The city adopts a home financing program (the "program") pursuant to Part 5 of Division 31 (Sections 52000, et seq.) of the Health and Safety Code of the state (the "Act") for the purpose of increasing the housing supply for moderate-income and low—income families in the city and hereby determines to issue mortgage revenue bonds pursuant to the Act to provide funds for the program based upon the findings of the city council.
(Ord. 783 § 1, 1983)
The city council finds and declares that:
A. 
Decent housing is an essential motivating force in helping people to achieve self-fulfillment in a free and democratic society.
B. 
A healthy housing market is one in which residents of this state have a choice of housing opportunities and one in which the housing consumer may effectively choose within the free market place.
C. 
There exists within the city a shortage of housing available to moderate-income and low-income persons and that this shortage is exacerbated during periods of rising interest rates, particularly as high interest rates have the effect of diminishing the number of otherwise credit-worthy buyers from qualifying for private sector mortgage capital sources. The city council further finds that in order to remedy this adverse effect on potential home buyers on the lower end of the purchasing spectrum, it is necessary to implement a public program to reduce the cost of mortgage financing for single-family purchases for those persons unable to compete for mortgage financing in the conventional mortgage market.
D. 
It is necessary, in order to implement a public program to reduce the cost of mortgage financing, to authorize long-term, low-interest mortgages to persons not presently eligible for financing through private sector lending institutions to finance construction, rehabilitation and acquisition of homes. The city council further finds and declares that in order to finance the program, mortgage revenue bonds are authorized to be sold to fund the program.
(Ord. 783 § 1, 1983)
Rules and regulations are authorized to be adopted by resolution of the city council, and shall be promulgated in the form and the manner best suited to attain the objectives of the home financing program within the city.
(Ord. 783 § 1, 1983)
The officers of the city are authorized, directed and empowered to perform any and all necessary and proper acts to implement and carry out the objectives of the home financing program.
(Ord. 783 § 1, 1983)
The provisions of this chapter, being necessary for the welfare of the city and its inhabitants, shall be liberally construed to effect the purpose of the program.
(Ord. 783 § 1, 1983)