HomeMy WebLinkAboutResolution 2010-017 RESOLUTION NO 2010-017
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ATASCADERO, CALIFORNIA, REVISING THE REQUIREMENTS FOR
THE SALE OF DEED RESTRICTED,MODERATE INCOME UNITS WHEN
THE SALES PRICE AND APPRAISED VALUE ARE WITHIN 2.0% OR
BELOW THE MAXIMUM APPLICABLE
MODERATE INCOME SALES PRICE
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 severe national recession occurred in 2008 with significant impacts on the
value of housing and the construction industry; and,
WHEREAS, due to the recession, the value of market rate homes have dropped to levels at
or below the maximum sales prices identified for moderate income housing units, and,
WHEREAS, the City's standard deed restrictions and resale restriction for moderate
income units are unnecessary and cumbersome when the appraised value of market rate housing
units is equal or below the maximum sales prices of moderate income units, and,
NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of
Atascadero
The City Council hereby authorizes the City Manager or designee to waive the
requirement to record the following documents for moderate income units upon
sale to a qualified buyer when the sales price and appraised value are within 2 0%
or below the maximum applicable moderate income sales price
City of Atascadero
Resolution No. 2010-017
Page 2 of 2
Now 1 Deed of trust in favor of City of Atascadero
2. Promissory note (secured by deed of trust)
3 Resale and refinancing restriction agreement
4 Request for Notice of Default for I't trust deed
On motion by Council Member Kelley and seconded by Council Member Clay, the
foregoing Resolution is hereby adopted in its entirety on the following roll call vote
AYES Council Members Beraud, Clay, Kelley, O'Malley and Mayor Fonzi
NOES None
ABSENT None
ADOPTED- March 23, 2010
CITY OF ATASCADERO
By, _2L- & �&a -
am Roberta Fonzi,Mayor (�
ATTEST
Marcia McClure Torgerson, C.M.C.,
City Clerk
APPROVED AS TO FORM.
11) - , —0/
Brian A. Pienk, City Attorney
err