HomeMy WebLinkAboutMINUTES - 01311989 - S.3 S , 3
TO: BOARD OF SUPERVISORS
FROM: Contra
Supervisor Tom Powers 10 Costa
DATE: January 31, 1989 County
SUBJECT: Home Ownership Assistance Act - Request for Board Support
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
That the Contra Costa County Board of Supervisors support the proposed
Home Ownership Assistance Act sponsored by Congressman George Miller.
BACKGROUND:
1. The Home Ownership Assistance Act will make it easier for first-time
home buyers to purchase their own home.
2. The legislation will increase the percentage of a home's value that
the Federal Housing Administration (FHA) is able to insure, thus
lowering the required downpayment.
3. The legislation will also modify the FHA mortgage cap for high cost
areas, and allow consumers to qualify for lower initial interest rates
and monthly payments by permitting FHA to insure adjustable rate
mortgages with a two percent annual cap.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON January, 31 , 1989 APPROVED AS RECOMMENDED _X _ OTHER
VOTE OF SUPERVISORS
X
UNANIMOUS (ABSENT - ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
CC: County Administrator ATTESTED .Tan iar)z31-' 1989
Phil Batchelor, Clerk of the Board
of. Supervisors and County .Administratoi
M382/7-98 BY " , DEPUTY