CC Resolution 11447RESOLUTION N0. iiaa~
A RESOLUTION OF THE CITY OF CAMPBELL CITY COUNCIL APPROVE A
DEFERRED HOUSING LOAN AND BUDGET ADJUSTMENT FOR A FIRST TIME
HOMEBUYER
WHEREAS, the City of Campbell has two condos it has approved for sale to low
income first time homebuyers; and
WHEREAS, the City has a potential homebuyer in need of down payment assistance;
and
WHEREAS, the City has sufficient housing funds to fund this allowable housing
expense.
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby authorize a
deferred down payment loan and Budget Adjustment of $5,300 for a first time
homebuyer of 21 N. Second Street, #315.
PASSED AND ADOPTED this 7'h day of Auoust, 2012, by the following roll call vote:
AYES: COUNCIL MEMBERS: Cristina, Baker, Waterman, Low, Kotowski
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
ATTEST: .,t~c~r?~~
Anne Bybee, Secretary
~..: ,\ ~ ^
y~ ~~
Michael F. Kotowski, y r
City of Campbell
Request for Budget Adjustments
Department/Program :Division - ;. ~ _ Date _Regnesf No: <>
Community Development Rousing Assistance August 7, 2012 BA 1
Budget to be Reduced
'< Fund Account Number I l<Description -': Amountl:
233 3799 Housing Assistance -Beginning Fund Balance 5,300
Budget to be Increased
'_ Fund _: Account Number- '--. Description i Amount
I
233 ~I 557.7464 Housing Loan Housing Assistance
i
~ 5,300
REASON FOR REpUEST - BE SPECIFIC:
Provide housing loan to assist glow/moderate income homebuyer with the purchase of a condo in
the downtown.
~
.Iesse Tak~Tiash~ Amy Brown
Paul Kermoyan _
-
City Manager
Acting Community Development Drector j Finance Director