SR-407-004-01 (5)
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Santa Monica, California, January 12, 1978
TO'
Mayor and City Council
SUBJECT
Housing Rehabilitation Program
Deferred Loan Pol icy
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JAN 2 4 1978
FROM:
City Staff
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Introduction
At a special meeting convened January 9, 1978, the Housing Commission of the
City of Santa Monica unanimously voted to recommend to City Council a change In
policy for the deferred loan aspect of the Housing Rehabilitation Program The
recommendation is for an increase in the maximum allowable deferred loan per
household.
Discussion
Criteria for the rehabilitation program were developed and approved before the
program was in operation. Now that the program is undenJay, It has become
apparent that the maximum deferred loan per household of $1,000 must be increased
if the program is to accomplish its pri~ary objective of improved qual ity of
housing within the City.
Rather than arbitrarily change the limit to a specified amount, the Housing
Commission recommends that any deferred loan expected to exceed the present
$1,000 maximum be brought to that body for policy consideration. Each such loan
request wIll be reviewed individually, recognizing that the merit of individual
circumstances will prevail as the final loan amount is determined
It is
recommended that S3,000 be established as a guide.
In addition, the a~ount of deferred loan funding availability shall not exceed
one-fourth of the total rehabilitation loan fund.
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TO: Mayor and City Counc i 1 -2- Janua ry J 2 I 1978
Recommendation
It is recommended that City Council approved a policy change for the deferred
loan aspect of the Housing Rehabilitation Program. The revised policy will lift
the $1,000 maxImum on deferred loans and establish S3,000 as a gUideline. Actual
deferred loan anounts exceeding $1,000 wI11 be considered on a case-by-case
basis by the HousIng Commission. In addition, tne amount of deferred loan
fundIng available will be one-fourth of the total renabilitatlon loan fund.
Prepared by. Carol DeLay
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