Res 00-084RESOLUTION NO. 00-084
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA,
AUTHORIZING THE SAN DIEGO AREA HOUSING AND FINANCE AGENCY
AND THE COUNTY OF SAN DIEGO TO
OPERATE A LEASE PURCHASE PROGRAM IN THE CITY OF POWAY
WHEREAS, the City of Poway desires to increase and promote opportunities for
home ownership as a means for improving and preserving the City's housing stock; and
WHEREAS, the City of Poway has adopted the promotion of home ownership as
one of its goals in the Housing Element of the General Plan; and
WHEREAS, the San Diego Area Housing and Finance Agency has been formed
under the provisions of a Joint Powers Agreement dated March 1, 1999, for the purpose
of furthering home ownership within the geographical boundaries of member cities and
the County of San Diego, including the implementation of a Lease-Purchase Program
which will offer long-term, fixed rate mortgages for the purchase of qualifying single-family
residences, which shall initially be leased, with an option to purchase, to households with
incomes up to 140 percent of area median; and
WHEREAS, the Lease-Purchase Program will increase home ownership
opportunities by providing funds for down payment and closing costs associated with
home purchases, thereby removing a pdmary barrier to home ownership in high housing
cost areas such as San Diego County; and
WHEREAS, the Lease-Purchase Program will help to improve and preserve the
quality of the City's housing stock by increasing home ownership opportunities,
NOW, THEREFORE, be it resolved by the City Council of the City of Poway as
follows:
Section 1. The City Council hereby finds that the foregoing statements are true
and correct, and incorporated herein.
Section 2. The City Council hereby authorizes the County of San Diego and the
San Diego Housing and Finance Agency to operate a Lease-Purchase Program within
the geographical boundaries of the City of Poway.
Resolution No. 00-084
Page 2
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway
at a regular meeting this 29th day of August, 2000.
ATTEST:
Lorit,Anne Peoples, Cit~ Clerk
M ich'~'el P.-'Cafag~
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution 00-084 was duly adopted by the City
Council of the City of Poway at a meeting of said Council held on the 29th day of August,
2000, and that it was so adopted by the following vote:
AYES: EMERY, 60LDBY, HIGGINSON, REXFORD, CAFAGNA
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
~"~ri ,~,-nne Peoples, City Cl~rk
City of Poway
N: \CITY\RDA\LEASPURC. RES