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RESOLUTION NO. 19833 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, AUTHORIZING THE SUBMITTAL OF AN APPLICATION TO <br />THE CALIFORNIA STATE DEPARTMENT OF HOUSING AND <br />COMMUNITY DEVELOPMENT FOR FUNDING UNDER THE CALHOME <br />PROGRAM; THE EXECUTION OF A STANDARD AGREEMENT IF <br />SELECTED FOR SUCH FUNDING AND ANY AMENDMENTS THERETO; <br />AND ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATE IN THE <br />CALHOME PROGRAM. <br /> <br />1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br />6 <br /> <br /> 7 WHEREAS, the City~ofRiverside, a municipal corporation, wishes to apply for and receive an <br /> allocation of funds through the CalHome Program; and <br /> <br />9 WHEREAS, the California Department of Housing and Community Development (hereinafter <br />10 referred to as "HCD") has issued a Notice of Funding Availability CNOFA') tZ~r the CatHome <br /> <br />11 program established by Chapter 84, Statutes of 2000 (SB 1656 Alarcon), and codtried in Chapter 6 <br />12 (commencing with Secti6n 59650) of Part 2 of Division 31 of the Health and Safety Code (the <br />13 "statute"). Pursuant to the statute, HCD is authorized to approve funding allocations utilizing <br /> <br />14 monies ~nade available by the State Legislature to the CalHome program, subject to the terms and <br />15 conditions of the statute and the CalHmne Program Guidelines adopted by HCD on <br />16 November 2, 2000; and <br /> <br />17 WHEREAS, the City of Riverside wishes to submit an application to obtain from HCD an <br />18 allocation of CalHome funds in the amount of $500,000. <br />19 NOW, HtEREFORE BE IT RESOLVED THAT: <br /> <br />20 Section l: The City of Riverside shall submit to HCD an application to participate in the <br />21 CalHome Program in response to the NOFA issued on November 7, 2000, which will request a <br />22 funding allocation of $500,000 Ibr the following activities. Funds will support a First Time <br />23 Homebuyer Mortgage Assistance program which will target Census Tracts No. 303,304, 305, <br /> <br />24 422.03 and 422.02, generally known as the Eastside and Downtown areas of the City of Riverside. <br />25 Eligible applicants will be first time home buyers meeting income requirements of the program <br />26 and shall attend HCD approved homebuyer's education classes. Income received fi'om loan <br /> 27 repayment in this program will be reused for further loans in the above mentioned program area, <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826~5567 <br /> <br /> <br />