HomeMy WebLinkAbout152-97RESOLUTION NO. 152-97
MAKING FINDINGS REGARDING THE USE OF
COMMUNITY DEVELOPMENT AGENCY
HOUSING SET ASIDE FUNDS
WHEREAS, the Town of Danville intends to comply with state housing law requirements; and
WHEREAS, Section 33334.2 of the California Community Redevelopment Law (Health and
Safety Code 33000 et seq.) requires that not less than twenty percent (20%) of all tax increment
received by the Danville Community Development Agency be used for the purpose of improving
and increasing the community's supply of low and moderate income housing available at
affordable housing cost; and
WHEREAS, Section 33334.2(g) of the Health and Safety Code provides that the Agency may
use such funds outside the project area if the Town Council and the Agency find that such use
will be of benefit to the project; and
WHEREAS, the Town of Danville intends to comply with California Redevelopment Law by
committing monies from the Housing Set Aside Fund generated by redevelopment tax increments
to an affordable housing program; and
WHEREAS, the goals of the Housing Element of the Danville General Plan call for promotion
of the development of affordable housing to meet the full range of housing needs in the
community; and
WHEREAS, the Town of Danville desires to expend financial resources for affordable housing
through the implementation of a "Silent Second Home Loan Program" ("Program"); and
WHEREAS, the Program would serve to lower the cost of monthly mortgage payments for the
home buyer by providing a second loan to increase the down payment; and
WHEREAS, the Program would endeavor to ensure that low income households have adequate
opportunity to participate in the program by separating the program funding into two equal Loan
Pools each year; now, therefore, be it
RESOLVED, that the Danville Town Council finds that the use of monies from the Community
Development Agency's Housing Set Aside Fund outside the project area will benefit the project
area by providing affordable housing opportunities which might not otherwise be available solely
within the project area.
APPROVED by the Danville Town Council at a Regular Meeting on October 7, 1997, by the
following vote:
AYES: Doyle, Waldo,
NOES: None
ABSENT: None
ABSTAINED: None
Arnerich,
Greenberg, Shimansky
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
CITY CLERK
PAGE 2 OF RESOLUTION NO. 152-97