HomeMy WebLinkAboutResolutions 88-358 N.C.S. 10/24/1988L
ResolUtl®n N~. 88-358 N ~.5.
of the City of Petaluma, California
RESOLUTION AMENDING RESOLUTION N0.88-220 N.C.S. ,
AFFORDABLE OWNERSHIP HOUSING PROGRAM (SECOND MORTGAGE)
AND AUTHORIZING EXTENSION OF AGREEMENT WITH SONOMA COUNTY FOR
ADMINISTRATION THEREOF.
WHEREAS, by Resolution 87-220, as amended, the Council authorized said
program and general regulations for administering it; and,
WHEREAS on recommendation of the City staff and Sonoma County
Community Development Commission which is administering said program,
certain revisions of program regulations are advised;
NOW THEREFORE, BE IT RESOLVED that the following revisions are made:
1. program participants shall have up to 180 days to open escrow for
purchase of a home.
2. Maximum purchase price for existing homes shall be $128, 300.00 and
$1.31,100.00 for new homes.
3. Maximum household income per HUD
Family size Income Limit
1 $25,150
2 28,700
3 32,300
4 35,900
5 38,150
6 40,400
7 42,650
8 44,900
88-358
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4. Interest rate shall be five (5) percent simple interest per annum.
NOW THEREFORE BE IT RESOLVED that the administration agreement with
the Sonoma County Community Development Commission be extended for the
1988-89 program at a total cost of $17,600.
reso.housing. program
resol0
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (FF~jZ4t€8~~f~g3eYe~a1) meeting rm
24th October 88 J•,: - •"
on the ...-•--•-•• ............... day of .....................................---...................., 19..-..., by the
following vote: •-•- - • -•-• ' •--•-••-• ..................
City Attorney
AYES: Cavanagh, Tencer, Sobel, Woolsey, Balshaw, Vice Mayor Davis
NOES: 0
ABSENT: Mayor Hilli ss ;
6
ATTEST: ..--•-•-- -•• ... ....... .......•-•--...-.........................------..-..-...-.. ....--..
City lerl: -
Council File ....................................
CA 10-85 ~ Res. No. 8 $. .3.5.8........... N.C.S.