HomeMy WebLinkAbout092004 CALHFA Help Prog AppREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
SEPTEMBER 20, 2004
TITLE
CALHFA HELP PROGRAM
APPLICATION
EdVU4on 1st
AGENCY SECRETARY USE ONLY:
RECOMMENDED ACTION
1. Adopt a resolution
California Housing
Program.
APPROVED
❑
As Recommended
❑
As Amended
❑
Ordinance on 1" Reading
❑
Ordinance on 2nd Reading
❑
Implementing Resolution
❑
Set Public Hearing For
CONTINUED
TO
FILE NUMBER
approving submission of an application to the
Finance Agency for $2,000,000 under the HELP
2. Authorize the Executive Director of the Community Development Agency
to execute the application and all documents relating thereto.
COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
Recommended that the Community Redevelopment Agency:
1. Adopt a resolution approving submission of an application to the
California Housing Finance Agency for $2,000,000 under the HELP
Program.
2. Authorize the Executive Director of the Community Development Agency
to execute the application and all documents relating thereto.
By a vote of 7:0 (Bustamante absent) at its Regular Meeting of September
7, 2004.
DISCUSSION
The California Housing Finance Agency (CalHFA) was chartered by the State
of California in 1975 to serve as the State's affordable housing bank.
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Ca1HFA HELP Program Application
September 20, 2004
Page 2
To date, it has assisted more than 130,000 Californians to become first -
time homebuyers and has helped finance 415 multi - family projects with a
total of 33,371 units. Ca1HFA created the Housing Enabled by Local
Partnerships Program (HELP) in 1999 to help local governments meet
affordable housing needs. The program provides unsecured three percent
interest loans payable over ten years to local governments for affordable
housing projects. The Community Redevelopment Agency previously received
two HELP loans totaling $2.6 million. These loans were used to meet a
portion of the costs associated with the Cornerstone Village project.
Ca1HFA recently announced the availability of an additional $10 million
through the HELP Program. Under the proposed application, the Agency
will request a third loan in the amount of $2 million. If awarded, the
loan will be used to provide funds necessary for the acquisition of 1029,
1101, 1122 and 1126 S. Minnie Street by Orange Housing Development
Corporation (OHDC). OHDC is a nonprofit corporation that qualifies as a
Community Housing Development Organization. It currently owns and
operates 16 buildings in the project area and has played a critical
leadership role among property owners. Exhibit 1 shows the location of
the buildings that OHDC owns and the buildings it is proposing to
acquire.
If the loan is awarded and the buildings are acquired, OHDC will
rehabilitate all of the units to eliminate any code deficiencies and will
reconfigure some of the units to provide units with more bedrooms. All
units will be offered at rents affordable to very low and extremely low -
income households.
FISCAL IMPACT
By submitting this application, the Community Redevelopment Agency may be
eligible to receive up to $2 million in loan funds from the California
Housing Finance Agency.
PatYfcia C. Whitaker
Executive Director
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H: Actions\ 2004CRA \CaIHFAHeIpProgApplic- 9 -20 -04
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GRANT TREET
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E ' ,CURRENT
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I BOUNDARY
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TION & LEARNING 1009 I OSUBJECT PROPERTIES
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1013 1 1014 1013 CURRENTLY OWNED BY OHDC
McFADDEN AVENUE
EXHIBIT 1
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N
I
I
I
I
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I
I
;
'
'
`
1017
1018
1017
1021
1022
1021
1025
1026
1025
1029
1030
1029
1101
1102
1101
1105
1106
1105
1109
1110
1109
1113
1114
1113
1117
1118
1117
1121
1122
1121
1125
1126
1125
McFADDEN AVENUE
EXHIBIT 1
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N
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Iss9/14/2004
RESOLUTION NO. CRA 2004 -12
A RESOLUTION OF THE
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
AUTHORIZING THE SUBMITTAL OF AN APPLICATION
TO THE CALIFORNIA HOUSING FINANCE AGENCY
FOR FUNDING UNDER THE HELP PROGRAM
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SANTA ANA AS FOLLOWS:
1. The Community Redevelopment Agency of the City of Santa Ana hereby
finds, determines and declares as follows:
A. The Agency wishes to apply for and receive an allocation of funds from
the California Housing Finance Agency ( "CaIHFA ") through the
Housing Enabled by Local Partnerships ( "HELP ") Program; and
B. CaIHFA has announced the availability of funds through the HELP
Program. The HELP Program offers a three percent (3 %) loan to local
government agencies for locally determined affordable housing
activities and priorities
C. The Agency wishes to submit an application to CaIHFA for a
$2,000,000.00 HELP Program loan.
2. The Community Redevelopment Agency of the City of Santa Ana
approves the submittal of an application to CaIHFA through the HELP Program to
request an allocation of Two Million Dollars ($2,000,000.00) for the acquisition of
1029, 1101, 1122 and 1126 South Minnie Street.
3. The Community Redevelopment Agency of the City of Santa Ana
authorizes the Executive Director of the Community Redevelopment Agency, in
the name of the Agency, to execute the Application, to incur indebtedness and
execute the Loan Agreement, to commit Agency resources as detailed in the
proposal and to take other actions necessary to facilitate the proposed program.
4. If the application is approved, the Community Redevelopment Agency of
the City of Santa Ana agrees to use the HELP Program loan for eligible activities
in the manner presented in the application as approved by CaIHFA and in
accordance with program guidelines.
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ADOPTED this day of 2004.
AYES:
NOES:
ABSTAIN:
NOT PRESENT:
Miguel A. Pulido
Chair
APPROVED AS TO FORM:
Joseph W. Fletcher
Agency General Counsel
Laura Sheedy
Assistant Counsel
CERTIFICATE OF ORIGINALITY & PUBLICATION
I, PATRICIA E. HEALY, Secretary of the Community Redevelopment Agency, do
hereby certify the attached Resolution No. CRA 2004 -12 to be the original
resolution adopted by the Community Redevelopment Agency of the City of Santa
Ana on
Secretary
Community Redevelopment Agency of the
City of Santa Ana
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