HomeMy WebLinkAboutResolution 2007-084 N.C.S. 05/21/2007 Resolution No. 2007-084 N.C.S.
of the City of Petaluma, California
RESOLUTION AUTHORIZING THE CITY OF PETALUMA, IN COOPERATION
WITH SONOMA COUNTY, TO BECOME AN ASSOCIATE MEMBER OF THE
CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY IIOMEBUYERS
FUND (CHF) ANL) TO COOPERATE WITH THE COUNTY IN ASSIGNING THE
COUNTY'S 2007 SINGLE-FAMILY ALLOCATION TO CHF
WHEREAS, there is a continued need for affordable homeownership opportunities
within Sonoma County, particularly for low and moderate income households; and,
WHEREAS, in 1993 the City of Petaluma approved a Cooperative. Agreement with the
Sonoma County Community Development Commission (SCCDC), as did the cities of
Cloverdale, Cotati, Healdsburg, Rohnert Park, Santa Rosa, Sebastopol, Sonoma, and the Town of
Windsor, for the purpose of applying as a County to the California Debt Allocation Committee
(CDLAC) to fund a Mortgage Credit Certificate (MCC) Program; and,
WHEREAS, rapid escalation of real estate values in Sonoma County has resulted in a
lack of homes available within permitted MCC purchase price limits, rendering continued
implementation of the MCC program infeasible; and,
WHEREAS, the California Rural Home Mortgage Finance Authority Homebuyers Fund
(CHF) is a joint powers authority created as a means to provide home loans for low and
moderate income residents; and,
WHEREAS, Sonoma County is eligible to become an Associate Member of CHF,
allowing CHF to offer County residents a variety of home loan opportunities, including those for
low and moderate income residents; and,
WHEREAS, the Petaluma City Council has determined that it would be in the best
interests of Petaluma residents to have access to CHF loan programs; and,
Resolution No. 2007-084 N.C.S. Page l
WHEREAS, Petaluma, through cooperation with the County .may become an Associate
Member of CHF should the County execute a CHF Joint Exercise of Powers and support
assignment of the 2007 MCC allocation to CHF.
NOW, THEREFORE, BE IT RESOLVED that the Council authorizes the City of
Petaluma, in cooperation with Sonoma County, to become an Associate Member of the
California Rural Home Mortgage Finance Authority Homebuyers Fund (CHF) and to cooperate
with the County in assigning the County's 2007 single-family allocation to CHF.
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 Ap rove as to
Council of the City of Petaluma at a Regular meeting on the 21 s` day of May, 2007, fo
by the following vote:
Cit Attorney
AYES: Barrett, Harris, Vice Mayor Nau, O'Brien, Rabbitt, Mayor Torliatt
/ ~r'
NOES: None
ABSENT: Freitas
i
ABSTAIN: None i
ATTEST: ~(~at~(J~.QJ
City Clerk Mayor
Resolution No. 2007-084 N.C.S. Page 2