HomeMy WebLinkAboutRES NO 114-11RESOLUTION NO. 114-11
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD AUTHORIZING THE SUBMISSION OF AN
APPLICATION TO THE CALIFORNIA STATE DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT FOR
FUNDING UNDER THE BEGIN PROGRAM; THE EXECUTION
OF A STANDARD AGREEMENT IF SELECTED FOR SUCH
FUNDING AND ANY AMENDMENTS THERETO; AND ANY
RELATED DOCUMENTS NECESSARY TO PARTICIPATE IN THE
BEGIN PROGRAM
WHEREAS, the City of Bakersfield (a charter city and municipal
corporation) has determined that a high priority exists for affordable ownership
housing for first-time homebuyers; and
WHEREAS, the State's Buidling Equity and Growth in Neighborhoods
(BEGIN) Program allows localities in exhange for local regulatory concessions, to
apply for grant monies for down payment assistance loans to qualifying first-time
low- and moderate-income buyers of homes; and
WHEREAS, the City of Bakersfield, a California charter city and municipal
corporation, wishes to apply for and receive an allocation of funds through the
BEGIN Program; and
WHEREAS, the California Department of Housing and Community
Development (hereinafter referred to as "HCD") has issued a Notice of Funding
Availability ("NOFA") for the BEGIN program established by Chapter 14.5,
Sections 50860 through 50866 of Part 2 of Division 31 of the Health and Safety
Code (the "statute"). Pursuant to the statute, HCD is authorized to approve
funding allocations utilizing monies made available by the State Legislature to
the BEGIN program, subject to the terms and conditions of the statute and the
BEGIN Program Guidelines adopted as amended by HCD on May 21, 2007; and
WHEREAS, the City of Bakersfield wishes to submit an application to obtain
from HCD an allocation of BEGIN funds in the amount of $1,440,000 to benefit
approximately 36 first-time low- and moderate-income homebuyers; and
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WHEREAS, the City Manager or his designee is authorized to submit the
BEGIN application and amendments thereto and all understandings and
assurances contained therein, and to act in connection with the application to
provide such additional information as may be required.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Bakersfield
as follows:
SECTION 1. The City of Bakersfield shall submit to HCD an application to
participate in the BEGIN Program in response to the NOFA issued on September
23, 2011 which will request a funding allocation for the following activities:
Deferred-payment second mortgage loans to approximately 36
qualified and eligible first-time buyers, not to exceed 120% of area
median income, at simple interest (1% to 3%) not to exceed 20
percent of home sales price or $40,000, whichever is less, for
Creekview Villa Townhomes located at 1300 "R" Street, Bakersfield,
California.
SECTION 2. If the application for funding is approved, the City of
Bakersfield, hereby agrees to use the BEGIN funds for eligible activities in the
manner presented in the application as approved by HCD and in accordance
with program Guidelines cited above. It also may execute any and all other
instruments necessary or required by HCD for participation in the BEGIN Program.
SECTION 3. The City of Bakersfield authorizes Alan Tandy, City Manager, or
his designee to execute in the name of the City of Bakersfield the application,
the Standard Agreement, and all other documents required by HCD for
participation in the BEGIN Program, and any amendments thereto.
SECTION 4. This Resolution shall be effective immediately upon its
adoption.
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HEREBY CERTIFY that the foregoing Resolution was passed and adopted
by theNOCoi r gjl,J Qf the City of Bakersfield at a regular meeting thereof held on
by the following vote:
CAYES: COUNCIL MEMBER BENHAM, OUCH, HANSON, RUSSELL, SALAS, WEIR
N COUNCIL MEMBER
ABSTAIN: COUNCIL MEMBER
ABSENT: COUNCIL MEMBER Q
HARVXY L.- BALL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
CITY CLERK and Ex O ci Clerk of the
Council of the City of Bakersfield
A H. RUDNICK
B I)uteSputy
City Attorney II
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