HomeMy WebLinkAbout2477RESOLUTION NO. 2477
OWNER-OCCUPIED REHAB LOAN PROGRAM:
CHANGE IN APPROVAL STANDARDS
WHEREAS the Comprehensive Housing Affordability Strategy (CHAS) recognizes that
there is a critical shortage of decent, affordable housing in Bremerton; and
WHEREAS much of the affordable housing stock, particularly in West Bremerton, is
badly in need of rehabilitation; and
WHEREAS, very low and low income homeowners are the least able to maintain and
rehabilitate their homes; and
WHEREAS, the City of Bremerton has a strong interest in improving the condition and
appearance of the affordable housing stock; and
WHEREAS Community Development Block Grant (CDBG) funds are available for this
purpose; and
WHEREAS these are federal funds intended solely for the assistance of low and moderate
income people; and
WHEREAS the present housing rehabilitation program has not delivered such assistance
effectively; and
WHEREAS a significant backlog of unspent funds has accumulated; and
WHEREAS the improvement of the housing stock is of direct benefit to the community
and its neighborhoods; and
WHEREAS there has been no appreciable improvement in the appearance of the housing
stock under the existing rehab program; and
WHEREAS the current program emphasizes owners' credit worthiness rather than the
value to the community of the rehabilitated structure; and
WHEREAS the City of Bremerton desires to increase the volume of rehabilitation loans
and the visible effect of rehabilitation on affordable housing;
NOW, THEREFORE, BE IT RESOLVED that the City o,f Bremerton restructure its
rehabilitation loan program to offer 0% and 3% deferred loans to qualified owner-
occupied residential properties; and
BE IT FLIRTHER RESOLVED that the City of Bremerton amends its loan approval
criteria to emphasize adequate equity in the home to recover the City's investment rather
than the ability of the owner to repay the loan.
PASSED by the City Council of the City of Bremerton this 10th day of August, 1994.
SHERRIL HUFF-MENEES ·
President, City Council
APPROVED this 15 day of August, 1994.
LYNN HORTON, Mayor
ATTEST:
KATHLEEN McCLUSKEY, Clerk