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<br />'--'-- <br /> <br />~ <br /> <br />. <br /> <br />~ <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />/ I <br /> <br />RE SOLUTION NO. 80- 77 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVE LOPMENT AGE NCY <br />OF THE CITY OF SANTA ANA APPROVING RULES AND RE GULATIONS <br />RELATING TO ITS RESIDENTIAL MORTGAGE FINANCING PROGRAM <br /> <br />RESOLVED, by the Community Redevelopment Agency of the City of Santa <br />Ana, Orange County, California, that <br /> <br />WHEREAS, the legislature of the State of California has authorized <br />redevelopment agencies to purchase long-tern, low-interest rate loans made to <br />provide financing for new residential construction in redevelopment project <br />areas in order to encourage i nves tment with in and to upgrade such areas and <br />has authorized redevelopment agencies to issue bonds to finance the purchase <br />of such loans; <br /> <br />WHEREAS, the Agency has heretofore determined to undertake a Residential <br />Mortgage Financing Program and, to that end, has provided for the issuance of <br />Res identi a 1 Mortgage Revenue Bonds for the purpose of purchas ing Mortgage <br />Loans to provide financing for residential construction within the ADeney's <br />City of Santa Ana Community Redevelopment Project in order to encourage <br />investment within and to upgrade such Area; and <br /> <br />WHEREAS, the provisions of applicable law require the Agency to adopt <br />Rules and Regulations in implementation of the Agency's Residential Mortgage <br />Financing Program; <br /> <br />NOW THEREFORE, IT IS HEREBY ORDERED that the Rules and Regulations <br />attached hereto as Exhibit "A" are hereby adopted and approved as the Rules <br />and Regulations of the Community Redevelopment Agency of the City of Santa Ana <br />relating to its Residential Mortgage Financing Program. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />* <br />