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' } <br /> COUNC I L P1EMORANDU�9 <br /> #82-47 <br /> May 6 , 1982 <br /> T0: The Honorable Mayor and City Councilmen <br /> FROM: Leslie T. Allen, City Manager <br /> RE : Ordinance Amending Enabling Ordinance for Home <br /> Mortgage Revenue Bonds <br /> An ordinance amending the Home Mor.t�age Revenue Bond <br /> Ordinance has been placed on the agenda for Monday, May 10. <br /> This amendment would increase the maximum income limit <br /> from_ $40 ,000 to $55 ,000 for an applicant who wishes to assume <br /> a mortgage. The income limit of $40 ,000 was set in 1978 <br /> when this program was approved by Council. <br /> This increase is not unreasonable since the cost of <br /> living and wages have increased significantly in the last <br /> four years . <br /> There is a demand in the local ma.rket for homes financed <br /> under this City program. By increasing the limit , some of <br /> these homes which are on the ma.rket could be moved. <br /> Hilmer was of the opinion that this ordi�ance was not <br /> necessary since the income limit did not apply to transfers . <br /> The Custodian, Continental Bank, of the bond issue <br /> insists that the original ordinance be amended to provide <br /> for increasing the income limit. <br /> I recommend approval of this ordinance. Attached is <br /> copies of correspondence relating to this item. <br /> Attachments (2) <br /> cc : Hilmer Landholt <br /> Jeff Broughton <br />