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)
The city shall operate the program within the geographical boundaries
of the city.
(Ord. 783 § 1, 1983)
The program shall comply with the land use element and the housing
element of the general plan of the city.
(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)
