Inglewood Municipal Code Art. 1 General Provisions and Definitions

This chapter may be cited as the City of Inglewood Residential Mortgage Revenue Bond Law.

(Ord. 2337 5-4-79)

The Council hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the City to be authorized to make, purchase and contract for the making of loans to finance residential rehabilitation in depressed residential areas within the City in order to encourage the upgrading of property in such areas. Unless the City intervenes to provide some form of assistance to finance residential rehabilitation, many such depressed residential areas will deteriorate at an ever accelerated pace because property owners cannot obtain rehabilitation loans from private sources.

(Ord. 2337 5-4-79)

The Council hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the City to be authorized to make, purchase and contract for the making of loans to finance residential construction in redevelopment project areas within the City in order to encourage investment in and upgrade such areas. Unless the City intervenes to generate mortgage funds and to provide some form of assistance to finance residential construction, such areas will stagnate and deteriorate because owners and investors are not able to obtain loans from private sources.

(Ord. 2337 5-4-79)

The Council hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the City to make, purchase and contract for the making of loans to encourage the availability of adequate housing and home finance for persons and families of low or moderate income, and to develop viable communities by providing decent housing, enhanced living environment, and increased economic opportunities for persons and families of low or moderate income.

(Ord. 2337 5-4-79)

Unless the context otherwise requires, the terms defined in this Article shall have the following meanings:

"Bonds"

means any bonds, notes, certificates, debentures or other obligations issued by the City pursuant to this Chapter and which are payable exclusively from revenues as in this Chapter defined and from any other funds specified in this Chapter upon which such obligations may be made a charge and from which they are payable.

"City"

means the City of Inglewood.

"Council"

means the City Council of the City of Inglewood.

"Participating party"

means any person, company, corporation, partnership, firm, local agency, political subdivision of the state or other entity or group of entities eligible to receive a loan pursuant to the terms of this Chapter. No elective officer of the City shall be eligible to be a participating party.

"Persons and families of low or moderate income"

means persons and families whose income does not exceed one-hundred twenty percent of area median income, or any higher percentage of area median income upon a determination by the Council that such amount of income is too low to qualify a substantial number of persons and families who can afford the rental or purchase of residences financed pursuant to this Article. As used in this definition, "area median income" means the median household income within the City, as adjusted for family size, as determined by the City. Nothing in this definition shall prevent the City from adopting Federal estimates of area median income for the standard metropolitan statistical area which includes the City, or Federal formulas for the adjustment of area median income for family size.

"Program loan"

means any loan made pursuant to this Chapter for any purpose specified in Section 13-6.

"Qualified mortgage lender"

means any mortgage lender authorized by the City to aid the City pursuant to this Chapter. A qualified mortgage lender may be a state or national bank, Federal- or state-chartered savings and loan association, trust company, mortgage banker or other financial institution.

"Redevelopment project area"

means any area within the City for which a final redevelopment plan has been adopted by the Council pursuant to the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety Code of the State of California).

"Rehabilitation"

means the reconstruction, renovation, replacement, extension, repair, betterment, equipping, developing, embellishing or otherwise improving of existing residences consistent with standards of strength, effectiveness, fire-resistance, durability and safety so that such structures are satisfactory and safe to occupy for residential purposes and are not conducive to ill health, transmission of disease, infant mortality, juvenile delinquency and crime because of any one or more of the following factors:

(1)

Defective design and character of physical construction;

(2)

Faulty interior arrangement and exterior spacing;

(3)

Inadequate provision for ventilation, lighting and sanitation; or

(4)

Obsolescence, deterioration and dilapidation.

"Rehabilitation area"

means any area so designated by the City pursuant to Section 13-14 or any area designated by the City as a residential rehabilitation area pursuant to a comprehensive residential rehabilitation financing program adopted pursuant to the provisions of the Marks-Foran Residential Rehabilitation Act of 1973 (Part 13 of Division 24 of the Health and Safety Code of the State of California).

"Rehabilitation standards"

means the applicable local or state standards for the rehabilitation of residences located in residential rehabilitation areas, including any higher standards adopted by the City.

"Residence"

means real property improved with a residential structure and, in redevelopment project areas and rehabilitation areas only, also includes real property improved with a commercial or mixed residential and commercial structure which, in the judgment of the City, is an integral part of a residential neighborhood.

"Revenues"

means amounts received as repayment of principal, interest, and all other charges received by the City with respect to program loans, any proceeds received by the City from mortgage, hazard or other insurance on or with respect to loans, all other income and receipts derived by the City from the making or purchasing of program loans, any amounts received by the City as investment earnings on moneys deposited in a reserve fund or any similar fund securing bonds, and such other moneys as the Council may, in its discretion, make available therefor.