1991-053-Allocating Below Market Program (BMP) Housing Funds To An Eligible Approved Applicant For The Purchace Of BMP Unit Located At 95 Church Street, #2303RESOLUTION 1991-53
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
ALLOCATING BELOW MARKET PROGRAM (BMP) HOUSING FUNDS
TO AN ELIGIBLE APPROVED APPLICANT FOR THE PURCHASE
OF A BMP UNIT LOCATED AT 95 CHURCH STREET, #2303
WHEREAS:
A. The Town of Los Gatos was notified that the owner of
the BMP unit located at 95 Church Street, #2303, wished to sell the
condominium; and
B. The Town of Los Gatos has the first right of refusal
to purchase the condominium; and
C. The Town of Los Gatos wishes to keep the unit in its
BMP Housing Program; and
D. The Town of Los has received BMP in -lieu funds; and
E. Loaning the funds to purchase a BMP unit is an
eligible use of the funds;
BE IT RESOLVED:
A. The Town Council hereby allocates up to $50,000 from
the BMP fund to loan to an eligible approved applicant to purchase
the unit at 95 Church Street, #2303.
CSD08:A:\RESOS\CSO40191.R53
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PASSED AND ADOPTED at a regular meeting of the Town
Council of the Town of Los Gatos, California, held on the 1st day
of April, 1991, by the following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Steven Blanton,
Mayor Brent N. Ventura
NAYES: None
ABSENT: Joanne Benjamin, Eric D. Carlson
ABSTAIN: None
SIGNED:
ATTEST:
CLERK OF THE TOWN OF LIS GATOS
LOS GATOS, CALIFORNIA
CSD08:A:\RESOS\CS040191.R53
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
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