HomeMy WebLinkAboutAGENDA REPORT 2009 0603 CC REG ITEM 10G ITEM 10.G.
CITY OF MOORPARK,CALIFORNIA
City Counell Meeting
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MOORPARK CITY COUNCIL
AGENDA REPORT
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To: Honorable City Council
From: David C. Moe 11, Redevelopment Manager
Date: May 27, 2009 (CC Mtg. of June 3, 2009)
Subject: Consider Resolution Appropriating $100,000.00 from the City
Housing Fund Reserve for Employee Home Loan Program
BACKGROUND AND DISCUSSION
On May 21, 2008, the City Council established a Non-Competitive Employee First Time
Home Buyer Program ("Program") to extend first time home buying opportunities to non-
competitive employees.
The Program offers a loan of up to $100,000.00 to help an employee purchase a home
within the City of Moorpark city limits. The interest rate is tied to the Local Area
Investment Fund (LAIF) and adjusted quarterly. Interest only payments would be
required and there would not be any prepayment penalty. The term of the loan would
be seven years, provided the employee is still employed with the City of Moorpark.
One non-competitive employee is requesting $100,000.00 assistance through this
program to purchase a home. As mentioned in the May 21, 2008, staff report, a budget
transfer in the amount of $100,000.00 is required to provide the necessary money to
fund the loan for the City's first loan under this program.
FISCAL IMPACT
A budget amendment in the amount of $100,000.00 from the City Affordable Housing
Fund (2201) is requested to fund one Non-Competitive Employee First Time Home
Buyer Loan.
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Honorable City Council
June 3, 2009
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STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Authorize staff to proceed with a Non-Competitive Employee First Time Home Buyer
Program and authorize the City Manager to approve other program requirements and
procedures.
Attachment A: Resolution No. 2009 -
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ATTACHMENT "A"
RESOLUTION NO. 2009 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FISCAL
YEAR 2008/2009 BUDGET BY APPROPRIATING $100,000
FROM THE CITY AFFORDABLE HOUSING FUND (2201)
FOR NON-COMPETITIVE EMPLOYEE FIRST TIME HOME
BUYER LOAN PROGRAM
WHEREAS, On July 2, 2008, the City Council of the City of Moorpark adopted
the budget for Fiscal Year 2008/2009; and
WHEREAS, On May 21, 2008, the City Council established a Non-Competitive
Employee First Time Home Buyer Program; and
WHEREAS, One non-competitive employee is requesting assistance through this
program; and
WHEREAS, a budget amendment is needed to fund a $100,000 loan from the
City Affordable Housing Fund (2201).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment in the total amount of $100,000 from the City
Affordable Housing Fund (2201) for the Non-Competitive Employee First Time Home
Buyer Program, for funding of a home loan, as more particularly described in Exhibit
"A", attached hereto, is hereby approved.
SECTION 2. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 3`d day of June, 2009.
Janice S. Parvin, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Exhibit A — Budget Amendment Detail
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EXHIBIT A
BUDGET AMENDMENT FOR
CITY AFFORDABLE HOUSING FUND (2201)
FOR NON-COMPETITIVE EMPLOYEE FIRST TIME HOME BUYER LOAN PROGRAM
FY 2008-09
FUND ALLOCATION FROM:
Fund Account Number Amount
City Affordable Housing Fund 2201-5500 $ 100,000.00
Total $ 100,000.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number Current Budget Revision Amended Budget
2201.2430.0000.9288 $ 100,000.00 $ 100,000.00
Total $ is 100,000.00 1 $ 100,000.00
Finance approval: Q)
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