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2001-048
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Last modified
1/3/2012 12:29:38 PM
Creation date
6/26/2003 10:47:02 AM
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City Clerk
Doc Type
Resolution
Doc #
2001-048
Date
7/16/2001
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RESOLUTION NO. 2001-048 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING MODIFICATIONS TO THE <br />CORNERSTONE VILLAGE OWNER PARTICIPATION <br />AGREEMENT AND CORNERSTONE VILLAGE LOAN <br />PROGRAMS TO ALLOW RESIDUAL RECEIPT LOANS AND <br />TO SUBORDINATE THE FACADE AND COURTYARD <br />IMPROVEMENT LOANS TO NEW PRIORITY LIENS <br /> <br />CGN: 7/6/01 <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />DOES AS FOLLOWS: <br /> <br /> Section 1. The City Council of the City of Santa Ana does hereby find, <br />determine and declare as follows: <br /> <br />Approximately 48 multi-family housing complexes located along Minnie <br />Street between McFadden Avenue and Grant Street in the City of Santa <br />Ana, commonly known as the Minnie Street Neighborhood, (the <br />"Neighborhood") contain approximately 527 dwelling units, and is home to <br />approximately 4,000 Iow and moderate income persons; and, <br /> <br />The City, in partnership with the Community Redevelopment Agency of <br />the City of Santa Ana (the "Agency"), the residents and most of the <br />property owners in the Neighborhood (the "Owners") had determined that <br />the Neighborhood is in significant need of rehabilitation of both the private <br />and public infrastructure so as to preserve this important stock of Iow <br />income housing for the community; and, <br /> <br />On March 6, 2000, the City and Agency approved the form of the <br />Cornerstone Village Owner Participation Agreements and the Cornerstone <br />Village Loan Programs, which provided three loan programs to Owners <br />with zero percent interest or forgivable loan terms. <br /> <br />A number of the buildings in the Neighborhood are proposed to be acquired <br />by new buyers who are applying for an allocation of federal Iow-income <br />housing tax credits from the State of California Tax Credit Allocation <br />Committee ("TCAC"), which gives a competitive advantage to applicants <br />who make nominal loan payments over applicants with zero percent interest <br />or forgivable loan terms. <br /> <br /> Section 2. The City Council hereby approves amending the form of the <br />Cornerstone Village Owner Participation Agreement to allow the City and Agency to <br />offer alternative loan terms for the Facade and Courtyard Improvement Program <br /> <br />Resolution No. 2001-048 <br /> Page 1 of 3 <br /> <br /> <br />
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