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HomeMy WebLinkAbout13562 ORD - 01/12/1977jkh:1- 1-1- 77;•lst I ' TEXAS: AN ORDINANCE AMENDING THE CONTRACT BETWEEN THE CITY OF CORPUS CHRISTI AND THE CORPUS CHRISTI HOUSING IMPROVEMENT CORPORATION SO AS TO DECREASE THE LOAN RATE, INCREASE THE MAXIMUM LOAN AMOUNT, INCREASE THE LOAN REPAYMENT PERIOD, AND ADD PROVISION FOR THE ASSIGNMENT AND /OR SALE OF MORTGAGES, ALL AS MORE PARTICULARLY DESCRIBED IN THE AGREEMENT AMENDING CONTRACT, A SUBSTANTIAL COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT "A" AND MADE A PART HEREOF; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, SECTION 1. That the contract between the City of Corpus Christi and the Corpus Christi Housing Improvement Corporation, authorized by the City Council with the passage of Ordinance No. 13455, passed and approved on October 27, 1976, be and the same is hereby amended so as to decrease the loan rate, increase the maximum loan amount, increase the loan repayment period, and add provision for the assignment and /or sale of mortgages, all as more particularly described in the Agreement Amending Contract, a substantial copy of which is attached hereto as Exhibit "A" and made a part hereof. SECTION 2. The necessity to amend the contract heretofore entered into by and between the City of Corpus Christi and the Corpus Christi Housing Improvement Corporation in order to provide improved housing for a greater number of residents in the City of Corpus Christi creates a public emergency and an imperative public necessity requiring the suspension of the Charter, rule that no ordinance or resolution shall be passed finally on the date of its introduction but that such ordinance or resolution shall be read at three several meetings of the City Council, and the Mayor having declared such emergency and necessity to exist, having requested the suspension of the said Charter rule and that this ordinance be passed finally on the date of its introduction and take effect and be in full force and effect from and after its passage, IT IS ACCORDINGLY SO ORDAINED, this the day of January, 1977. ATTEST: C' Secretary MAYOR APPROVED: Agov, /2, ;q7 THE CITY OF CORPUS CHRISTI, TEXAS J. BRUCE WOCK, C Y ATTORNEY MICROFILMED gy� Jy`356 JUL p Assistant C torne 198 AGREEMENT AMENDING CONTRACT THE STATE OF TEXAS COUNTY OF NUECES $ The Contract between the Corpus Christi Housing Improvement Corporation and the City of Corpus Christi; Texas, adopted October 27, 1976, is hereby amended, by mutual consent of the parties, as follows: 1. The Loan Manual, attached to said contract and marked Exhibit "A" thereon is hereby amended as shown in the attachment to this Agreement Amending Contract, attached hereto and incorporated herein for all purposes, marked "Exhibit I ". 2. This amendment shall be effective from the date of its passage by the City Council of the City of Corpus Christi and the Board of Directors of the Corpus Christi Housing Improvement Corporation and shall expire at a like time as the contract it amends. Executed in duplicate originals this the day of January, 1977. ATTEST: City Secretary APPROVED: J. BRUCE AYCOCK, CITY ATTORNEY By Assistant City Attorney ATTEST: Bill Read, Secretary CITY OF CORPUS CHRISTI By R. Marvin Townsend City Manager CORPUS CHRISTI HOUSING IMPROVEMENT CORPORATION Jason Luby, President REQUESTED CHANGES IN REHABILITATION LOAN HANDBOOK Color Code: QItem so colored is deleted. Item so colored is added. I 0 HOUSING REHABILITATION LOAN _.4DBOOK Chapter 5 CHAPTER 5. LIMITATIONS ON AMOUNT OF LOAN The maximum amount for a rehabilitation loan on residential property is the least of the amounts determined through the application of the following: 0 f-1; 500b C$ll_,.000 a• 14=001Per dwelling unit ($15=000 far loans involving re- financing of existing mortgages). b. The actual cost of