RES 84628 - Laserfiche WebLink

REPORT CONCERNING SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAMS The following report summarizes the city of Pleasanton's policies with respect to housing, development and low-income housing assistance and reports on the city's compliance with the intent of CongreSs that qualified mortgage bond issues assist lower income families to afford home ownership before assisting higher income families. STATEMENT OF POLICY WITH RESPECT TO HOUSING, DEVELOPMENT AND LOW-INCOME HOUSING ASSISTANCE The California State Legislature has found and declared that there exists within the State of California a serious shortage of decent, safe, and sanitary housing which is affordable to many persons in the state. This shortage is exacerbated during periods of rising interest rates, particularly as high interest rates have the effect of diminishing the number of otherwise creditworthy buyers from qualifying for private sector mortgage capital sources. In order to remedy this adverse effect on potential home buyers on the lower end of the purchasing spectrum,it is necessary to implement a public program to reduce the cost of mortgage financing for the single-family purchases for those persons unable to compete for mortgage financing in the conventional mortgage market. California Health and Safety Code Se,ction 52001. The California State Legislature has additionally found and declared that it is necessary and essential that counties and cities be authorized to directly and indirectly make long-term, low-interest loans to persons not presently eligible for financing through private sector lending institutions to finance construction, rehabilitation, and acquisition of homes in order to encourage investment and upgrade local areas. California Health and Safety Code Section 52002. It is the policy of the city of Pleasanton to utilize its single family housing assistance program to further the stated policies of the California State Legislature.