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HomeMy WebLinkAbout85-71 - ResolutionsRESOLUTION NO. 85-71 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA APPROVING HOUSING POLICY REPORT OF THE REDEVELOPMENT AGENCY OF THE CITY OF RANCHO CUCAMONGA UNDER INTERNAL REVENUE CODE SECTION 103A AND DIRECTING ITS PUBLICATION RESOLVED, by the City Council of the City of Rancho Cucamonga, California, as follows: WHEREAS, Section 103A(J)(5) of the Internal Revenue Code of 1954, as Mended, as implemented by proposed and temporary regulations of the Department of the Treasury, Section 6a.103A-2(1), requires the applicable elected representative of an issuer of qualified mortgage subsidy bonds to publish, after public hearing, a housing policy report; and WHEREAS, this Council is the applicable elected representative of the Redevelopment Agency of the City of Raneho Cucamonga which Agency proposes to issue in 1985 qualified mortgage subsidy bonds; and WHEREAS, this Council has received a draft housing policy report of said Agency dated September 30, 1984, and has reviewed each and every part thereof and this Council has conducted a duly noticed public hearing; and WHEREAS, it is in the public interest and for the public benefit that said housing policy report be approved and published. NOW, THEREFORE, it is hereby ORDERED and DETERMINED as follows: 1. The City Manager of the City is hereby authorized and directed to.prepare a summary of the comments made at the aforesaid public hearing and to cause said summary to be included as a part of the Policy Report under Section 103A. 2. The report of the Rancho Cucamonga Redevelopment Agency entitled, "Policy Report Under Section 103A", and dated September 30, 1984, is hereby approved with the inclusion of said summary of comments. 3. The Mayor of the City, as a member of this Council, is hereby authorized and directed to execute said report on behalf of this Council as the duly elected representative of the Agency. 4. This Council does hereby publish the Report by authorizing and directing the City Clerk, and the City Clerk is hereby so authorized and directed, to make said Report available in the Office of the City Clerk for distribution to the public. 5- The City Clerk of the City is hereby authorized and directed to file the Report with the Internal Revenue Service at the Internal Revenue Service Center, Philadelphia, Pennsylvania 19255. Resolution No. 85-71 Page 2 ATTEST: PASSED, APPROVED, and ADOPTED this 6th day of MARCH, 1985. AYES: Wright, Buquet, Mikels, Dahl, King NOES: None ABSENT: None Authelet, City Clerk Resolution No. 85-7! Page 3 HOUSING POLICIES REPORT Section 103A(J)(S). as added by Section 611 of the Tax Reform Act of lg84, requires the filing with the Internal Revenue Service of a housing policies report prior to the issuance of qualified mortgage bonds. The substantive and procedural requirements pertaining to such a report are set forth in proposed and temporary regulations section 6a.lO3A-2(1) and are more particularly described below: I. Content of Report A. Cover Page. The cover page of the report must contain the name of the Issuer of the PropoSed issue Of qualified mortgage bonds during the forthcoming year. the tax identification number ("EID Number") of SuCh tssuer. and the title. "Po)icy Report Under Section 103A." B. General Content. The report must contain four sections: (1) a statement of policies and goals regarding housing, development. and low-income housing assistance; (2) an assessment of compliance with prior report; (3) an assessment of compliance with Congressional intent; and (4) a summary of comments received at pubilc hearing. These sections are discussed below. (1) Policy Statement. The policy s~atement section is to be divided into three parts, the first to Oiscuss policies and qoals regarding housing, the second to discuss policies and goals regarding development and the third to discuss policies and goals reqarding low-income housing assistance. These parts are discussed below. (A) The statement as to housing policies and goals must include a statement as to (t) whether the proceeqs of the proposed issue of bonds will be used to provide Financing for acquisition of residences, to provide quailfled home improvement loans, or to provide qualified rehabilitation loans; (it) whether all or a portion of the Proceeds will be targeted to new, existing, or any other particular class or type of housing: (ill) how the existence of a need or absence of a need for such targeting has been determined: (iv) the method by which the proceeds of the proposed bonds will be targeted; (v) any other pertinent information relating to the issuer's housing policies: and (vii how the housing Policies related to the tssuer's development and low-income housing assistance policies. ResoLution No. 85-7! Page 4 (B) The statement as to development policies and goals must tnclude (t) a statement as to whether a11 or a portion of the proceeds will be targeted to specific areas (including targeted areas as described In the law); ()t) a description of the areas to which the Proceeds will be targeted; (iiI) a summary of the reasons ?or selecting such areas; (iv) a statement as to whether Proceeds targeted to each area are to be used to finance redeve]opment o? existlng housing or new cOnStructiOn; (v) any other pertinent tnformatlon relatlng to the lssuer's development policies; and (vii a statement as to how the development pollties relate to the Issuer's housing and low-Income housing assistance Po]lctes. (C) The statement as to low-income housing assistance policies and goals must include a statement as to (i) whether all or a portion of the proceeds of the proposed bonds will be targeted to low-income (meaning, 50/, of median income), moderate-Income (meaning, 80% of median income) and median-Income (meaning, 100~ of median income) families; the method by which the proceeds will be targeted to such families; (lit) any other pertinent Information relating to the tssuer's low-Income housing policies; and (iv) how the low-income housing assistance policies relate to the tssuers housing and development policies. (The term "family" means two or more persons related by blood, marriage, or operation of law. The term "median income" means the median income for the area, as determined with adjustments for smaller and larger families by HUB.) (2) A_ssessment of Compliance with P-lot Report. The section constituting an assessment of compliance with the prior report must assess the compliance of the tssuer during the twelve-month perlod endtng wlth the "date o? the report" (see below) with the statement of housing, development, and low-income housing assistance poltctes wtth respect to qualified mortgage bonds and mortgage credit certIFIcates that were set forth in the report. if any, published In the preceding year, including a statement as to whether the lssuer successfully implemented its Policies and achieved