HomeMy WebLinkAboutMINUTES - 06211988 - 1.88 1` oss
TO: Redevelopment Agency ++
FROM: Phil Batchelor, � Ilr
Executive Director Costa
DATE: June 9, 1988 Courty
SUBJECT: Application for Funding under the California Homeownership
Assistance Program for the North Richmond and West Pittsburg
_..._Redevelopment Project Area.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS AND BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Acknowledge approval of application for funding under the California
Homeownership Assistance Program for the North Richmond and West
Pittsburg Redevelopment Project Areas and direct Redevelopment Agency
staff to implement the Program.
FISCAL IMPACT
None.
REASONS FOR RECOMMENDATIONS/BACKGROUND
On May 10, 1988 the Agency authorized staff to execute a Standard
Agreement, and amendments thereto, for the Implementation of, and
participation in, the California Homeownership Assistance Program
(CHAP) . This commitment was a necessary part of the Agency' s appli-
cation under the CHAP Program. ...Staff has received notification from
the State that its application has been approved and a total of
$200 ,000 has been encumbered for loans within the North Richmond and
West Pittsburg Redevelopment Project Areas.
The CHAP Program provides second mortgage loans to enable low and
moderate income households to purchase manufactured housing units.
The CHAP loan involves no monthly payment and no interest and is paid
off when the borrower sells the property. In essence, the CHAP loan
is an equity-sharing loan.
The total award of $200 ,000 represents ten loans, 4 to lower-income
households and 6 to median-income households.
CONTINUED ON ATTACHMENT: YES SIGNATURE: r G
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDAN OF AG CY CO TTEE
_APPROVE OTHER
71
SIGNATURE(S) :
ACTION OF AGENCY ON June 21, 1988APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
X UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A
AYES: NOES: TRUE AND CORRECT COPY OF AN ACTION
ABSENT: ABSTAIN: TAKEN AND ENTERED ON THE MINUTES
OF THE REDEVELOPMENT AGENCY ON THE.
JK:krc: DATE SHOWN.
ra25:6-21-88 .ral
cc: County Administrator ATTESTED June 21, 1988
Redevelopment Agency PHIL BATCHELOR,
AGE ICY SECRETARY
BY
DEPUTY