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HomeMy WebLinkAboutRESO 6501• t ... RESOLUTION NO, 6501 RESOLUTION OF THE COUNCIL OF THE CITY Of PALO ALTO APPROVING AN APPLICATION TO THE STATE OF CALIFORNIA FOR HOUSING AND COMMUNI'£Y DEVELOPMENT DEFERRED PAY- MENT REHABILITATION LOAN FUNDS TO SUPPLEMENT THE FUNDS AVAILABLE TO THE CITY'S HOUSYNG IMPROVEMENT PROGRAM WHEREAS, the State of California Department of Housing and Conununity Development (HCD) has issued an Announcement of Funding Avai lab il i ty under the Deferred Payment Rehabilitation Loan Pro- gram "Open Window" funding process1 and WHEREAS, pursuant to sections 50660-50670 of California Health and Safety Code, HCD is authorized to provide funds for the rehabilitation of housing: and WHEREAS, the City of Palo Alto is a local public entity or- ganized under the l~ws of the state of California and is eligible to participate in the Deferred Payment Rehabilitation Loan Program ( DPRLP) 1 and WHEREAS, the City of Palo Alto desires to apply and, if accepted, will package loans to be submitted to HCD. The total amount of such loans approved by HCD shall not exceed Two Hundred Thousand Dollars ($200,000). NOW, THEREFORE, the Council of the City of Palo Alto does RESOLVE as follows: SECTION 1. The Council authorizes the City Manager and/or his designated representative to apply, and if accepted, to enter into a Standard Agreement with the Department of Housing and Com- munity Development ( HCD) and execute other documents required to consumate this transaction and operate the Deferred Payment Rehabilitation Loan Program (OPRLP). SECTION ~· The Housing Improvement Program manager is fur- ther authorized to submit loan packages to HCD for approval and to execute all documents required to make and record each loan to individual borrowers approved by the HCD under the DPRLP. SECTION 3. funds will be in thereto, and the funds. The Council hereby certifies that all uses of the compliance with DPRLP Regulations, the Guidelines Standard Agreeme"t governing the use of program SECTION 4. The Council finds that this is not a project under the California Environmental Quality Act, and therefore, no environm~ntal impact assessment is necessary. INTRODUCED AND PASSl:':D: March 24, 1986 A'iE:S: Bechtel, Cobb, Fletcher, Klein, Levy, Patitucci, Renz.el, Sutorius, Woolley NOES: None ABSTENTIONS: None ABSENT: None APPROVED: ~c!Acul~ Mayor APPROVED AS TO FORM: 2.