(a) For purposes of a home financing program authorized by this part, the City of Gardena has the following powers and duties: (1) To acquire, contract, and enter into advance commitments to acquire, home mortgages made or owned by lending institutions at the purchase prices and upon the other terms and conditions as shall be determined by the City of Gardena or other person as it may designate as its agent, to make and execute contracts with lending institutions for the origination and servicing of home mortgages and to pay the reasonable value of services rendered under those contracts. Prior to executing any contract with a lending institution, the City of Gardena shall adopt regulations establishing criteria for qualification of lending institutions eligible to originate and service home mortgages under home financing programs authorized by this part and shall, with respect to each home financing program, permit each qualified lending institution which transacts business in the City of Gardena the opportunity to participate in the program on an equitable basis with other participating lending institutions. (2) To make loans to lending institutions under terms and conditions which, in addition to other provisions as determined by the City of Gardena, require the lending institutions to use all of the net proceeds thereof, directly or indirectly, for the making of home mortgages in an aggregate principal amount equal to the amount of the net proceeds. (3) To establish, by rules or regulations, in resolutions relating to any issuance of bonds or in any documents relating to the issuance, standards and requirements applicable to the purchase of home mortgages or the making of loans to lending institutions as the City of Gardena deems necessary or desirable to effectuate the purposes of this part, which may include without limitation any of the following: (A) The time within which lending institutions are required to make commitments and disbursements for home mortgages. (B) The location and other characteristics of homes to be financed by home mortgages. (C) The terms and conditions of home mortgages to be acquired. (D) The amounts and types of any insurance coverage required on homes, home mortgages and bonds. (E) The representations and warranties of lending institutions confirming compliance with the standards and requirements. (F) Restrictions as to interest rate and other terms of home mortgages or the return realized therefrom by lending institutions. (G) The type and amount of collateral security to be provided to assure repayment of any loans from the City of Gardena and to assure repayment of bonds. (H) Any other matters related to the purchase of home mortgages or the making of loans to lending institutions as deemed relevant by the City of Gardena. (4) To require from each lending institution from which home mortgages are purchased or to which loans are made the submission of evidence satisfactory to the City of Gardena of the ability and intention of the lending institution to make home mortgages, and the submission, within the time specified by the City of Gardena for making disbursements for home mortgages, of evidence satisfactory to the City of Gardena of the making of home mortgages and of compliance with any standards and requirements established by it. (b) The City of Gardena shall designate a person or entity to administer the program. (c) The City of Gardena shall adopt regulations establishing criteria for qualifications of persons and families. In developing this criteria, factors similar to the following shall be taken into consideration: (1) The amount of the income of the person or family that is available for housing needs. (2) The size of the household. (3) The costs and condition of available housing. (4) The eligibility of the persons or families for federal housing assistance of any type. (5) That first-time homebuyers eligible to be assisted under this section be California residents whose annua
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