HomeMy WebLinkAboutMC-357
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ORDINANCE NO. MC-357
ORDINANCE OF THE CITY OF SAN BERNARDINO
ESTABLISHING A LOW AND MODERATE INCOME
HOUSING REVOLVING FUND.
5 THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
6 BERNARDINO DO ORDAIN AS FOLLOWS:
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Section 1. Findings and Determinations. It is hereby
8 found and determined:
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a.
that the provision of housing for low and
10 moderate income persons and families is important to the
11 economic and social vitality of the City of San Bernardino:
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b.
that in order to encourage the construction of
13 new housing and the rehabilitation of existing housing, it may
14 be necessary from time to time for the City to provide
15 financial incentives to the builders and owners of such housing:
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c.
that one of the fundamental purposes of
1'1 redevelopment is to expand the supply of low and moderate
18 income housing in the community:
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d.
that the Redevelopment Agency of the City of San
20 Bernardino (the "Agency") may be required by Health & Safety
21 Code Section 33334.2 to deposit a portion of the tax increment
22 revenues it receives in a separate Low and Moderate Income
23 Housing Fund to be used for the purpose of increasing and
24 improving the community's supply of low and moderate income
25 housing available at an affordable housing cost:
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that the Low and Moderate Income Housing Fund
created by this Ordinance should be administered by the Agency.
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MC-357
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Section 2. Establishment and Maintenance of Fund.
There is hereby established a special fund designated "The Low
and Moderate Income Housing Fund" which shall be maintained and
administered by the Agency on behalf of the City. Moneys shall
be appropriated to and deposited in the Fund from time to time
by resolution of the Mayor and Common Councilor the Agency.
Moneys in the Fund when not required for any of the purposes
set forth in Section 3 may be invested in any of the following
which at the time are legal investments under the laws of the
State of California for moneys held by the Agency: (1) direct
obligations of the United States of America (including the
obligations issued or held in book-entry form on the books of
the Department of the Treasury of the United States of America)
or obligations the principal of and interest on which are
guaranteed by the United States of America: (2) obligations.
debentures. notes or other evidence of indebtedness issued or
guaranteed by any of the following: Banks for Cooperatives.
Federal Intermediate Banks. Federal Home Loan Bank System.
Export-Import Bank of the United States. Federal Financing
Bank. Federal Land Banks. Government National Mortgage
Association. Federal National Mortgage Association. Farmers'
Home Administration. Federal Home Loan Mortgage Corporation or
Federal Housing Administration: (3) interest bearing demand or
time deposits (including certificates of deposit) in banks and
savings and loan associations. secured at all times. in the
manner provided by law, by collateral security (described in
clauses (1) or (2) of this paragraph) of a market value of no
less than the amount of moneys so invested: (4) repurchase
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agreements with banks, savings and loan associations or
government bond dealers reporting to, trading with and
recognized as primary dealers by a federal reserve bank, with
respect to investment securities described in clauses (l)
through (3) of this paragraph, pursuant to Which the seller of
such securities agrees to repurchase the same on or before a
specified date and for a specified amountr and (S) such other
investments as the City may direct. All disbursements from the
Fund shall be in the manner provided for City funds with the
countersignature of an Agency representative designated by the
Agency.
Section 3. Purposes. To carry out the purposes of
this Ordinance, the moneys on deposit in the Fund may be used
and applied for any or all of the following purposes:
a.
provide subsidies to or for the benefit of
persons and families of low and moderate income including
loans, grants, and interest subsidies.
b.
develop plans, pay principal and interest on
bonds, loans, advances or other indebtedness, or pay financing
or carrying charges.
c.
acquire, improve, construct or rehabilitate land,
building sites, buildings or structures.
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for such other purposes as will encourage the
development or rehabilitation of housing for persons and
families of low and moderate income.
Notwithstanding anything in this section to the
contrary, the moneys deposited in the Fund shall not be used in
a manner inconsistent with any applicable federal or state laws
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or regulations. For purposes of this Ordinance "persons and
families of low or moderate inccme" means persons and families
whose income does not exceed 120 percent of area median income.
adjusted for family size in accordance with adjustment factors
adopted and amended from time to time by the United States
Department of Housing and Urban Development pursuant to
Section 8 of the United States Housing Act of 1937.
Section 4. Implementation Guidelines. The Agency and
Common Council shall jointly adopt guidelines for the use and
application of the moneys in the Fund. Such guidelines shall
set forth criteria for determining eligibility of participants
and projects, the amount and character of assistance to be
provided and such other matters as the Agency deems necessary
for the use and application of the Fund.
Section 5. Annual Report. The Agency shall file with
the Mayor and Common Council an annual report setting forth the
amount of money on deposit in the Fund, the principal amount of
any outstanding loans, the principal amount of any grants made
during the previous twelve calendar months, the number of low
and moderate inccme housing units for which assistance has been
provided, and such other information as the Agency or the Mayor
and Common Council may deem appropriate.
Section 6. The Mayor and Common Council hereby find
that in order to provide an orderly procedure for the provision
of housing for low and moderate income persons and families it
is necessary that the City exercise the powers it has with
respect to municipal affairs by virtue of being a charter
city. The procedure provided for herein is to be an
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alternative to any others provided by. under or pursuant to the
Charter, ordinances and code provisions of the City or the
general laws of the State.
I HEREBY CERTIFY that the foregoing ordinance was duly
adopted by the Mayor and Common Council of the City of San
. regular
Bernardino at an adJourned meeting thereof, held on
the 9th day of
April
, 1984, by the following vote,
to wi t:
AYES:
Council Members Castaneda, Reilly. Hernandez.
Marks. Quiel. Frazier
NAYS:
None
ABSENT:
Council Member Strickler
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/ C~ty Cler
The foregoing ordinance is hereby approved this
/d'- ~ day of
April
, 1984.
form:
6984P/2355/00
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