1998-01 CRA R - Laserfiche WebLink

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. . . ~ REGULATION R98-01 REGULATION REGARDING LOANS California Health and Safety Code Section 33763.5 WHEREAS, pursuant to the Community Redevelopment Law of the State of California (Health and Safety Code Section 33000 et seq., referred to herein as the "Redevelopment Law"), the Community Redevelopment Agency of the City of Santa Ana ("Agency") has adopted redevelopment plans for the redevelopment projects within the City of Santa Ana; and WHEREAS, pursuant to applicable law, the Agency has the authority to make loans to assist property owners, developers and others to redevelop property, provide affordable housing for low- and moderate-income persons and certain other purposes; and WHEREAS, the Redevelopment Law requires that all loans made by a redevelopment agency shall be made according to a regulation that contains standards, qualifications, and criteria for the making and approval of loans and that such regulation has been adopted by the redevelopment agency at a public meeting. NOW, THEREFORE, the Community Redevelopment Agency of the City of Santa Ana hereby adopts the following Regulation: Any loan to be made or approved by the Agency shall comply with the following Standards, Qualifications, and Criteria: 1. Every loan shall be consistent with and in furtherance of the objectives, goals, policies and programs of the Agency, as set forth in the Redevelopment Law, other applicable federal and state laws and regulations, redevelopment plans, implementation plans, and/or other plans, policies, programs, projects and guidelines approved by the Agency. 2. The Agency shall ensure that any of the sources of funds committed to fund a loan will be available for such purpose as and when required by the terms of the loan agreement or other documentation. 3. The Executive Director of the Agency shall have the authority to make and approve loans for the following purposes: a. Residential acquisition and/or rehabilitation; b. Commercial rehabilitation; c. Increasing, improving, or preserving the community's supply of low- and moderate-income housing available at affordable housing cost to persons and families of low-or moderate-income or very- low-income households;