HomeMy WebLinkAboutMINUTES - 05061986 - 1.48 1-048
To, BOARD OF SUPERVISORS
FROM: Harvey E. Bragdon Contra
Director of Community Development @ C
Costa
DATE: April 22, 1986 oirty
SUBJECT: Revision of Income Limits for the Scattered Site, Resale and Purchase Reha-
bilitation Component of the Contra Costa 1985 Mortgage Bond Issue
SPECIFIC REQUEST(S) OR RECOMMENDATION(_S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Increase maximum income limits to 120% of County median household income for the
Scattered Site, Resale and Purchase Rehabilitation component of the Contra Costa 1985
Mortgage Revenue Bond Issue.
BACKGROUND
On May 14, Contra Costa County closed its most recent Mortgage Revenue Bond Issue.
The issue included a $5,000,000 component for the purpose of providing mortgage funds
for the purchase of scattered site new housing, the purchase of existing housing and
for the purchase and rehabilitation of existing housing. The maximum household income
limit for these funds was set at $32,000 to allow lower income households priority in
obtaining mortgage funds. To date, approximately $1 million has been used for scat-
tered site/existing homes mortgages and $65,000 for purchase rehabilitation.
It is recommended that the maximum household income limits be increased to 120% of
County median as defined by the Rules and Regulations Establishing Eligibility
Criteria for Mortgagors and Home Mortgages' for the Contra Costa 1985 Home Mortgage
Bond Issue (currently $49,073) for the remainder of the program origination period in
order to make the funds available to a larger pool of first time homebuyers.
FINANCIAL IMPACT
No financial impact on County funds. Increase of the income limit will allow a larger
number of buyers to participate in the program and increased utilization of the avail-
able funds for providing home mortgages.
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CONTINUED ON ATTACHMENT: YES SIGNATURE' q`
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMM ATION F BO -D COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES. AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORSTHE DATE SHOWN./
CC: County Administrator ATTESTED
(�h
Community Development PHIL BATCHEL , CLERK OF THE BOARD OF
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SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 t BY
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