Title
Single Family Mortgage Program Modification.
Body
Recommended Action: Approve the resolution.
The purpose of this Resolution is to provide for the establishment of a local residential housing finance plan pursuant to the Act and to provide a means of financing the cost of acquiring and purchasing single family residential property to provide adequate, safe and sanitary housing which persons and families of low and moderate income can afford. It is further declared and determined that such local residential housing finance plan will (a) provide for and promote public health, safety, morals and welfare, (b) maintain and promote industrial and commercial activity and economic development, and (c) preserve and increase the ad valorem tax base of the County and its environs, all of which are hereby declared to be public purposes and functions pertaining to the governing body and affairs of the County.
Alternatives: Do not approve the resolution.
Financial Considerations: No signficant financial impact to the County is anticipated.
Legal Considerations: Pursuant to K.S.A. 12-5219 et seq., the County is authorized to establish a local residential housing finance plan, to issue its revenue bonds jointly with other cities and counties of the State, to make mortgage loans, to pledge the mortgage notes and mortgages relating to such mortgage loans as security for the payment of the principal of and interest on any such revenue bonds, to refund bonds previously issued, and to enter into any agreements made in connection therewith. Approval is by a simple majority vote.
Policy Considerations: