ORDINANCE NO. 588
AND AUTHORIZING COUNTY OFFICERS TO IMPLEMENT THE PROGRAM
The Board of Supervisors of the County of Riverside, State of California, do ordain as follows:
Section 1. There is a shortage in the County of Riverside of housing which is affordable by persons on the lower end of purchasing spectrum, and a consequent need to encourage the construction of homes affordable by such persons and otherwise to increase the housing supply in the County for such persons.
Section 2. The Board of Supervisors of the County intends to issue bonds, pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act"), to provide financing for the acquisition of housing in the County.
Section 3. The County hereby establishes a home mortgage finance program (the "Program") pursuant to the Act and hereby determines to issue revenue bonds pursuant to said Act to provide funds for the program.
Section 4. The County hereby finds and declares that the Program will serve the public purposes of increasing the housing supply and of providing financing for decent, safe and sanitary housing which is affordable by people on the lower end of the purchasing spectrum.
Section 5. With the consent of any cities within the County, the Program shall be operated by the County within the geographical boundaries of any such cities as well as within the unincorporated areas of the County.
Section 6. The proper officers of the County are hereby authorized and directed to perform any acts and enter into and execute any agreements or other documents that they may deem necessary or appropriate to implement the Program.
Section 7. The provisions of this ordinance, being necessary for the welfare of the County and its inhabitants, shall be liberally construed to effect its purpose.
Section 8. Pursuant to the provisions of Health and Safety Code Section 52031, this ordinance becomes effective immediately after adoption and within 15 days of adoption shall be published once with the names of the supervisors voting for and against it in the Press Enterprise a newspaper of general circulation published in the County.
ADOPTED: 12‑22‑81 (Eff.: Urgency)