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<br />7/16/02LS <br /> <br />RESOLUTION NO. 2002-05 <br /> <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA ACCEPTING A STATE LOAN TO <br />ASSIST AFFORDABLE HOUSING PROGRAMS <br />FROM THE CALIFORNIA HOUSING FINANCE <br />AGENCY ("CHFA"), AND AUTHORIZING THE <br />EXECUTIVE DIRECTOR OF THE COMMUNITY <br />REDEVELOPMENT AGENCY TO EXECUTE ALL <br />NECESSARY DOCUMENTS RELATED THERETO <br /> <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />Section 1: The Community Redevelopment Agency of the City of Santa <br />Ana hereby finds, determines and declares as follows: <br /> <br />A. The Agency filed an application with the California Housing Finance <br />Agency ("CHFA") for funding for the Housing Enabled by Local Partnerships <br />("HELP") Program to fund affordable housing programs. <br /> <br />B. CHFA has notified the Agency that its application has been approved with <br />HELP Program funding in the amount of $1 ,200,000. <br /> <br />C. The CHFA Loan will be used to assist Orange Housing Development <br />Corporation with rehabilitation of the properties located at 935, 1006, 1010, 1014, <br />and 1018 South Minnie Street. <br /> <br />Section 2: The Community Redevelopment Agency hereby authorizes the <br />Executive Director of the Community Redevelopment Agency, or his/her <br />designee, to execute, as an agent for the Community Redevelopment Agency, all <br />necessary agreements with CHFA, extensions or amendments, for purposes <br />which include but are not limited to, incurring indebtedness, executing loan <br />agreements, and committing Agency resources to fund the affordable housing <br />programs as discussed herein. <br /> <br />Section 3: The Community Redevelopment Agency hereby authorizes the <br />Executive Director of the Community Redevelopment Agency, or his/her <br />designee, to execute, as an agent for the Community Redevelopment Agency, all <br />necessary related loan agreements, extensions or amendments, for purposes <br />which include but are not limited to, incurring indebtedness, executing loan <br />agreements, and committing Agency resources to fund the affordable housing <br />programs as discussed herein. <br /> <br />Resolution No. 2002-05 <br />