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<br />, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />CC-T <br /> <br />3441B <br /> <br />JHHW:PNL:sc OS/20/8l <br /> <br />RESOLUTION NO. 8l - 41 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA AMENDING RULES AND REGULATIONS <br />RELATING TO ITS RESIDENTIAL MORTGAGE FINANCING PROGRAM, <br />AUTHORIZING THE EXECUTION OF IMPLEMENTING AGREEMENTS AND <br />PROVIDING OTHER MATTERS PROPERLY RELATING THERETO <br /> <br />RESOLVED, by the Convnunity Redevelopment Agency of the City of Santa <br />Ana, California (the "Agency"), that <br /> <br />WHEREAS, the legislature of the State of California has authorized <br />redevelopment agencies to purchase long-term, low-interest rate loans made to <br />provide financing for new residential construction in redevelopment project <br />areas in order to encourage investment within and to upgrade such areas and <br />has authorized redevelopment agencies to issue bonds to finance the purchase <br />of :::uch loans; <br /> <br />WHEREAS, the Agency has undertaken a Residential Mortgage Financing <br />Program and, to that end, has authorized the issuance of residential mortgage <br />revenue bonds. for the purpose of providing funds for the purchasing of <br />mortgage loans or participation interests therein on making loans to lenders <br />in order to provide financing for residential construction within the Agency's <br />City of Santa Ana Convnunity Redevelopment Project Areas in order to encourage <br />investment within and to upgrade such Project Areas; <br /> <br />WHEREAS, the provisions of appl icable law require the Agency to adopt <br />Rules and Regulations in implementation of the Agency's Residentialfobrtgage <br />Financing Program and the Agency has adopted such Rules and Regulations which <br />the Agency now desires to amend; and <br /> <br />WHEREAS, the Agency desires to make and enter into conmitment contracts <br />(and reservation of funds) with the developers, mortgage loan participation <br />purchase and servicing agreements with the qualified mortgage lenders to <br />establish procedures by which and criteria for the origination and sale of <br />mortgage loans or the purchase of participation interests in mortgage loans by <br />the Agency, agreements to advance regarding subordination with mortgage lender <br />pursuant to which ,they agree to advance timely payments on the Agency's <br />participation interest in mortgage loans and loan agreements with the <br />qualified lenders pursuant to which the Agency makes a loan to the lender; <br /> <br />NOW, THEREFORE, IT IS HEREBY ORDERED THAT: <br /> <br />1. The Rules and Regulations, as hereby amended and attached hereto as <br />Exhibit "A", are hereby adopted and approved as the Rules and Regulations of <br />the Agency relating to its Residential Mortgage Financing Program. <br />