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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 />28 <br />RESOLUTION NO. R-12-02 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />ADOPTING CERTAIN FINDINGS WITH RESPECT TO COMMUNITY <br />DEVELOPMENT BLOCK GRANT FUNDS LOANED TO GEORGE AND <br />TEMPEST SCHULTE IN ACCORDANCE WITH THE CITY'S HOUSING <br />REHABILITATION LOAN/DEFERRED LOAN PROGRAM AND <br />APPROVING THE CONVERSION OF THE LOAN INTO A GRANT <br />WHEREAS, City of Colton ("City") applied for and received Community <br />Development Block Grant ("CDBG") funds through the Department of Housing and <br />Urban Development ("HUD") in accordance with Title I of the Housing and Community <br />Development Act of 1974 (the "Act"), Public Law 93-383; and <br />WHEREAS, pursuant to Title 24 of the Code of Federal Regulations ("24 CFR") <br />section 570.202(b) CDBG funds may be used to finance certain rehabilitation activities <br />through the use of grants, loans, loan guarantees, interest supplements and other <br />means for certain buildings and improvements; and <br />WHEREAS, on April 3, 1984, the City Council of the City adopted Resolution No. <br />4446 approving the creation of the Housing Rehabilitation Loan/Deferred Loan Program <br />("Loan Program") for the purpose of assisting low-income residents in the City in the <br />rehabilitation of their primary residences; and <br />WHEREAS, in accordance with the Loan Program, eligible recipients received <br />loans not exceeding $15,000 and such loans were due and payable either: (i) within <br />fifteen (15) years at six percent (6%) interest per annum; or (ii) upon the transfer of <br />ownership of the property on which the rehabilitation was performed; and <br />WHEREAS, pursuant to the Loan Program, George and Tempest Schulte, a <br />married couple (the "Schultes"), received a loan from the City ("Loan") and executed <br />P.VPUB\DLH\523934 <br />1 <br />