HomeMy WebLinkAboutResolutions 88-149 N.C.S. 05/16/1988F~eSOlution No. 88-149 N C.S.
of the City of Petaluma, California
CLARIFYING RESOLUTION 87-220
AFFORDABLE OWNERSHIP HOUSING PROGRAM
WHEREAS by Resolution 87-220, the Council authorized said program and
general regulations for administering it; and
WHEREAS on recommendation of the Sonoma County Community Development
Commission which is administrating said program, certain clarifications of
program regulations are advised;
NOW THEREFORE BE IT RESOLVED that the following clarifications are
made
1. The City will, on request of participants, allow a payment schedule for
the second mortgage offered through the program . Servicing of said
payment schedule shall be at the expense of the borrower.
2. Recommendations for corrections cited by termite and roof inspection
reports must be complied with prior to consummation of sale. As a
means of complying with this provision, funds may be set aside in
escrow to accomplish corrections.
3. Fire insurance will be required in an amount to cover the total amount
of the first and second mortgages.
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 pproved as to
reso. affordale~endfitcu9~lian~il~'dsl~aluma at a (Regular) (at~oxxi~~~(~~e~al}cmeeting '~
on the ..-16th.----•--.... day of ....................May--....................--••--•--, 19$$.-., by the
following vote: .......... .........................
C4i -y, Attorney
AYES: Sobel, Balshaw, Cavanagh, Davis, Vice Mayor Woolsey, Mayor Hilligos
~~
NOES: ~
~,.
ABSENT: Ten v
'',, ..~ >> .
ATTEST : .............S~SM~~ ............----••---....................-. ..-.........- . .....-- --- - --sr•s..---•---.....
City Clerl:~~gg~~11 ~~11 ~ Mayor
e .~:TR_ ~ , d~.,~~ cil File ....................................
CA 10-85 lz~s. rJo....$$..1:4.9..,..... N.cs.