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<br />4/10/02LS <br /> <br />RESOLUTION NO. 2002-02 <br /> <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA AUTHORIZING THE EXECUTIVE <br />DIRECTOR OF THE COMMUNITY <br />REDEVELOPMENT AGENCY TO SUBMIT AN <br />APPLICATION TO RECEIVE STATE ASSISTANCE <br />TO FUND AFFORDABLE HOUSING PROGRAMS <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 California Housing Finance Agency ("CHFA") is currently accepting <br />applications from local governments for the Housing Enabled by Local <br />Partnerships ("HELP") Program to fund affordable housing programs; <br /> <br />B. In order to submit an application for this funding, a resolution executed by <br />the local government agency authorizing participation on its behalf is required; <br /> <br />C. The CHFA Loan would be used to assist Orange Housing Development <br />Corporation to acquire and rehabilitate properties located at 935, 1006, 1010, <br />1014, 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 submit an application to the California Housing Finance Agency <br />("CHFA") for the Housing Enabled by Local Partnerships ("HELP") program for <br />affordable housing programs in the name and on behalf of the Community <br />Redevelopment Agency. <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 agreements, extensions or amendments, for purposes which include <br />but are not limited to, incurring indebtedness, executing loan agreements, and <br />committing Agency resources to fund the affordable housing programs as <br />discussed herein. <br /> <br />Section 4: The assistance applied for under the aforementioned program <br />shall not exceed 2 million dollars at a rate of 3% simple interest per annum, with <br />repayment in full no later than 10 years from the date of CHFA approval. <br /> <br />Resolution No. 2002-02 <br />