(a) A loan may be made to refinance an existing indebtedness on a residence if the cost of meeting rehabilitation standards and correcting incipient violations thereof for the residence equals at least 20 percent of the principal amount of the loan; and
(1) If the sum of the monthly principal and interest payments on the proposed loan for rehabilitation and the monthly payments on existing debt secured by the property, plus property taxes and insurance, would result in total monthly payments that would exceed 20 percent of the applicant's total monthly income; or
(2) If the Loan Committee recommends approval of refinancing and the recommendation is accepted by the Chief Administrative Officer;
(b) If the Chief Administrative Officer does not accept the recommendation of the Loan Committee regarding refinancing, he or she shall give written reasons for the refusal to accept such recommendation.
(c) In deciding whether to recommend that refinancing be made available to any particular applicant, the Loan Committee shall adhere to guidelines for refinancing which shall be adopted by the Chief Administrative Officer. In developing guidelines for refinancing, the Chief Administrative Officer shall take into consideration the availability of funds for financing residential rehabilitation, the need to prevent significant rent increases which would result in a hardship for tenants, and the need to prevent speculators from profiting from the use of residential rehabilitation financing.
(Amended by Ord. 116-77, App. 4/1/77)
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