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~KS:nr 9-27-79 RESOLUTION NO. 79-179 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA OPPOSING HR 3712 WHEREAS, the provision of safe and decent housing through new construction and rehabilitation is an important goal of local government; and WHEREAS, there are only a limited number of governmental programs available to achieve said goal; and WHEREAS, the level of federal housing assistance provided through the "Section 8" program is expected to decrease during the next fiscal year; and WHEREAS, mortgage revenue bonds have the potential of furthering national homeownership objectives, stimulating the housing market which in turn stimulates other parts of the national economy, creating additional sources of home financing revenue, and expanding and revitalizing the national supply of housing; and WHEREAS, the "SB 99" program in California provides redevelopment agencies with the opportunity to provide tax- exempt mortgage financing for newly constructed dwelling units within targeted, blighted areas, and, under certain circumstances, on an areawide basis; and WHEREAS, the "Marks-Foran" program permits similar tax exempt financing for residential rehabilitation to redevelopment agencies, housing authorities and municipalities; and WHEREAS, Congress is now considering HR 3712 and other measures which will seriously restrict the use of such tax-exempt "municipal" financings. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA: 1. That the City Council hereby proclaims its opposition to HR 3712 unless amended to be consistent with following: the Se Delete the 5% annual limitation on issuances within a state and the prohibition against using bond proceeds to acquire or replace existing mortgages. be Amend the income limitation on home buyers to require that a buyer's income not exceed the historical income standards which would support the mortgage on the dwelling. Ce Amend the limitation on mortgage loans to include an automatic inflation factor and to permit separate data bases for existing housing and new production. de Amend the definition of a "targeted area" to permit designation upon findings by the local agency that the area meets the requirements for a redevelopment area under state law. e® Amend the limitation on prior home ownership to exempt persons displaced by a government action and to permit the limitation to lapse after some reasonable period.