CC Resolution 10579
RESOLUTION NO. 10579
REDEVELOPMENT AGENCY RESOLUTION NO. 2005-15
BEING A RESOLUTION OF THE CITY COUNCIL AND REDEVELOPMENT AGENCY
BOARD OF THE CITY OF CAMPBELL AUTHORIZING REVISIONS TO THE
HOUSING REHABILITATION LOAN PROGRAM GUIDELINES AND APPROVING
$100,000 IN 20% REDEVELOPMENT HOUSING FUNDS FOR LOANS
WHEREAS, the City of Campbell has operated a Housing Rehabilitation Loan Program
since 1979 for individuals and families earning less than 80% of the Santa Clara County
median; and
WHEREAS, the City Council has periodically updated the Housing Rehabilitation Loan
and Grant Program guidelines and polices based on changes in household incomes,
age of housing, and housing needs of Campbell residents; and
WHEREAS, the City of Campbell continues to support a housing rehabilitation loan
program for individuals and families who need to make repairs to their homes.
NOW, THEREFORE, be it resolved that the City Council of the City of Campbell hereby
amends the City's Housing Rehabilitation Loan Program Guidelines to increase the
interest rate on the deferred loans to 6% percent. The amortized loans will remain at
3%, 4%, and 5%.
BE IT FURTHER RESOLVED that the City Council and Redevelopment Agency Board
approve $100,000 in 20% Redevelopment Housing funds for housing rehabilitation loans
when there are not sufficient CDBG funds.
PASSED AND ADOPTED at a regular meeting of the City Council/Redevelopment
Agency Board of the City of Campbell this 4th day of October 2005, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL/AGENCY MEMBERS: Burr, Hernandez, Furtado, Watson, Kennedy
COUNCIL/AGENCY MEMBERS: None
COUNCIL/AGENCY MEMBERS: None
COUNCIL/AGENCY MEMBERS: None
APPROV
ATTEST:
~~
City of Campbell
Request for Budget Adjustments
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City Manager's Office Redevelopment October 4, 2005 I BA ~
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Bud2et to be Reduced
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Bud2et to be Increased
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223
535.609a
Beginning Fund Balance
100,000
223
817.7449
Rehabilitation Loans
100,000
$
100,000
REASON FOR REQUEST - BE SPECIFIC:
The City's CDBG Housing Rehabiltation Loan Program is currently out of funds. 20% Redevelopment Housing funds may be
used for home rehabilitation loans as long as there are either re-sale restrictions placed on the property; or, the applicant must
pay the City back with the current market interest rate. These funds will only be used when CDBG funds are not sufficient.
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9/13/2005