HomeMy WebLinkAboutr10288beginprogramfundsmoylanterraceRESOLUTION NO . 10288 (2011 Series )
A RESOLUTION OF THE CITY OF SAN LUIS OBISPO AUTHORIZING A N
APPLICATION IN THE AMOUNT OF $973,409 TO THE STATE DEPARTMENT O F
HOUSING AND COMMUNITY DEVELOPMENT FOR BEGIN PROGRAM FUNDS T O
PROVIDE DOWN PAYMENT ASSISTANCE TO FIRST TIME HOMEBUYERS I N
HASLO'S MOYLAN TERRACE PROJEC T
WHEREAS,the City of San Luis Obispo, a charter city and political subdivision of th e
State of California, wishes to apply for and receive an allocation of funds through the BEGI N
Program ; an d
WHEREAS,the California Department of Housing and Community Developmen t
(hereinafter referred to as "HCD") has issued a Notice of Funding Availability ("NOFA") for the
BEGIN Program established by Chapter 14 .5, Sections 50860 through 50866 of Part 2 o f
Division 31 of the Health and Safety Code (the "statute"). Pursuant to the statute, HCD i s
authorized to approve funding allocation utilizing monies made available by the State legislatur e
to the BEGIN program, subject to the terms and conditions of the BEGIN Program Guideline s
adopted as amended by HCD on April, 21, 2009 ; and
WHEREAS,the City of San Luis Obispo wishes to submit an application to obtain fro m
HCD an allocation of BEGIN Program funds in the amount of $973,409 ; an d
WHEREAS,at the time of application, the City of San Luis Obispo has a General Pla n
Housing Element that is certified by HCD .
NOW, THEREFORE, BE IT RESOLVED,by the City Council of the City of San Lui s
Obispo as follows :
SECTION 1 .Application .The City of San Luis Obispo shall submit to HCD a n
application to participate in the BEGIN Program in response to the NOFA issued on July 8 ,
2011, which will request a funding allocation for down payment assistance to first-tim e
homebuyers, consistent with BEGIN Program Guidelines, for 28 units in the Moylan Terrac e
Project, including 14 low income, 6 moderate income and 8 at market rate, for a total o f
$973,409, as follows :
Unit Size
Incom e
Group
Purchas e
Price
Dow n
Payment
BEGI N
Assisted
Tota l
Assistanc e
1-BR Low $139,200 $13,920 8 $111,36 0
2-BR Low $156,600 $15,660 4 $62,64 0
3-BR Low $180,975 $18,098 2 $36,19 5
2-BR Moderate $274,050 $27,405 3 $82,21 5
3-BR Moderate $316,663 $31,666 3 $94,99 9
2-BR Market $335,000 $67,000 3 $201,00 0
3-BR Market $385,000 $77,000 5 $385,000
R 1028 8
Resolution No 10288 (2011 Series )
Page 2
SECTION 2 .Eligible Activities .If the application for funding is approved, the City o f
San Luis Obispo hereby agrees to use the BEGIN Program funds for eligible activities in th e
manner presented in the application as approved by HCD and in accordance with progra m
Guidelines as cited above . It also may execute any and all other instruments necessary o r
required by HCD for participation in the BEGIN Program .
SECTION 3 .Authorization .The City of San Luis Obispo authorizes the City Manage r
or the Assistant City Manager to execute in the name of the City of San Luis Obispo, th e
application, the Standard Agreement, and all other documents required by HCD for participatio n
in the BEGIN program, and any amendments thereto .
Upon motion of Council Member Carter, seconded by Vice Mayor Ashbaugh, and on th e
following vote :
AYES :
Council Members Carpenter, Carter and Smith, Vice Mayor Ashbaug h
and Mayor Mar x
NOES :
Non e
ABSENT : Non e
The foregoing resolution was passed and adopted this 19 th day of July 2011 .
ATTEST :
Elaina Can o
City Clerk