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1981-041 CRA
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1981-041 CRA
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Last modified
1/3/2012 12:22:40 PM
Creation date
3/8/2005 12:47:06 PM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1981-41
Date
5/26/1981
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<br />, <br /> <br />. <br /> <br />. <br /> <br />6518A <br /> <br />JHHW:ACH:ea 04/11/80 <br />:ea 04/16/80 <br />:ea OS/22/80 <br />:sc 06/18/80 <br />:sc OS/20/81 <br /> <br />RULES AND REGULATIONS <br />OF THE <br /> <br /> <br />COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA <br />RELATING TO ITS <br />RESIDENTIAL MORTGAGE FINANCING PROGRAM <br /> <br />Dated: As of July 1, 1980 <br />Amended: May 26, 1981 <br /> <br />CHAPTER 1 <br />GENERAL PROVISIONS <br /> <br />1.01 Scope. These Rules and Regulations are made and published <br />pursuant to Chapter 8, commencing with Section 33750, of Part 1 of Division,24 <br />of the Health and Safety Code of the State of California and particularly <br />Section 33767 thereof, as amended, and relate to the providing of -technical <br />assistance and long-term mortga~e loans at low interest rates through <br />qualified mortgage lenders to partlcipating parties to finance. construction of <br />residential housing in the Agency's City of Santa Ana Community Redevelopment <br />Project Area in order to encourage investment and upgrade such Area. Such <br />mortgage loans may be purchased by the Agency from qualified mortgage <br />lenders. The Agency may also acquire a 90% part icipat ion interest in a <br />mrtgage loan pool and make a loan to the lender, who will, as the mortgage <br />lender, originate mortgage loans, to be made for the above purpose. Such <br />purchase may be accomplished by a bank or trust company or national banking <br />association acting as Trustee on behalf of the Agency and its bondholders. <br />All such mrtgage loans shall be originated, executed and purchased according <br />to the terms and conditions set forth in a prior written commitment from the <br />Agency to purchase such mrtgage loans, participation interest in mrtgage <br />loans or make loans to lenders. <br /> <br />1.02 Definitions. The terms defined in the Act and the Resolution have <br />the same meaning when used in these Rules and Regulations as are ascribed to <br />them in the Act and the Resolution. <br /> <br />. Act means Chapter 8, commencing with Section 33750, of Part 1 of <br />Division 24~ the Health and Safety Code of the State, as now enacted and as <br />. hereafter amended. <br /> <br />. <br /> <br />Agency means the Community Redevelopment Agency of the City of <br />Santa Ana. 1. <br /> <br />Bond or Bonds means Bonds of the Agency authorized and iSsued under. <br />the Resolution. - <br /> <br />EXHIBIT A <br /> <br />
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