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RESOLUTION NO. 4516 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, ADOPTING <br />A MULTI -FAMILY RENTAL HOUSING FINANCE MORTGAGE PROGRAM <br />IN COOPERATION WITH THE COUNTY OF SAN BERNARDINO. <br />WHEREAS, there is a shortage in the County of San Bernardino (the County), <br />and the City of Colton (the City), of decent, safe, and sanitary rental <br />housing particularly of housing affordable by persons in the lower end of the <br />income spectrum, and a consequent need to encourage the construction of rental <br />housing affordable by such persons and otherwise to increase the rental housing <br />supply in the County and in the City for such persons; and <br />WHEREAS, the Board of Supervisors of the County has declared its intent to <br />adopt a multi -family rental housing mortgage finance program (the Program) <br />pursuant to Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of <br />the State of California (the Act) and to issue bonds pursuant to the Act to <br />provide funds for the Program; and <br />WHEREAS, this Council finds and determines that it is in the best interest <br />of the City to adopt the Program and to consent to the operation of the Program <br />by the County within the geographic boundaries of the City pursuant to the <br />Act; and <br />WHEREAS, this Council finds and determines that the Program complies with <br />the Land Use Element and the Housing Element of the City's General Plan. <br />NOW, THEREFORE, the City Council of the City of Colton does hereby resolve <br />as follows: <br />1. This City Council does hereby find and declare that the above recitals <br />are true and correct. <br />2. The City hereby adopts the Program for the purpose of increasing the <br />rental housing supply in the County and in the City and consents to the <br />operation of the Program by the County with respect to project site (as defined <br />