HomeMy WebLinkAboutResolution No. 31RESOLUTION NO. 31
A RESOLUTION OF THE REDEVELOPMENT
AGENCY OF THE CITY OF AZUSA APPROVING
RULES AND REGULATIONS RELATING TO ITS
RESIDENTIAL:MORTGAGE FINANCING PROGRAM
RESOLVED, by the Redevelopment Agency of the City
of Azusa, that
WHEREAS, the legislature of the State of
California has authorized redevelopment agencies to purchase
long-term,f_ 5 low-interest rate loans made to provide
financing for new residential construction in redevelopment
project areas in order to encourage investment within and to
upgrade such areas and has authorized redevelopment agencies
to issue bonds to finance the purchase of such loans;
WHEREAS, the Agency has heretofore determined to
undertake a Residential Mortgage Financing Program and, to
that end, has provided for the issuance of Residential
Mortgage Revenue Bonds for the purpose of purchasing Mort-
gage Loans to provide financing for residential construction
within the Agency's Redevelopment Project Areas in order to
encourage investment within and to upgrade such Areas; and
WHEREAS, the provisions of applicable law require
the Agency to adopt Rules and Regulations in implementation
of the Agency's Residential Mortgage Financing Program;
NOW THEREFORE, IT IS HEREBY ORDERED as follows:
1. The Sellers' Guide for the sale of Mortgage Loans to
the Redevelopment Agency of the City of Azusa and the ,'
Servicers' Guide for the servicing of Mortgage Loans for the
Redevelopment Agency of the City of Azusa, a copy of each of
which documents in on file in the office of the Secretary of
this Agency, be and are hereby approved as the Rules and
Regulations of the Agency together with this Resolution.
2. All residential construction in the Redevelopment
Project Area shall be -undertaken and completed in accordance
with the building and construction standards of the City of
Azusa applicable to residential construction in the City of
Azusa.
3. Any residence which is constructed with financing
obtained under said Program shall be open, upon sale or
rental of any'.portion:thereof to all regardless of race, color,
religion, national origin, or ancestry.
4. Contractors and subcontractors engaged in residential
construction financed under said Program shall provide equal
opportunity for employment, without discrimination as to race, sex,
marital status, color, religion, national origin, or ancestry.
All contracts and subcontracts for residential construction
financed under said Program shall be let without discrimination
as to race, sex, marital status, color, religion, national
origin, or ancestry. It shall be the policy of this Agency
in financing residential construction under said Program to
encourage participation by minority contractors
Adopted and Approved this 25th day of September,
1979•
I hereby certify that'the foregoing resolution was passed
and adopted by the Redevelopment Agency of the City of Azusa,
at an adjourned regular meeting thereof held on the 25th day
of September, 19793 by the following vote, of the Agency:
AYES: Directors: Decker, Fry, Cruz, Moses, Solem
NOES: Directors: None
ABSENT: Directors: None
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