HomeMy WebLinkAboutAGENDA REPORT 1996 1016 CC REG ITEM 07CITEM
AGENDA REPORT
CITY OF MOORPARK
TO: Honorable City Council
FROM: Steven Hayes, Economic Development /Redevelop ent Manager
DATE: October 7, 1996 ->
SUBJECT: Consider a Resolution Approving a Budget Amendment for
Housing Rehabilitation Projects Outside of the
Redevelopment Project Area
BACKGROUND
During Fiscal Year 1995/1996 the City of Moorpark appropriated
$160,000 for a Housing Rehabilitation Loan program for low and very
low income families. The funding source is from repayment of
second trust deed payments from the Villa Campesina project. At
present, the City has received $182,702 from this program with
$318,854 still owed. The original source of the funds is a small
City CDBG. The grant requires the City to use the repaid funds for
affordable housing purposes.
I CUSSION
This program provides up to $15,000 for rehabilitation of single
family owner occupied homes. Unlike the program inside of the
Redevelopment Project Area, there are no grants. If the applicant
is of very low income the loan is deferred. If the applicant is of
low income, the loan is 3% interest for ten years.
At this time eight applications have
construction, two projects are ready
applications are being processed.
RECOMMENDATION (Roll Call Vote)
been received. One is under
to start construction and five
That the City Council adopt the attached Resolution approving a
budget amendment for the City's Housing Rehabilitation Loan Program
in the amount of $160,000 to account number 221.504.0000.000.9402.
C: \M\ BUDGET \SGHBG009 - 10/07/96- October 10, 1996
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