HomeMy WebLinkAboutAGENDA REPORT 1994 1005 CC REG ITEM 08CCITY OF MOORPARK
AGENDA REPORT
TO: The Honorable City Council
FROM: Richard Hare, Deputy City Manager
DATE: September 26, 1994 (CC Mtg 10/5 4)
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SUBJECT: Consider Resolution 94 -_ - Approving a Joint Exercise of
Powers Agreement and Cooperation Agreement with Respect
to the Financing of Home Mortgage Loans
BACKGROUND
The Moorpark Redevelopment Agency at the meeting of September 7,
1994 received an overview of the Single Family Mortgage Revenue
Bond Program submitted by Urban Futures. The Agency authorized
staff to obtain necessary documents required for participation in
this program. Since that meeting it was recommended by Urban
Futures that the City rather than the Agency authorize and be the
participant in this program. City participation will allow the
program to be implemented inside and outside of the redevelopment
project area. The previous action of the Agency does not need to
be rescinded or transferred to the City Council.
DISCUSSION
Attached are various documents that must be approved and /or adopted
by the City Council for inclusion in the application package to the
California Debt Limit Allocation Committee.
This program will allow eligible participants an opportunity of
receiving lower down payments and lower interest rates for new home
purchases. It will also allow refinancing and rehabilitation loans
for existing structures.
The Bonds Application will
Authority for the issue
Participating Cities may b e
Authority at a later date.
STAFF RECOMMENDATION
be to the State of California and the
will be the City of Dinuba. Other
appointed to the governing body of the
That the City Council authorize the Mayor to approve the attached
resolution, Joint Exercise of Power Agreement and Cooperation
Agreement.
Attachments:
00091