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2/24/03LS <br /> <br />RESOLUTION NO. 2003-032 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING SUBSIDY LAYERING <br />GUIDELINES <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS <br />FOLLOWS: <br /> <br /> Section 1: The City Council of the City of Santa Ana hereby finds, determines and <br />declares as follows: <br /> <br />The City of Santa Aha is a participating jurisdiction in Federal grant <br />programs that provide funding for affordable housing. Under the HOME <br />Program, the City is required to adopt subsidy layering guidelines. These <br />guidelines establish procedures to ensure that the City does not invest any <br />more HOME funds, in combination with other governmental assistance, <br />than is necessary to provide affordable housing. <br /> <br />The proposed Subsidy Layering Guidelines (attached hereto as Exhibit 1) <br />was prepared in accordance with Title 24, Section 92.250 (b) of the Code <br />of Federal Regulations. <br /> <br /> Section 2: The City Council hereby approves the proposed Subsidy Layering <br />Guidelines and authorizes the Executive Director of the Community Development <br />Agency, or his/her designee, to make any necessary modifications as required by law. <br /> <br /> Section 3. This Resolution shall take effect immediately upon its adoption by <br />the City Council, and the Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br /> <br />M ig u~el~.. Pulido <br />May/or' <br /> <br />APPROVED AS TO FORM: <br />Joseph W. Fletcher, City Attorney <br /> <br />By: ,-'~/~ ,._ ,~. ~_~ <br /> Lisa E. Storck <br /> Assistant City Attorney <br /> <br />Resolution No. 2003-032 <br /> Page 1 of 5 <br /> <br /> <br />