Form Rev 3/6/2023
RESOLUTION NO. __________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE CONTINUED USE OF
CALHOME PROGRAM INCOME FOR FIRST -TIME
HOMEBUYER LOANS, AMENDING THE FISCAL YEAR 2025-
26 BUDGET AND APPROPRIATING FUNDS THEREFOR
WHEREAS, the California Department of Housing and Community Development (HCD) administers the CalHome Program, which provides grant funding to local jurisdictions to make loans to low-income first-time homebuyers; and
WHEREAS, the City of Chula Vista applied for and received $1,000,000 of CalHome grant funds from HCD in 2014; and
WHEREAS, these funds have been used to provide home loans to low-income first-time homebuyers through a silent second mortgage, with the principal and interest due upon sale or transfer of the home; and
WHEREAS, a portion of previous program participants have repaid their loans, generating program income; and
WHEREAS, this program income can only be used for new first-time homebuyer program loans.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, that it approves the appropriation of $250,500.60 in CalHome program income to the supplies and services category of the State Grants Fund for new first-time homebuyer loans, amending the fiscal year 2025-26 budget and appropriating funds therefor.
BE IT FURTHER RESOLVED by the City Council of the City of Chula Vista, that all future CalHome loan program income will be appropriated for new first -time homebuyer loans therefor.
Presented by Approved as to form by
Stacey Kurz Marco A. Verdugo
Housing and Homeless Services City Attorney