RESOLUTION NO. 2024-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CAMARILLO APPROVING THE PURCHASE OF A MARKET
RATE CONDOMINIUM UNIT AND RESALE AS A LOW-
INCOME UNIT, LOCATED AT 209 RIVERDALE COURT,
#564
The City Council of the City of Camarillo resolves as follows:
SECTION 1: Findings. The City Council finds as follows:
A. The City of Camarillo has committed to the development and establishment of Affordable Housing as part of the adopted Goals and Policies in the City’s Housing Element; specifically Goals 1, and 2, and Policies 2 and 3.
B. City’s purchase price of the unit is $589,000, plus closing costs of approximately $4,366.
C. Upon purchase of the unit, the unit will be resold to an eligible buyer in accordance with state affordable housing law and City Council Policy 7.06. The resale price has been calculated in compliance with the Health and Safety Code section 50052.5 to be $170,000.
D. The purchase is funded with $575,570 available in the CDBG Fund, and an approximate $17,796 General Fund loan. The General Fund loan will be entirely repaid by the proceeds received from the resale and the remaining proceeds will return to the CDBG Fund.
SECTION 2: Authorization.
A. The City Council approves the purchase and resale of property located at 209 Riverdale Court, #564 as a low-income unit.
B. The City Council approves a General Fund loan of approximately $17,796, subject to an adjustment based on final closing costs, and to be repaid entirely by proceeds from resale.
C. The City Council approves the usage of $575,570 available in the CDBG Fund to partially pay for the purchase of the property.
D. The Camarillo City Council authorizes the City Manager, or designee, to execute all appropriate documents necessary to complete the purchase and resale as a low-income unit.
Resolution No.
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SECTION 3: Office of Record. The record of proceedings upon which this decision is based is located in the Department of Community Development, which is the office of record for the same.
PASSED, APPROVED, AND ADOPTED on March 27, 2024.
_____________________________________
Mayor
Attest to on _____________________
_________________________________
City Clerk
I, Kristy Buxkemper, hereby certify that the foregoing Resolution was duly adopted by the City of Camarillo at a regular meeting thereof held on the 27th day of March, 2024 by the following vote of the Council:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
City Clerk
c: Community Development
General Services
City Clerk
Finance Department