HomeMy WebLinkAbout1984 096 CC RESO1984 096 CC RESO (Ìì ç ¥RESOLUTION NO. 84-96
A RESOLUTION OF THE CITY OF BALDWIN PARK
ESTABLISHING CRITERIA FOR PARTICIPATION
BY LENDERS IN THE CITY OF BALDWIN PARK
MORTGAGE FINANCING PROGRAM
RESOLVED, by the City Council of the City of Baldwin
Park, as follows:
WHEREAS, the City Council of the City of Baldwin Park
the City") proposes to undertake a home mortgage financing
program the Program") pursuant to Part 5 of Division 31 of
the Health and Safety Code of the State of California the Act")
for persons and families within the income limits established by
the Act, and proposes to issue revenue bonds pursuant to the Act
to provide funds for the Program? and
WHEREAS, the Act requires that home mortgages to be
financed with the proceeds of such revenue bonds shall be origi-
nated and serviced by lending institutions the Lenders")
approved by the City for participation in the Program; and
WHEREAS, Section 52020(b) of the Act further requires
the City to establish criteria for participation by Lenders on
an equitable basis; and
WHEREAS, the City, with the aid of its staff has selected
the following described criteria for participation by Lenders in
the Program, which criteria the City hereby determines to be an
equitable basis for such participation.
NOW, THEREFORE, IT IS ORDERED as follows:
SECTION 1. A Lender shall be eligible to participate
in the Program of the City if the Lender meets the following
requirements:
a) The Lender shall have originated and shall be now
servicing a significant number of mortgages financed by revenue
bonds issued by the State of California or by counties, redevelop-
ment agencies or other cities within the State or shall otherwise
be qualified by reason of having originated and serviced conventional
loans for Program builders;
b) The Lender shall be a Federal National Mortgage Association
or a Federal Home Mortgage Corporation approved seller/servicer;
c) The Lender shall have an office for conducting business
within the City or shall agree to establish such an office in
implementation of the Program; and
d) The Lender shall agree to originate and service home
mortgages at the lowest cost which is in the best interests of the
mortgagor, which shall, in any event, be a fee of not more than one
half of one percent *50%) of the initial principal amount of the
applicable home mortgage and an annual fee to service home mortgages
of not more than one-fourth of one percent 1/4 of 1%) of the
declining principal balance of the applicable home mortgage.
SECTION 2. The City Manager shall cause a notice of
the City's intent to select one or more lenders to participate in
the Program, and of such criteria, to be published once in the
San Gabriel Valley Tribune.
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1984 096 CC RESO (Ìì ç ¥Resolution No. 84=96
Page Two
SECTION 3. Such notice shall be substantially in the
following form:
NOTICE IS HEREBY GIVEN by the City Council of the
City of Baldwin Park. that it intends to select one
or more lending institutions the Lender") to
originate and service Home Mortgages to be purchased
with the proceeds of its not to exceed $17 million of
Home Mortgage Revenue Bonds to be issued to provide
funds for the City's Home Mortgage Financing Program
the Program"). The City has established the
following criteria for selection of Lenders for its
Program:
a) The Lender shall have originated and shall
be now servicing a significant number of mortgages
financed by revenue bonds issued by the State of
California or by cities, redevelopment agencies or
other counties within the State or shall otherwise be
qualified by reason of having originated and serviced
loans for program builders.
b) The Lender shall be a Federal National
Mortgage Association or a Federal Home Loan Mortgage
Corporation approved seller/servicer.
c) The Lender shall agree to originate and
service home mortgages at the lowest cost which is in
the best interests of the mortgagor, which shall, in
any event, be a fee of not more than one half of one
percent 50%) of the initial principal amount of the
applicable home mortgage and an annual fee to service
home mortgages of not more than one fourth of one percent
1/4 of 1%) of the declining principal balance of the
applicable home mortgage.
Further information, together with appropriate forms,
may be obtained by interested lenders from City Hall,
Baldwin Park Redevelopment Agency, Civic Center,
14403 East Pacific Avenue, Baldwin Park, California
91706, or call 818) 960-4011.
SECTION 4. The City Manager shall also cause a copy of
such notice to be mailed to all lenders who he believes transacts
business within the City and to any lender who has expressed an
interest in participating in the recent home mortgage revenue
program of the City of Baldwin Park.
SECTION 5. This Resolution shall become effective
immediately upon adoption.
PASSED and ADOPTED this 5tn day of December, 1984.
/^^^_______
Y-"MAYOR
ATTEST: /
/^ C^^^L
l^ENDA L. OAlR, CITY CLERK
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1984 096 CC RESO (Ìì ç ¥Resolution No. 84-96
Page Three
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin
Park do hereby certify that the foregoing Resolution was
regularly approved and passed at a REGULAR MEETING of the Baldwin
Park City Council on the 5th day of December, 1984 by the
following vote:
AYES:
NOES:
ABSENT:
COUNCILMEN GIBSON, McNEILL, IZELL, KING AND MAYOR WHITE
COUNCILMEN NONE
COUNCILMEN NONE
L
LtNDA L. QMR, CITY CLERK
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