HomeMy WebLinkAboutMINUTES - 03281989 - 1.78 BOARD OF SUPERVISORS
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1-078
FROM: R.W. Giese
Director of Building Inspection
DATE: March 13, 1989
SUBJECT: Loan Participation Agreement Between the County, City of Antioch
and Great Western Bank for the Housing Rehabilitation Loan Program.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Approve Loan Participation Agreement Between the County, City of Antioch
and Great Western Bank, a Federal Savings Bank, and authorize the Chair
to execute said Agreement for housing rehabilitation financial services.
FISCAL IMPACT
The agreement involves no general fund monies. Administrative costs and
loan funds to be provided by the City of Antioch.
BACKGROUND
The City will receive Community Development Block Grant (CDBG) funds
from the Department of Housing and Urban Development (HUD) as an
entitlement to City pursuant to the provisisions of Title I of the
Housing and Community Development Act of 1974, as amended. City has
approved and authorized the expenditure of sixty-thousand ($60, 000. 00)
from Community Development Block Grant (CDBG) funds for a housing
rehabilitation program for owner-occupants of single-family homes.
County will implement and operate said ,program for City, by making
housing rehabilitation loans, both at below-market interest and "zero"
interest. Great Western is prepared to assist City and County in
achieving the objectives of the program by participating with City and
County in the proposed loan program.
CONTINUED ON ATTACHMENT: YES SIGNATURE: a
RECOMMENDATION OF COUNTY ADMINISTRATOR j
RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ONMAR 2 8 1989 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
_X UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A
AYES: NOES: TRUE AND CORRECT 'COPY OF AN
ABSENT: ABSTAIN: ACTION TAKEN AND IENTERED ON THE
MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Auditor-Controller ATTESTED MAR 2 8 1989
Building Inspection
City of Antioch PHIL BATCHELOR, CLERK OF THE
Great Western Bank BOARD OF SUPERVISORS AND COUNTY
ADMINISTRATOR
BY DEPUTY
RWG:nrs