HomeMy WebLinkAboutRDA Res 11-03 2011-03-28RESOLUTION NUMBER 11-03
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH APPROVING MODIFICATIONS TO THE
HOME IMPROVEMENT PROGRAM (HIP)
THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY
RESOLVES AS FOLLOWS:
Section 1 . In July 1998 the Redevelopment Agency ( "Agency ") created
the first Home Improvement Loan Program funded through Agency Low- and
Moderate Income set -aside funds.
Section 2 . The Agency has amended the guidelines over the years to
reflect current community needs with most modifications adopted in July 2008.
Section 3. The HIP loan program shall fully comply with all requirements
of California Redevelopment Law regarding use of Low- and Moderate Income
Housing set -aside funds.
Section 4. The Agency hereby adopts the following HIP loan program
guidelines:
A. There shall be a HIP Loan Review Committee consisting of a least 3
staff members;
B. The program shall be available to qualified residents of owner -
occupied residents units only;
C. The maximum loan amount shall be $60,000 at a 0% interest rate
with principal due upon sale or transfer of property;
D. For property sold within 10 years of loan origination, the borrower
shall repay the principal amount plus a deferred interest payment of
8% compounded annually; and
E. Redevelopment Agency staff shall develop the processes and
procedures necessary to implement this loan program.
Section 5. The Agency hereby consolidates all other existing loan and
grant programs into this HIP loan program.
Section 6 . The Secretary/City Clerk shall certify to the passage and
adoption of this resolution.
PASSED, APPROVED and ADOPTED by the Redevelopment Agency of the City
of Seal Beach held on the 28th day of March , 2011 by the following vote:
AYES: Agency Members r b) uVjea�
NOES: Agency Members ��9
ABSENT: Agency Members
ABSTAIN: Agency Members
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e etary/City Clerk
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Chairman
Resolution Number 11 -03
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, City Clerk of the City of Seal Beach, do hereby certify that the
foregoing resolution is the original copy of Resolution Number 11 -03 on file in
the office of the City Clerk, passed, approved, and adopted by the
Redevelopment Agency of the City of Seal Beach at a regular meeting held on
the 28th day of March , 2011.
S cretary/City Clerk
1