Based upon the findings of the city council, the city adopts the program pursuant to the Act for the purpose of increasing the housing supply for moderate and low-income families in the city.
(Ord. 1005 § 1, 1991)
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;
C.
There exists within the city a shortage of housing available to moderate and low-income persons, as such persons are now or hereafter defined by the provisions of the Act, and that this shortage is exacerbated during periods of high interest rates, particularly as high interest rates have the effect of diminishing the number of otherwise creditworthy buyers from qualifying for private sector mortgage capital sources, and in order to remedy this adverse effect on potential homebuyers 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; and
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, and in order to finance the program, to issue mortgage revenue bonds to fund the program.
(Ord. 1005 § 2, 1991)
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. 1005 § 3, 1991)