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REQUEST FOR CITY COUNCIL ACTIONE, 9o-2o z
July 'lb 1990
.•:}r,F Date
ri f Submitted to: PC norable Chairman and Redevelopment Agency MemW
a:T, APPROVED..Y CITY COUNCIL
` Submitted by: Iv4lchaPl T. Uberuaga, Chief Executive Office
Prepared by: Pat Spencer, Director of Housing & Redevelops !
Subject: SOUTIflERN CALIFORNIA HOME FIIvANCING AIITHUAI� r cL s1`
�3 1990 SINGLE FAMCLY MORTGAGE PROGRAM
Consirent with Council Poiicy7 [Xj Yes [ ) Now Polio/or Exception
t Sintement of Issue, Recommendation,Analysis, funding Sourcx,Alternative Actions,Attachmentt: '
tv SIATEUM O_ F LS.SU:
In a cooperative effort, the,counties of Orange, Los Angeles, and Ventura are financing
a single family first mortgage loan program at loan rates that are b, )w market rates.
r
These loam will be made available to buyers who meet established income gulde3lnes (as
outlined in the attached Information sheet). Orange County has contacted the City
directly asking for its participation.
x , 1
/. .... . , BECOMNENDIED ACTION•
Approve the attached Resolutions authorizing the City's participatioa in the Southern
California Home Financing Authority 1990 Series B Single Farniiy Mortgage Program.
�� t,' `�•i 'r'tYyt,
14r.
A tri-county r,'onsortium is participating in a single family mortgage revenue bond
program, estiraa.ed to provide at least $35 million in below market rate loans to first
T,t�l•:,', � �. time homeb ers who meet income idelines as established b the State of California.
7. '• project specific loans will be made available fer localities which
�;-��;• �: :.�:�,�.-.,.� Spot mortgages and ro ect �
have a c rative agreement with a� 8n' respective county. After a careful analysia of the
futw`e needs of Huntington Beach and gt proposed new housing/redevelopment
r�•`. . �. projects •� ",�
over thenr t
next i;cree years, staff believes that$6 million In mortgages could be allocated
between the Talbert-Beach and Main-Pier Redevelc m
p ent Project areas and an
additional $2 million could be allocated for spot mortgages in the city at j large, bringing
the total allocation to$8 raill:on.il :. .�
i � mil' •'J-• {� ia ,. .. :( 4 �
to participate program, commitment fee must h
In this be held in deposit
order , a 1°� comma e m
until the bonds are priced at which n additional 1
' �'•'''► • '�;���=' '_`' (estimated time a 3/4% would become due
( atetl date: mid August 1998). Housing set aside funding may be these
�'�`'' Y c •
fees. The 2 g used for �.,-�_' •.:�'; „ ��/`
$ million in spot mortgages will be secured by private lending institutions,
[T�1, Rt; 4.:.: � �=;+:.r• thus these institutions will be responsible for a proportionate share of the commitment ` ''�•,, "
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,C.114
RCA ED 90-20
Jul'? 16, 1990
Page two
Participation In this mortgage program offirs an outstanding opportunity to 011P.te.
housing sit aside funds-while assisting moderate income-home buyers in Huntington
beach.. According t6the draft Housing Element, thm.Income groups will 42
percent
ercent of an estimated 6,228 new households to be accommodated in the city by 1994.
Obviously, the pniposed program cannot assist all of these households, but It will be an
W.,portant first step toward reaching the city's established goal of providing for a
diverse housing stock,
Redevelopment Housing Set Aside funds.
ALURNAM A
I. Do not,,-approve t1w. attached Resolutions authorizing t'ae partL-1patior. In the
mortgage;bond program.
&UACLUdEM:
1. Resolutions.
2. Description of Mortgage Program.
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