: AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Naggar, Washington, Roberts NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None R:/RDA Resos 2008/RDA 08-04 4