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<br />. <br /> <br />. <br /> <br />. <br /> <br />REL:5/6/92 <br /> <br />RESOLUTION NO. 92- 5 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOP- <br />MENT AGENCY OF THE CITY OF SANTA ANA <br />ADOPTING THE RESIDENTIAL LOAN PROGRAMS <br />APPROVED BY THE CITY COUNCIL AND <br />AUTHORIZING THE EXECUTIVE DIRECTOR TO <br />IMPLEMENT SUCH PROGRAMS AND TO TAKE <br />APPROPRIATE ACTION TO PROTECT THE <br />AGENCY'S SECURITY FOR THE REPAYMENT OF <br />RESIDENTIAL LOANS MADE BY THE AGENCY <br /> <br />WHEREAS, the City Council of the city of Santa Ana has <br />approved loan programs to promote and preserve the supply of <br />housing affordable to persons and families of low and moderate <br />income, whereby loans are made to owners of residential property; <br />and <br /> <br />WHEREAS, such programs are in large part carried out by the <br />Community Redevelopment Agency of the city of Santa Ana using tax <br />increment revenues set aside for low and moderate income housing <br />purposes pursuant to the Community Redevelopment Law; and <br /> <br />WHEREAS, the obligation to repay such a loan is evidenced by <br />a promissory note and secured by a deed of trust on the property <br />which is often subordinate to one or more other deeds of trust or <br />liens securing other indebtedness of th~ property owner; and <br /> <br />WHEREAS, it is necessary that the Agency have the ability, in <br />appropriate circumstances, to protect the security for its loans in <br />the event of foreclosure on senior deeds of trust or other senior <br />liens or in the event of default under Agency notes or trust deeds; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />1. Those residential loan programs previously approved by the <br />City Council of the City of Santa Ana, including the Residential <br />Rehabilitation Loan Program, the Infill New Construction Loan <br />Program, the Hardship Loan Program, the Residential Rebate Program, <br />and the Multifamily Rehabilitation Loan Program, are hereby <br />approved and adopted by the Community Redevelopment Agency of the <br />City of Santa Ana as programs of the said Agency, subject to the <br />terms and conditions which have been established by the city <br />Council, as they may be from time to time revised by the City <br />Council. <br /> <br />2. The Executive Director of the Agency, or his or her <br />designated representative, is hereby authorized to implement said <br />residential loan programs. The actions hereby authorized include, <br /> <br />1 <br />