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RESOLUTION NO. 2002-064 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA ACCEPTING STATE ASSISTANCE TO FUND <br />AFFORDABLE HOUSING PROGRAMS FROM THE <br />CALIFORNIA HOUSING FINANCE AGENCY ("CHFA"), <br />APPROVING AN APPROPRIATION ADJUSTMENT OF <br />$1,200,000 AND AUTHORIZING THE EXECUTIVE <br />DIRECTOR OF THE COMMUNITY DEVELOPMENT <br />AGENCY TO EXECUTE ALL NECESSARY DOCUMENTS <br />RELATED THERETO <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 />A. The Community Redevelopment Agency filed an application with the <br />California Housing Finance Agency ("CHFA")for funding for the Housing Enabled <br />by Local Partnerships ("HELP") Program to fund affordable housing programs. <br /> <br />B. CHFA has notified the Agency that its application has been approved with <br />HELP Program funding in the amount of $1,2000,000. <br /> <br />C. The CHFA Loan will be used to.assist Orange Housing Development <br />Corporation with rehabilitation of the properties located at 935, 1006, 1010, 1014, <br />and 1018 South Minnie Street. The CHFA funds will be used to reduce the <br />HOME fund allocation to Orange Housing Development Corporation that was <br />previously approved by the City Council for the same properties. <br /> <br /> Section 2: The City Council hereby authorizes the Executive Director of the <br />Community Development Agency, or his/her designee, to execute, on behalf of the City, <br />ail necessary agreements, extensions or amendments, for purposes which include but <br />are not limited to, incurring indebtedness, executing loan agreements, and committing <br />City resources to fund the affordable housing programs as discussed herein. <br /> <br /> Section 3: The City Council hereby recognizes the appropriation adjustment in <br />the amount of $1,200,000 of CHFA HELP funds to be used for affordable housing <br />programs and rehabilitation. <br /> <br /> Section 4: The assistance applied for under the aforementioned program shall <br />not exceed $1,200,000 with a rate of 3% simple interest per annum, with repayment in <br />full no later than 10 years from the date of CHFA approval. <br /> <br />Resolution No. 2002-064 <br /> Page 1 of 2 <br /> <br /> <br />