R-025-11 RECONVEYANCE OF LOAN BALANCES

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C 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA DOES FIND AND DECLARE THAT: Section 1. Findings (a) The Loan Program constituted an activity eligible for CDBG assistance under 24 CFR section 570.202(a)(1) and section 105 (a)(4) of the Act in that the loans provided by the City through the Loan Program were used for the purposes of assisting low-income homeowners with financing to rehabilitate homes that were in violation of the City's building code. (b) The Loan Program complied with the national objective of benefiting low and moderate income persons in accordance with 24 CFR section 570.208(a)(1) and 24 CFR section 208(a)(2) because the Loan Program was made available only to those residents whose income fell below eighty percent (80%) of the median income of San Bernardino County and either (i) resided in a specific area of the City identified in the Loan Program guidelines ("Target Area'); or (ii) were sixty-five (65) years of age or older; or (iii) resided in the Mill Street Drainage Target Area. All participants were required to meet the income criteria set forth in the Loan Program guidelines. (c) The Loan Program complied with the primary objective of the Act in sections 101(c)(1) and (2) in that the City was able to carry out its objective of providing and maintaining decent housing and a suitable living environment for persons and families of low and moderate income by implementing the Loan Program to assist in the City's specific objective of eliminating blight and preventing blighting influences and property deterioration and other conditions detrimental to health, safety and public welfare through code enforcement and rehabilitation. (d) The Loans obtained by the property owners were used in compliance with the Loan Program and the rehabilitation of the property owners' primary residences on the Properties was completed in accordance with the Loan Program requirement. Section 2. Execution of Reconvevance. The City Council hereby approves of the conversion of the Loans to grants and directs the City Manager to execute a "Substation of Trustee and Full Reconveyance" to reconvey the Deed of Trust on each property as documents are prepared for execution. Section 3. Other Resolutions Repealed. This Resolution shall repeal any portion of Resolution No. 4446 and any other resolutions or portions thereof to the extent that such resolutions or portions thereof are in conflict with this Resolution. Section 4. Severabilitv. If any provision of this Resolution, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Resolution, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.