HomeMy WebLinkAboutAGENDA REPORT 1991 0918 CC REG ITEM 08DTO:
FROM:
DATE:
SUBJECT:
Background
ITEM
MOORPARK
799 Moorpark Avenue Mr orpark. Caiifornia 93021 (805) 529 -6864
M E M O R A N D U K
The Honorable City Councif
ORPARK, CAL!'
City C000uur dl Mee ;;n0
of _- --�5�- 199/
AC fiON:
BY�4�,- ___,
Patrick J. Richards, Director of Community
September 6, 1991 (CC Meeting of 9- 18 -91)
Development
VILLA CAMPESINA SECOND MORTGAGE TRANSFER PROCEDURE (TRACT
NO. 4147 /RPD NO. 1049)
Community Development Block Grant. ;CDBG) funds were used by the
City to provide deferred interest, second mortgages for the Villa
Campesina development. These second. mortgages are transferable to
a subsequent very low- or low - income buyer.. Conditions Nos. 22 and
23 of the RPD Permit (see attachment,p require that the City approve
the sale of the unit and the qualifications of a prospective buyer
in order to allow any outstanding CDBG deferred loan money to be
"rolled- over" (i.e., transferred) t a new, buyer.
Background
Staff is requesting that the City Council authorize the City
Manager to approve any "roll- over, of CDBG deferred loan money to
subsequent very low- and low - income buyers for the Villa Campesina
tract. Authorizing the City Manager to approve any "roll- over"
will speed up the escrow process and will also help to protect the
privacy of the real estate transact. on.
Recommendation
Authorize the City Manager to approve any "roll- over" of CDBG
deferred loan money to subsequent very low- and low - income buyers
for the Villa Campesina (Tract 4147:'RPD -1049) development.
Attachment:
PJR /DST
PAUL W IAWRASON JR
Mayor
Excerpt from RPD -1049 conditions of Approval
B3 RNARDO M PERE7 SCOTT IV DN' (r AEE,y �7OY E TALLEY JR
JOHN E WOZNIAK
Mayor Pro Tear ..r.
G t:n6Imembnr
h'f
i
Page 4 of 7
19. That patio covers shall_ cont)rm
to the
"Patio Cover Policy" adopted �)y
the City Council on May 1.`,,
1985.
The
required patio cover setback of
10 feet shall be measured - fr,m
the
rear
property line_ Accessory struc-
tures shall be located a minimum
'i
feet
from the rear and side property
line_ Patio covers and acre
sari
!,t_ruct:ures
shall cover no more than 40
percent of the provided re,+r
yarl
.ar a.
ut_stdrWL.ng balance and accumulated interest
20. That prior to issuance of th zone clearance of each unit, an "Uncondi-
tional" Will -Serve Letter fr:r water ind sewer service shall be obtained
from Ventura County Watera4 >x District No. 1.
21. That all first time salc I the residences within this subdivision
shall be sold exclusively + households of very low or low income as
defined by the Department 1lotas,inc and Urban Development. All units
shall be owner occupied.
22. That prior to the resale ' ar.y uni within this subdivision, the pro-
spective buyer and /or se11e shall provide the following information to
the Department of Commun it , eve log x:,E [it.
o Selling price of • r ur.tt Offered for sale.
o Statement of coral- ned annual income for the household pux-
cha� ing the unit , fe red f(,r sale-
0
An independent ai 1)r i SA of the market value of the unit
offered for sate
o New owners must e },ecute waivers of their right to protest the
formation of ass<ssment districts for bicycle path and
equestrian trail mprovemernts (Tract 4147 Condition No_ 18)
and future strei t i_mprover:ent.s (Tract No. 4147 Condition No.
37)
23. After receipt of the information required by Condition No. 22, the City
shall determine if the prospective
buyer has a combined household income
level of "very -low" or "low"
as defined by the Department of Housing and
Urban Development. The ('it
shall also determine if the selling price
of the unit is: for an amount
not to exceed the market value specified be
the independent appraisal
If the City approves the sale of the unit
based on the above informrition
and determinations, any outstandinc
Community Development Block
Grant d,- ferred loan money shall be "rolled -
over" to the prospective 1:,uyr
if r_he City does not approve either the
prospective buyer or sellir,,
pri e based on household income or unit
selling price,, the seller- >!
the hoar se may find a new prospective buyer,
or pay back to the City the
ut_stdrWL.ng balance and accumulated interest
on the CDBG deferred lo,ir
Iri otd�,r to approve the sale of any unit,
the City must also determiii�
thcl al least 20% (12 units) of the project
are presently occupied
,us-iic�l 's with very low or low incomes as
required by Condition Nc . '
;), ' 1 A( 41.4 ")' _
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