HomeMy WebLinkAbout08-05 RDA ResolutionRESOLUTION NO. RDA 08-OS
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF TEMECULA APPROVING A REVISED
RESIDENTIAL IMPROVEMENT PROGRAM FOR FIRST
TIME HOME BUYERS
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA DOES RESOLVE AS FOLLOWS:
Section 1. The Board of Directors finds, determines and declares that:
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 August 1996, the Agency has had a Residential Improvement
Program to help persons of median income rehabilitate their homes.
C. The primary objectives of the Residential Improvement Program are to:
1. Prevent blight in residential neighborhoods,
2. Improve the structural integrity of the City's housing stock, and
3. Improve the health and safety of residents living in substandard
housing.
D. The Agency desires to expand the Residential Improvement Program to a
two (2) tier Program. The first tier, as discussed in Section 2.A. of this Resolution, will
be used directly with the First Time Home Buyer Program for those homes in need of
excessive repair. This second Program tier, as discussed in Section 2.B. of this
Resolution, will continue to be used for existing homeowners.
E. The Agency will authorize the Executive Director to establish a Manual for
administration of the Residential Improvement Program.
' F. The Residential Improvement Program is intended to effectuate the
objectives of the Agency, the City of Temecula (the "City'), and the state of California in
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' complying with their obligation to decent housing and a suitable living environment
pursuant to California Code Section 65580(a) and the goals and objectives identified in
the City's Housing Element of the Temecula General Plan. The Residential
Improvement 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.
G. The Residential Improvement 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, the City's General Plan and each
element thereof, including without limitation, the City's Housing Element.
H. The Agency Board has duly considered all terms and conditions of the
proposed revised Residential Improvement Program and believes that the revised
Residential Improvement 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 the Residential
Improvement Program ("Program") subject to the following principles:
A. A 10-year term, $10,000 loan Program shall be available to borrowers of
' moderate income as defined by the State of California that are also participating in the
Agency's First Time Home Buyer Program.
(1) The Agency shall provide qualified borrowers a loan secured by a
second trust deed on the property in an amount not to exceed ten thousand dollars
($10,000.00).
(2) The loan shall be fixed at five percent (5%) interest, for a term of
ten (10) years for loans up to $10,000.
(3) 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 within ten
years.
(4) The loan shall be forgiven by the Agency after ten years if the
owner has continuously resided in the home and the terms have not been breached.
B. A 5-year term, $7,500 loan Program shall be available to borrowers of
median income as defined by the State of California who own existing homes.
(1) The Agency shall provide qualified borrowers a loan secured by a
' second trust deed on the property in an amount not to exceed seven thousand five
hundred dollars ($7,500.00).
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' (2) The loan shall be fixed at five percent (5%) interest, for a term of
five (five) years for loans up to $7,500.
(3) 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.
(4) The loan shall be forgiven by the Agency after five years if the
owner has continuously resided in the home and the terms have not been breached.
Section 4. 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 Residential Improvement Program; (2)
administer the Agency's obligations, responsibilities and duties to be performed under
the Residential Improvement Program; (3) develop, approve and implement a "Manual
for the Residential Improvement Program" providing for the administrative directives and
regulations necessary and convenient for the implementation of the Residential
Improvement 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 Residential Program, including but not limited
to the 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.
Section 5. This Resolution shall be effective upon its adoption and shall be applicable
to all applications for loans under the Residential Improvement 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 12th day of August, 2008.
,Chairperson
ATTEST:
Susan y~V. Jones, MMC
' [SEAL]
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' STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
f, 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 08-05 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 12th day of August, 2008, by the following vote:
AYES: 4 BOARD MEMBERS: Comerchero, Edwards, Naggar,
Washington
NOES: 0 BOARD MEMBERS: None
ABSENT: 1 BOARD MEMBERS: Roberts
ABSTAIN: 0 BOARD MEMBERS: None
City ClerkJBoard Secretary
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