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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 93-113 <br /> <br /> RESOLUTION APPROVING THE CITY OF PLEASANTON <br /> SECOND MORTGAGE HOME LOAN PROGRAM GUIDELINES <br /> AND SUMMARY FOR ROTARY COMMONS <br /> <br />WHEREAS, the City of Pleasanton has entered into an agreement with <br /> Pleasanton Rotary North for the purpose of completing the <br /> development of a seven unit lower income housing project; <br /> and <br /> <br />WHEREAS, procedures have been established for use in determining <br /> eligibility and the sale of those seven units; and <br /> <br />WHEREAS, the City Council received a Staff Report (SR 93:353) from <br /> the Assistant City Manager which sets forth in detail the <br /> guidelines and procedures; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: Approves the City of Pleasanton Second Mortgage Home <br /> Loan Program Guidelines and Summary for Rotary Commons, <br /> a copy of which is attached hereto and incorporated <br /> herein by this reference. <br /> <br />Section 2: Approves an allocation of $118,730 from the City's <br /> Lower Income Housing Fund to cover the cost of the city's <br /> second Mortgage Home Loan Program and project <br /> administration fees. <br /> <br />Section 3: Approves an extension to the contract with Community <br /> Housing Developers, Inc. (CHD) for the purpose of <br /> administering the Second Mortgage Home Loan Program for <br /> Rotary Commons. <br /> <br />Section 4: This resolution shall become effective immediately <br /> upon its passage and adoption. <br /> <br /> <br />