HomeMy WebLinkAboutRESOLUTION 1979-25T~ .-~_ ~- T_ T ~ ~~
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CITY OF KENAY
RESOLUTION NO. 79-25
A RESOLUTION OF THE COUNCIL OF THE CITY OF RENAI, ALASRA
URGING THE ALASKA HOUSING FI!dAIL'~E CORPORATION TO CLASSIFY
TIiE ENTIRE KENAI PENINSULA BOROUGH AS A RURAL AREA FOR
MORTGAGE LOAN PURPOSES.
WHEREAS, the recent rise of interest rates charged by
conventional sources of mortgage loans has made the
financing of single family homes increasingly difficult
and expensive to procure; and
WHEREAS, the uniform availability of lower interest mortqage
loans underwritten by the Alaska Housing Finance Corporation
(AHFC) helps the qrowth and well-being of the Borouqh and
its citizens; and
WHEREAS, AHFC regulations classify the City of Kenai as
Suburban and all other areas of the Borough as Rural; and
WHEREAS, AHFC requlations seriously limit the availability
and maximum amount of mortqage loans made in Suburban areas
as contrasted with Rural areas; and
WHEREAS, the population density and land use patterns
within the City of Renai are primarily rural in nature
and do not justify the discriminatory classification;
and
WHEREAS, the limitations placed upon mortgage loans within
the City of Kenai are channeling new home construction and
purchases into areas outside the City's boundaries and
threaten to erode the financial and social stability of
the City of Kenai:
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF KENAI, ALA3KA AS FOLLOWS:
Section 1: That the Council finds that current
class f cation of the City of Kenai as Suburban
by the Alaska Housing Finance Corporation is
not justified by existing population densities
and land-use patterns and that this classification
is discrim~natory and undermines the development
and growth of the City of Kenai.
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