§ 66.3.

AMOUNT AND USE OF PROGRAM FUNDS

a.

A maximum of $350,000,000 will be raised through the sale of general obligation bonds of the City for deposit into the fund for use in the Program and for payment of bond issuance costs.

b.

A maximum of $150,000,000 of the fund shall be made available for Below Market Rate loans under the Program for Seismic Strengthening of UMB’s in which 50 percent or more of the floor area is residential and at least 70 percent of the residential units are and will continue to be affordable to and occupied by a household whose income is at or below 60 percent of median income.

c.

Of the $150,000,000 available for Below Market Rate Loans, a maximum of $60,000,000 shall be made available for Deferred Standard Loans or Deferred Extended Loans under the Program for Seismic Strengthening of UMB’s in which 60 percent or more of the floor area is residential and at least 80 percent of the residential units are and will continue to be affordable to and occupied by a household whose income is at or below 40 percent of median income.

d.

A maximum of $200,000,000 of the fund shall be made available for Market Rate Loans for Seismic Strengthening of UMB’s not qualifying for loans under Subsections 66.3(b) or 66.3(c).

e.

To the extent legally required for completion of the Seismic Strengthening of or to permit occupancy of a building, up to 25 percent of the proceeds of any loan funded under the Program may be spent on improvements to protect the life or safety of or to provide disability access for occupants of that building.

History

(Added by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006)

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