HomeMy WebLinkAboutAGENDA REPORT 1995 0621 CC REG ITEM 09CITEM_Z �►�._
CITY OF MOORPARK
AGENDA REPORT
TO: Mayor and Members ol the City Council
FROM: Steven Hayes, Redevelopment Manager
DATE: June 6, 1995 (Mtg 06/21/95)
SUBJECT: California Valleys Housing Finance Authority (the
"Authority ") Approval of Bond Issuance
On October 10, 1994, the City Council adopted a resolution
approving a Joint Exercise of Powers Agreement and Cooperation
Agreement with respect to the financing of home mortgage loans.
IDISCUSSION•
The Authority received a bond allocation in the amount of
$22,088,000 from the California Debt Limit Allocation Committee on
May 3, 1995. The Authority has 60 days from the date of allocation
to issue bonds, and has set June 29 1995 as the closing date for
the bond issue.
Urban Futures, Inc., as Program Administrator, will be meeting with
the Program Lenders the first week of July to discuss loan
origination procedures, allocation amounts, and Program
restrictions. It is anticipated that Program funds will be
available to originate loans for qualified homebuyers in the City
after the first week of July, 1995..
By approving the proposed Resolution, the City will be approving
the issuance of the bonds by the Authority. The Authority will be
taking separate actions to approve the sale of the bonds and all
related bond documents.
This program is for the purchase of both new housing units and
existing units. The purchase limits for new construction is
$169,109 and $190,349 for existing units. The loan limitation is
that of FHA and is $130,000. Income limits are $55,600 for new
construction and $46,400 for existing units. Income limits are
subject to change in the near future. This program is for first
time home buyers (can not have awned a home in the last three
years).
OormAmc, CAUFORIVt
City council Meeting
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FISCAL IMPACT•
The City will have no liability as to the repayment of the Bonds or
the Mortgages, and will not be responsible for any administration
expenses of the Authority or the Program.
Staff recommends that the City Council approve Resolution No. -
approving the issuance and sale of the California Valley
Housing Finance Authority, Single Family Mortgage Revenue Bonds,
Issue of 19905 in an amount not to exceed $22,088,000.
SGHB.002- 05/26/95 -June 14, 1995
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