Los Angeles County Municipal Code Ch. 4.74 Home Financing Program

The county hereby adopts a home financing program (the "program") pursuant to Part 5 of Division 31 (Section 52000 et seq.) of the Health and Safety Code of the state of California (the "Act") for the purpose of increasing the housing supply for moderate and low-income families in the county, and hereby determines to issue mortgage revenue bonds pursuant to said Act to provide funds for the program based upon the findings of the board of supervisors.

(Ord. 82-0097 § 1 (part), 1982.)

A.

The board of supervisors hereby finds and declares that:

Decent housing is an essential motivating force in helping people to achieve self-fulfillment in a free and democratic society;

A healthy housing market is one in which residents of this state have a choice of housing opportunities and one in which the housing consumer may effectively choose within the free marketplace;

There exists within the county a shortage of housing available to moderate and low-income persons, and that this shortage is exacerbated during periods of rising interest rates, particularly as high interest rates have the effect of diminishing the number of otherwise credit-worthy buyers from qualifying for private sector mortgage capital sources. The board of supervisors further finds that in order to remedy this adverse effect on potential home-buyers on the lower end of the purchasing spectrum, it is necessary to implement a public program to reduce the cost of mortgage financing for single- family purchases for those persons unable to compete for mortgage financing in the conventional mortgage market;

It is necessary, in order to implement a public program to reduce the cost of mortgage financing, to authorize long-term, low- interest mortgages to persons not presently eligible for financing through private-sector lending institutions to finance construction, rehabilitation and acquisition of homes.

B.

The board of supervisors further finds and declares that in order to finance the program, mortgage revenue bonds are hereby authorized to be sold to fund the program.

(Ord. 82-0097 § 1 (part), 1982.)

The county shall operate the program within the unincorporated area of the county, and within the geographical boundaries of any city in the county which agrees to participate in the program.

(Ord. 82-0097 § 1 (part), 1982.)

The program shall comply with the land use element and the housing element of the general plan of the county, and of any city participating in the program.

(Ord. 82-0097 § 1 (part), 1982.)

Rules and regulations are hereby authorized to be adopted by resolution of the board of supervisors, and shall be promulgated in the form and the manner best suited to attain the objectives of the home financing program within the county of Los Angeles.

(Ord. 82-0097 § 1 (part), 1982.)

The facts constituting the public purpose of this chapter are the findings of the board of supervisors set forth in Section 4.74.020 of this chapter.

(Ord. 82-0097 § 1 (part), 1982.)

The provisions of this chapter, being necessary for the welfare of the county and its inhabitants, shall be liberally construed to effect the purpose of the program.

(Ord. 82-0097 § 1 (part), 1982.)