HomeMy Public PortalAbout89-029 (02-21-89)RESOLUTION NO. $9-Z9
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LYNWOOD AMENDING SECTION 1.03 OF
THE RESIDENTIAL REHABILITATION PROGRAM
REGULATIONS TO INCREASE THE MAXIMUM LOAN
LIMITS FOR DEFERRED PAYMENT LOANS FOR
GENERAL ZMPROVEMENTS AND ROOM ADDITIONS
WHEREAS, Section 1.03 of the Residential Rehabilitation
Program Regulations currently set limits on Deferred Payment
Loans at $15,000 for general improvements and $25,000 room
addition to relieve overcrowded conditions; and
WHEREAS, many properties requesting assistance need
extensive amounts of repairs; and
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WHEREAS, the rising cost of these necessary repairs and
home improvements exceeds the Program's loan limits; and
WHEREAS, increasing the loan limits would allow homeowners
to continue to participate in the program without exceeding the
borrower's ability to afford shelter expenses.
NOW, THEREFORE, the City Council of the City of Lynwood
does hereby find, order, determine and resolve as follows:
SECTION 1. That Section 1.03(A)(2), Loans: Amounts,
Interest, Terms and Conditions, of the Residential Rehabilitation
Program Regulations read as follows:
"Shall not exceed $20,000 for general home improvements
or $30,000 for a room addition for a single-family unit,
$12,000 per unit for two-to-four units, $7,500 per unit
for five-or-more units, $5,000 per residential hotel/
motel units; and"
SECTION 2. This resolution shall become effective
immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 21st day of February ,
1539.
iG(J'C~-Y~- C.C/,L~~
EVELYN LLS, MAYOR
City of Lynwood
ATTEST:
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ANDREA L. HOOPER, CITY LERK
City of Lynwood
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APg.E~OVED
TO FORM:
APPROV S TO CO ENT:
CENTE L. M S, DIR C OR
Community Development Dept.
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STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood,
do hereby certify that the above and foregoing resolution was
duly adopted by the City Council of said City at a regular
meeting thereof held in the City Hall of said City on the 21st day
of February, 1989, and passed by the following vote:
AYES: COUNCILMEMBERS HEINE, HENNING, MORRIS, RICHARDS~ WELLS
NOES: NONE
ABSENT: NONE
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood,
and Clerk of the City Council of said City, do hereby certify
that the above and foregoing is a full, true and correct copy of
Resolution No. 89-29 on file in my office and that said
resolution was adopted on the date and by the vote therein
stated.
Dated this 24th day of February, 1989.
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City Clerk