HomeMy WebLinkAboutResolution 2020-188 N.C.S. 12/21/2020 Resolution No. 2020-188 N.C.S. Page 1
Resolution No. 2020-188 N.C.S.
of the City of Petaluma, California
RESOLUTION APPROVING THE FUNDING TO PROVIDE ONE ADDITIONAL
HOMEOWNERSHIP OPPORTUNITY FOR LOW-INCOME HOUSEHOLDS FROM THE
-LIEU FUNDS AND AUTHORIZE THE CITY MANAGER TO
EXECUTE ANY RELATED DOCUMENTS NECESSARY TO IMPLEMENT THE PROJECT
WHEREAS, the City Council has developed housing goals to address the broad range of needs within the
community; and
WHEREAS, the City Council adopted the 2015-2023 Housing Element on December 1, 2014 with
Resolution No. 2014-190 N.C.S.; and
WHEREAS, the City budget was adopted by City Council on June 15, 2020 and effective as of July 1,
2020 which included the appropriations for Housing In-Lieu Funds, and the Housing In-lieu Fund estimated
fund balance at June 30, 2021 is $1.9 million; and
WHEREAS, the subsidy provided by the City will deepen the affordability of the last two remaining deed
restricted condominiums in the Brody Ranch Subdivision, a one-bedroom condominium, the homes will be
sold at a price affordable to low-income households at 80% of AMI., and
WHEREAS, DeNova Homes will reduce the combined sales price of the condominiums by $79,000; and
WHEREAS, the one-bedroom condominium will be sold for $152,000, a price affordable to low-income
households.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Petaluma that the City will
appropriate up to $67,000 from the Housing In-lieu Fund to provide subsidy for one additional homeownership
opportunity for low-income households within the Brody Ranch Development and authorizing the City
Manager to execute any related documents necessary to implement the project.
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
Council of the City of Petaluma at a Regular meeting on the 21st day of
December 2020, by the following vote:
Approved as to
form:
__________________________
City Attorney
AYES: Healy; Kearney; King; McDonnell; Miller
NOES: Mayor Barrett; Vice Mayor Fischer
ABSENT: None
ABSTAIN: None
ATTEST: ______________________________________________
City Clerk
______________________________________________
Mayor