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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />on <br />ORDINANCE NO. 1663 <br />AN ORDINANCE OF THE CITY OF COLTON <br />ADOPTING A HOME FINANCING PROGRAM <br />WHEREAS, there presently exists within the City of <br />Colton (the "City") a shortage of decent, safe and sanitary <br />housing which is affordable to many persons, particularly <br />persons in the lower end of the purchasing spectrum, and <br />particularly as high interest rates have the effect of diminish- <br />ing the number of otherwise credit worthy buyers from qualifying <br />for private sector mortgage capital sources; and <br />WHEREAS, there is a resulting need to encourage the <br />construction of homes affordable by such persons and other- <br />1wise to increase the housing supply within the City for such <br />1persons; and <br />WHEREAS, this City Council wishes to establish a <br />home financing program (the "Program") pursuant to Part S of <br />Division 31 of the Health and Safety Code of the State of <br />California (the "Act") and further wishes to declare its <br />intention to authorize an issue of its mortgage revenue bonds <br />for the purpose of financing the Program; and <br />WHEREAS, this City Council now finds and determines <br />that it is in the best interests of the City to engage in the <br />Program pursuant to the Act for persons and families within <br />the income limits established by the Act for the purpose of <br />encouraging the construction and purchase of homes in the <br />City that are affordable by such persons; and <br />WHEREAS, this encouragement of housing construction <br />will increase the housing supply in the City; and <br />