Laserfiche WebLink
make payments by meeting the home lease financial obligation. A participant who fails to do so <br />will be evicted and replaced by another family desiring home ownership. The new family <br />benefits from the program costs and amortization already met by the prior participant. <br />The Lease -Purchase program can be used for the purchase of a home and, if needed, can include <br />the costs of rehabilitation in the purchase price of the home thus eliminating the high costs <br />associated with a second mortgage. This program may be useful in the Rancho Mediterrania <br />conversion effort. <br />Financial Impact <br />Participating cities are not required to pay any fees, expend any staff resources or assume any <br />liability. Bonds issued by the RISFA will be repaid from lease revenues and mortgage payments <br />from homebuyers. <br />Recommendation <br />Approval of a Joint Powers Agreement and Resolution Approving an Agreement by and between <br />the City of Colton and the Riverside -San Bernardino Housing and Finance Agency, a Joint <br />Powers Authority. <br />