CC Resolution 7850i'' '
RESOLUTION NO. 7850
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CAMPBELL APPROVING REVISED HOUSING
REHABILITATION LOAN COMMITTEE GUIDELINES
WHEREAS, the City of Campbell has operated an HCD Rehabilitation
Loan Program since 1976; and
WHEREAS, an HCD Loan Committee has overseen the eligibility of
loan applicants and approved HCD loans to Campbell residents; and
WHEREAS, various components of the rehabilitation loan program and
Committee have changed requiring revisions to the current rehabilitation
guidelines;
NOW THEREFORE, BE IT RESOLVED that the attached revised
Rehabilitation Loan Committee Guidelines are hereby approved.
PASSED AND ADOPTED this 21st day of November, 1989, by the following
roll call vote:
AYES: COUNCILMEMBERS : KOTOWSKI, BURR, CONANT, ASHWORTH
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: WATSON
Barbara Olsasky,
APPROVED:
UHN J. ASHWORTH, MAYOR
CITY OF CAMPBELL
HOUSING REHABILITATION LOAN COMMITTEE
GUIDELINES
PROGRAM DESCRIPTION
The purpose of the rehabilitation loan program is to provide financial
assistance to owners of single family homes and mobile homes who lack
sufficient resources to make needed repairs. Rental properties housing
low and moderate income families and individuals may also be eligible.
The maximum loan amount for a single family home is $25,000; for a mobile
home, $10,000; and for rental property, $10,000 per unit. The interest
rates vary from 3% deferred to 6% amortized. The funds may be used for a
variety of repairs including a new roof, electrical upgrades, plumbing; or
repair to termite damage. Also eligible are general home improvements
such as replacing worn appliances, flooring, carpeting, and exterior or
interior painting.
Emergency grants of a maximum $500 are available for seniors. Grant
approvals are made administratively by the Redevelopment Director and do
not come before the Loan Committee.
PURPOSE OF COMMITTEE
The role of the Rehabilitation Loan Committee is to determine eligibility
of applicants and recommend loan amount and terms for rehabilitation loans
funded by the City of Campbell's HCD loan program. The Committee will
make its decision using the following criteria:
1. Income*
2. Available Assets
3. Creditworthiness
4. Likelihood of repayment
5. Condition of housing/type of rehabilitation requested
*In the case of a rental rehabilitation applicant, the Committee
will review income of the tenants for program eligibility.
MEMBERSHIP
The Loan Committee shall be appointed by the City Council and consist of
three voting members, two City employees -- one from the Finance
Department and one from the City Manager's Office -- and one City Council
member. A non -voting representative of a local lending institution will
also serve as a resource person. If a Committee member cannot attend a
meeting, he or she may appoint an alternate for that meeting.
Rehabilitation Loan Committee Guidelines
Page 2
PROCEDURE
Before a case is presented to the Committee, it will have already been
reviewed by the HCD staff and Redevelopment Director to ensure that
minimum program requirements have been met. HCD staff will make a
presentation and recommendation to the Committee for each loan
application. Staff will be available to answer questions. If the
Committee determines that additional information is necessary, a loan
decision will be postponed. Decisions of the Committee shall be by
majority vote. All decisions shall be in writing and reasons for
rejection shall be stated.
f:hcdrehab
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