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233 <br /> <br /> Mr. Mercer indicated that what is important is to help the <br />homebuyers purchase the house and provide flexibility. <br /> <br /> Mr. Butler stated that Mr. Aguiar's point can be addressed by <br />being careful that the fund is not depleted by second mortgages. <br /> <br /> Mr. Tarver inquired if it would be possible for the City to <br />establish a revolving fund for moderate-income second mortgages <br />through the City's reserves instead of using the low-income fund. <br /> <br /> Ms. Acosta said it could be done. <br /> <br /> Mr. Mercer stated that he would prefer the money to come out <br />of housing fees, rather than out of the City's operating budget. <br /> <br /> Ms. Scribner agreed. She indicated that building low- and <br />moderate-income units would be of no use if homebuyers do not <br />qualify for the loan. <br /> <br /> It was moved by Ms. Mohr, and seconded by Mr. Butler, that <br />Resolution No. 91-92 be adopted, conceptually approving <br />participation in a City-assisted second mortgage loan program for <br />moderate-income housing units for first-time homebuyers and <br />providing direction to Staff to prepare the enabling ordinances and <br />resolutions. <br />The roll call vote was as follows: <br />AYES: Councilmembers Butler, Mohr, Scribner, Tarvet and Mayor <br /> Mercer <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br />Item 12c (Item <br /> <br />Third Ouarter 1990-91 Financial Report <br /> <br /> Mr. Tarver opposed taking money from the Lower Income Housing <br />In Lieu Trust Fund for the Low-Income Housing Consultant. He <br />stated that at the initial discussions regarding the implementation <br />of the affordable housing program, Council considered adding <br />regular Staff or hiring a consultant, whose compensation would come <br />out of the General Fund budget, thereby keeping the low-income fund <br />for the development of the housing. <br /> <br /> - 23 - <br /> 6-4-91 <br /> <br /> <br />