HomeMy WebLinkAboutResolution 97-030 home investment partnership programMARANA RESOLUTION NO. 97-30
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA,
AMENDING SECTION 3.3 REGARDING FINANCING REQUIREMENTS OF THE PROGRAM
REGULATIONS OF THE HOME INVESTMENT PARTNERSHIPS PROGRAM OF THE TOWN
OF MARANA, AND REPEALING ALL CONFLICTING REGULATIONS THEREOF.
WHEREAS, the Town of Marana entered into a Home Investment Partnerships Program
(Home Program) in conjunction with Pima County on May 23, 1995 by Resolution No. 95-30; and
WHEREAS, the Town of Marana adopted Program Regulations for the Home Program on
November 12, 1995, by Resolution No. 95-64; and
WHEREAS, the Town Council has reviewed Section 3.3 regarding financing requirements
in the Home Program Regulations, and has determined that the amendment of this Section to change
the financing requirements of applicants to the Home Program, those changes more particularly
described in Exhibit A attached, is in the best interests of the Town of Marana.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Town Council of the Town of
Marana, amending Section 3.3 of the Program Regulations of the Home Investment Partnerships
Program as described in Exhibit A attached.
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this
15~ day of April, 1997.
Mayor ED HONEA
Mararia. Arizona Resolution No. 9%30 Page 1 of 1
0003.3
FINANCING REQUIREMENTS
Successful applicants must demonstrate the ability to secure financing for the acquisition
of the home. The Town agrees to sell the property at its appraised value. If the amount
of financing secured by the applicant is less than the appraised value, the difference will
be recorded as a second lien on the property at the time of closing. Said lien will remain
in effect in accordance with HUD and HOME Program regulations.
The success of the program is dependent upon the ability of the applicant(s) to
comfortably meet the monthly mortgage requirements. To that end, monthly debt service,
including principal, interest, taxes and insurance, shall not exceed thirty percent of the
applicant(s) gross monthly income.