HomeMy WebLinkAboutResolution 2010-016 RESOLUTION NO 2010-016
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ATASCADERO, CALIFORNIA, ESTABLISHING A PROVISION FOR
CLOSING COST ALLOWANCE UPON RE-SALE OF ALL HOMES IN THE
MODERATE INCOME AFFORDABLE HOUSING PROGRAM
WHEREAS, the Atascadero General Plan and Housing Element recognize the importance
of providing a range of affordable housing units for the residents and employees of Atascadero, and,
WHEREAS, the City of Atascadero has adopted an inclusionary housing policy that
requires certain development projects to provide 20% of the dwelling units as deed restricted
affordable units, and,
WHEREAS, the City has approved projects with over 200 inclusionary units as a condition
of development; and,
WHEREAS, the City created an equity sharing program for moderate income inclusionary
housing units that permit the units to be converted to market rate units, and,
WHEREAS, a provision reducing the Program Note for the amount of the real estate sales
commission up to 6% currently exists in the Program, and,
WHEREAS, a provision reducing the Program Note for closing costs does not currently
exist in the Program.
NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of
Atascadero
SECTION 1. Upon the sale of an affordable unit in the Program, the appreciation amount
will be reduced by normal and customary seller's closing fees up to a total of$3,500, as adjusted by
the Consumer Price Index as determined by the State of California, Department of Industrial
Relations for the area San Francisco-Oakland-San Jose, those closing costs may include loan
reconveyance fees, recording fees, pest control reports, document transfer tax fees, title policy fees,
and up to 50% of escrow fees.
On motion by Council Member O'Malley and seconded by Mayor Fonzi, the foregoing
Resolution is hereby adopted in its entirety on the following roll call vote.
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City of Atascadero
Resolution No. 2010-016
Page 2 of 2
AYES Council Members Beraud, Clay, Kelley, O'Malley and Mayor Fonzi
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NOES None
ABSENT None
ADOPTED- March 23, 2010
CITY OF ATASCADERO
By �&
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Roberta Fonzi,Mayor
ATTEST
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Marcia McClure Torgerson, C.M.C.,
City Clerk
APPROVED AS FORM.
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Brian A. Pienk, City Attorney
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