HomeMy WebLinkAbout2002-064 - California Housing Finance AgencyRESOLUTION NO. 2002-064
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA ACCEPTING STATE ASSISTANCE TO FUND
AFFORDABLE HOUSING PROGRAMS FROM THE
CALIFORNIA HOUSING FINANCE AGENCY ("CHFA"),
APPROVING AN APPROPRIATION ADJUSTMENT OF
$1,200,000 AND AUTHORIZING THE EXECUTIVE
DIRECTOR OF THE COMMUNITY DEVELOPMENT
AGENCY TO EXECUTE ALL NECESSARY DOCUMENTS
RELATED THERETO
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS
FOLLOWS:
Section 1: The City Council of the City of Santa Ana hereby finds, determines and
declares as follows:
A. The Community Redevelopment Agency filed an application with the
California Housing Finance Agency ("CHFA")for funding for the Housing Enabled
by Local Partnerships ("HELP") Program to fund affordable housing programs.
B. CHFA has notified the Agency that its application has been approved with
HELP Program funding in the amount of $1,2000,000.
C. The CHFA Loan will be used to.assist Orange Housing Development
Corporation with rehabilitation of the properties located at 935, 1006, 1010, 1014,
and 1018 South Minnie Street. The CHFA funds will be used to reduce the
HOME fund allocation to Orange Housing Development Corporation that was
previously approved by the City Council for the same properties.
Section 2: The City Council hereby authorizes the Executive Director of the
Community Development Agency, or his/her designee, to execute, on behalf of the City,
ail necessary agreements, extensions or amendments, for purposes which include but
are not limited to, incurring indebtedness, executing loan agreements, and committing
City resources to fund the affordable housing programs as discussed herein.
Section 3: The City Council hereby recognizes the appropriation adjustment in
the amount of $1,200,000 of CHFA HELP funds to be used for affordable housing
programs and rehabilitation.
Section 4: The assistance applied for under the aforementioned program shall
not exceed $1,200,000 with a rate of 3% simple interest per annum, with repayment in
full no later than 10 years from the date of CHFA approval.
Resolution No. 2002-064
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Section 5. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this 5th day of Auqust, 2002.
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By:/~-~ ~- Z~
Lisa E. Storck
Assistant City Attorney
AYES:
NOES:
ABSTAIN:
NOT PRESENT:
Councilmembers: Alvarez, Bist, Christy, Franklin. McGuioan. Solorio (6)
Councilmembers: None
Councilmembers: Pulido (1)
Councilmembers: None (0)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2002-064 to be the original resolution adopted by the City
Council of the City of Santa Ana on Au(~ust 5. 2002.
Date:
Resolution No. 2002-064
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