rehabilitation. c. An amount which, when added to any outstanding indebtedness related to the property, creates a total outstanding indebted- ness which does not exceed: (1) For an, owner- occupant -- L 97 percent of the sum of as -is value of the property and estimated rehabilitatioa-cos.ts3 $1,7�'00p1j up to and including $15,OOQ,l 90 percent of the next $10,000, and 80 percent of any • balance of the sum that exceeds 5- >0001 C$27_,00019 (2) For non - occupant owners -- an amount not to exceed 93 percent of the sum of the as -is value of the property and estimated rehabi- litation costs up to and including <$1_5;000,1: $1.7_,000, 90 percent of the next $10,000, and 80 per- cent of any balance of the sum that exceeds 25,0 6 0.. x$27_, QQD? d. The monthly principal and interest payment for the.construction'- work when added to the present monthly principal and interest payment on existing debt secured by the property shall not exceed 20 percent of the applicant's total'monthly income. - ce. _$1,500-- any deferred payment loan. REVISED 12/76 HOUSING REHABILITATION'LQAN HANDBOOK � Cha to 20 CHAPTER 10. TERMS AND CONDITIONS UNDER WHIC11 REHABILITATION LOANS ARE MADE 1. INTEREST RATE. The interest rate for a rehabilitation loan initially shall be 4 percent for owner - occupants and 6 percent for investor-* owners. Loans can be made for terms up toto yeara;�subject-to ffie� following scale: CIoan amounE� `MaXimum-Term-of1Loan (5 ye_ ars 4C$2;000 = $7 -499) I 10 years C$7;500'= $9;999, y (MGA Q�$17;000 S20 years The CDC loan committee shall be empowered to modify these loan terms on a case by case basis upon appeal by an applicant. 2. POINTS OF AGREEMENT. The applicant shall agree, as required by the related documents, to abide by the following terms and conditions: a. Civil Rights- Comply with all HUD requirements with respect to Title VI of the Civil Rights Act of 1964, to not discriminate upon the basis of race, color, creed, or national origin in the sale, lease, rental, use, or occupancy of the subject property. b. Equal Employment Opportunity. Abide by the provisions of Executive Order 11246 concerning equal employment opportunity if the sum to be charged for the rehabilitation work is more than: { $10,000 with respect to a residential property - c. Use of Proceeds. Use the loan proceeds only to pay for costs of services and materials necessary to carry out the rehabilitation w work for which the loan will be approved. d. Completion of Work. Assure that the rehabilitation work shall be carried out promptly and efficiently through written contract let with the prior concurrence of the City Neighborhood Improvement Division. e. Inspection. Permit inspection-by the NID of the property, the rehabilitation work, and all contracts, materials, equipment, payrolls, and conditions of employment pertaining to the work. f. Records. Keep such records as may be required by the NID with respect to the rehabilitation work. 0 Revised 12/76 CORPUS CHRISTI T AS rk �_OAY OF TO THE MEMBERS OF THE CITY COUNCIL CORPUS CHRISTI TEXAS FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FOREGOING ORDINANCES A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE 3U3PEN- SION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE IT IS INTRODUCED AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL) 11 THEREFORE, REQUEST THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS THIS ORDI- NANCE FINALLY ON THE DATE IT IS INTRODUCED OR AT THE PRESENT MEETING OF THE CITY COUNCIL. RESPECTFULLY, MAYOR THE CITY OF CORPUS CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY T FOLLOWING VOTE: JASON LUSY DR. BILL TIPTON EDUARDO DE ASE$ RUTH GILL BOB GULLEY GABE LOZANO, SR. EDWARD L. SAMPLE THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE: JASON LUBY DR. BILL TIPTON EDUARDO DE ASES RUTH GILL BOB GULLEY GABE LOZANO, SR. EDWARD L. SAMPLE