1985 RES 4562 - Laserfiche WebLink

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(1) Use of Proceeds. The proceeds of the Bonds will be used to finance the acquisition of residences and/or qualified home improvement and qualified rehabilitation loans. (2) Targeting of Proceeds to Housing Type. The proceeds of the Bonds will be targeted to new housing and, to the extent it is feasible, existing housing. (3) Determination of Need for Targeting. The housing element to the General Plan of the City is a detailed and exhaustive study of the existing characteristics and future housing needs of the City. The housing element to the General Plan is the primary statement of policy, objectives and plan for the implementation of housing decisions. A review of the information contained in the housing element to the General Plan enabled City officials to make the determination to direct the proceeds of the Bonds to new and, to the extent possible, existing housing. (4) Method of Targeting Proceeds. In addition to being the primary source of the City's housing policy, the housing element of the General Plan serves as a guide for the implementation of these policies and objectives. Adherence to its provisions by planning officials will encourage application of the proceeds of the Bonds to new and existing housing. (5) None. Other Pertinent Information. (6) The City's housing policy is based on a summary of the relevant goals and objectives of the housing element of the General Plan with respect to housing, development and low-income housing assistance policies. The housing policy is designed to relate to the City's development and low-income housing policies in a number of specific ways including expanding the total housing supply and easing the demand for rental housing by increasing the incidence of home ownership. B. Development Policies and Goals. The California State Legislature has found and declared in California Health and Safety Code 52001 that: there exists within the State of California a serious shortage of decent, safe, and sanitary housing which is affordible to many persons in the State. This shortage is exacerbated during periods of rising interest rates, particularly as high interest rates have the effect if diminishing the number of otherwise creditworthy buyers from qualifying for private sector mortgage capital sources. In order to remedy this adverse effect on potential buyers on the lower end of the purchasing spectrum, it is necessary to implement a public program to reduce the cost of mortgage financing for the single-family purchases for those persons unable to caste for -mortgage financing in the conventional mortgage market.