its goals and, i? not, an analysis of the reasons for such failure. The term "date of the report". ?or the Purpose of the above paragraph, means the last day of the twelve-month period for which such assessment of compliance is made. The date of the report must be the last day of September, October. or November, and an tss"Gi'F must use the same date of the report in each year. The "date of the report" for the purpose of the assessment of compliance is not the date that the report is published or filed. Resolution No. 85-71 Page 5 (3) Assessment of ComDliance with Intent of Congress. The section constituting an assessment of comDliance with the intent of Congress must assess the comDltance of the issuer during the twelve-month Deriod ending with the "date of the reDoft" (see below) with "the intent of Congress that State and local government are exDected to use their authority to issue qualified mortgage bonds and mortgage credit certificates to the greater extent Feasible (taking Into account Drevailtng interest rates and conditions tn the housing market) to assist lower income faml]les to afford home ownershiD before assisting higher income Families." This section must include a descr~Dtion of (1) the method used by the Issuer to distribute Droceeas of bonds, (Z) whether and how that method enabled the tssuer to assist lower Income familles before higher income ramtiles, and (3) any Income levels that have been defined and used by the tssuer in connection with the distribution of the Droceeds. (No sOeci?lc definition o? lower and higher ~ncome Is imposed by the law on issuers.) The term "date of the reDoft" has the same meaning For thls section of the report as above-described for the Dreceding section. (4) Summary o? Comments. ThJs sectton o? the report must COntain a Summary of the Comments on the Droposed report which were recelved at the ~ublic hearing described below. II. Procedural Requirements. A. Responsible Parties (1) Author of Report. The reDoft is the report of the Proposed lssuer of the bonds or the governmental unit on whose behalf bonds are to be issued. (2) Publlsher of ReDoft. The report must be "Published" (see below) by the "applicable elected reDresentatlve" of the governmental unit which is the tssuer of the bonds or the unit on whose behalf bonds are to be issued. The a~ltcab]e elected representative of a city ~s the city council; the applicable elected representative of a county ts the board of su~ervisors, the ap~llcab]e elected representative of a redevelo~ment agency or housing authority ts the city council of the city in which the redeveloOment agency or housing authority ~s located, or, tn the case of a county redevelo~ment agency or a county housing authority. the board of su~ervisors o? the county in which the redevelo~ment agency or housing authority is located. ?.eso:.ution ~:o. Bage 6 (3) Holder of the Hearing. Wh~le "compliance with State procedural requirements . . . will generally assure that the hearing satisfies the requirements," the hearing may be conducted by any Individual appointed or employed to perform such function by the government unit, its agencies or the issuer. As a general proposition, therefore, the hearlng should be held by the applicable elected representatlve which is to be the publisher of the report. (4) Multiple Jurisdictions. With respect to the author of the report. a single report may be filed in the case of an isSuer that issues qualified mortgage bonds on behalf of two or more governmental units (such as a Joint powers authority), but in such event. the report must be signed either by the applicable elected representative of each governmental unit on whose behalf obligations have been issued during any preceding calendar year. or by the Governor of the state in which the iSSuer iS located. With respect to the hearing. if an issuer issues bonds on behalf of two or more governmental units, each governmental unit on whose behalf qualified mortgage bonds were issued during the preceding calendar year and each governmental unit on whose behalf the tssuer reasonably e~cts to issue qualified mortgage bonds during the succeeding calendar year must hold a public hearing. A multiple Jurisdiction tssuer may hold a combined hearing l? the combined hearing is a Joint undertaking that provides all residents of the participating governmental units a reasonable opportunity to be heard. The location of a combined hearing is presumed to provide reasonable opportunity ?or all affected residents to be heard if it is no farther than lO0 miles from the seat of government of each participating governmental unit beyond whose Jurisdiction the hearing is to be held. B. Publlc Hearinq. (l) Notice. (A) The hearing must be preceded by notice published once in a newspaper of general circulation within the boundaries of the fssuer not less than 14 full days before the hearing. (Thus. t? the notice ts published on day one, then the hearlng may be held on day Fifteen.) (B) The notice of hearing must contain the following information: (I) the time and place for hearing; (ill any applicable limitations regarding participation in such hearing: (ilt) the manner in which affected residents may obtain copies of the Proposed report prior to the hearing: and (iv) a description. in brief and summary terms. of the report. Resolution No. 85-71 Page 7 (2) The Hearing. The hearing must be a "forum providing a reasonable opportunity for interest individuals to express their view,both orally and in writing on the report that the applicable elected representative proposes to publish. Local hearing procedures apply. Reasonable requirements on persons who wish to participate may be imposed (such a requirement that remarks be limited to lO minutes). The applicable elected representative need not be present at the hearing. B. Publication of Report. The report must be published after a public hearing following reasonable public notice. "Publication" for the purposes of this requirement means making copies of the report available for distribution to the public. Reasonable public notice of the manner in which copies of the report may be obtained must be provided and such notice may be included as a part of the notice of public hearing. C. Filing of Report. After hearing and publication of the report, the report must be filed with the Internal Revenue Service Center, Philadelphia, Pennsylvania 19255. The filing of the 1984 report must take place not later than March II, 1985. The filing of subsequent reports must take place not later than the end Of the year (December 3l) prior to the year in which qualified mortgage bonds are proposed to be issued. D. Summary of Procedure. Thus the applicable procedure is as follows: Preparation of report. <ill Publication of notice of hearing <itl) Holding of hearing (iv) Approval of report by applicaOle elected representative. (v) Publication (making available to the public) of the report. (vii FIling of the report.