HomeMy WebLinkAboutRES NO 058-09
RESOLUTION NO. 0 5 8 0 9
A RESOLUTION OF THE CITY OF BAKERSFIELD AUTHORIZING THE
EXECUTION OF A NEIGHBORHOOD STABILIZATION DOWNPAYMENT
PROGRAM AND AUTHORIZATION FOR THE CITY MANAGER OR HIS
DESIGNEE TO IMPLEMENT THE NEIGHBORHOOD STABILIZATION
DOWN PAYMENT PROGRAM, EXECUTE ANY AND ALL DOCUMENTS
AND MAKE MINOR REVISIONS IF NECESSARY.
WHEREAS, the Congress of the United States has enacted Title III of Division B,
of the Housing and Economic Recovery Act of 2008 ("Act" herein) for the purpose of
assisting in the redevelopment of abandoned and foreclosed homes under the
Emergency Assistance .for Redevelopment of Abandoned and Foreclosed Homes
heading, referred to as the Neighborhood Stabilization Program ("NSP" herein); and
WHEREAS, CITY has submitted required documents to the Department of
Housing and Urban Development ("HUD" herein) for receipt of a Neighborhood
Stabilization Program Grant ("Grant" herein) under the Act, and
WHEREAS, a portion of these funds will be used to assist qualified homebuyers
earning one hundred and twenty percent (120%) or less of area median income
purchase homes and residential properties that have been abandoned or foreclosed
upon; and
WHEREAS, the City of Bakersfield (a chartered city and municipal corporation)
has determined that a high priority exists for safe and affordable ownership housing;
and
WHEREAS, the City Council approved a down payment program up to $50,000
from NSP funds for qualified persons and families seeking to purchase a home within
the qualified NSP area; and
WHEREAS, the down payment assistance will be a deferred loan (silent second)
to assist with down payment and closing costs; and
WHEREAS, the loans will have a 15 year affordability period with loan terms of
15 years at 0%; and
WHEREAS, the down payment assistance program shall be offered to qualified
persons or families, at or below the 120% of area median income, wishing to purchase
an abandoned or foreclosed home within the NSP area; and
WHEREAS, upon the loan reaching year 15 of the loan period, the entire
balance of the downpayment assistance shall be forgiven; and
o~gAKF9~
1 ~ m
J O
ORIGINAL
WHEREAS, if during those 15 years, the homeowner sells, convey's title, or
otherwise transfers ownership, or establishes another principal residence, the
homeowners shall repay the City of Bakersfield the entire balance of the note; and
WHEREAS, the City of Bakersfield desires to offer a down payment program to
assist in purchasing abandoned and foreclosed homes to low to middle income persons
and families.
NOW, THEREFORE, BE IT RESOLVED by the City of Bakersfield of the City of
Bakersfield as follows:
SECTION 1. The City of Bakersfield authorizes the City Manager or his
designee to implement the Neighborhood Stabilization down payment program and
execute any and all documents and make minor revisions if necessary.
SECTION 2. This Resolution shall be effective immediately upon its adoption.
----------000---------
HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Bakersfield Redevelopment Agency at a regular meeting thereof held on
MAY 2 0 2008 , by the following vote:
YE AGENCY MEMBER BENHAM, CARSON, COUCH, HANSON, SCRIVNER, SULLIVAN, WEIR
NOES: AGENCY MEMBER (%or-L
ABSTAIN: AGENCY MEMBER '%o►`4-
ABSENT: AGENCY MEMBER VWVft
CITY CLERK and Ex Offici Clerk of the
Council of the City of Bakersfield
APPROVED MA 2 0 2009
HARVEY L. HALL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
By:
o``eAKF9~
N-
m
2
J O
ORIGINAL