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Agency's financial assistance from the Housing Fund in the amounts required <br />by the Agreement; and" <br />1. Each qualified Moderate Income Homeb yer of an Affordable For -Sale Unit <br />that is to receive a Hon ebuyer Assistance Loan will enter into a Homebu rer <br />Loan Agreement with the Agency substantially in the form attached to the <br />Agreement as Attachment No. 11 to the Agreement; and <br />J. With respect to the portion of the Developer Project that is located within the <br />Developer Project Area of the Merged Project} the acquisition} construction <br />and operation of the Developer Project pursuant to the Agreement will benefit <br />the Project Area by providing affordable housing for persons who currently <br />live and work within the Project Area; with respect to the portion of the <br />Developer Project that is located outside the Project Area of the Merged <br />Project, the acquisition, construction and operation of the Developer Project <br />pursuant to the Agreement will be of benefit to the Merged Project; and <br />K. The Agency has adopted an Implementation entation Plan pursuant to CRL <br />Section 33490, which sets forth the objective of providing housing to satisfy <br />the needs and desires of various constituent elements of the community; and <br />L, The Agreement, copies of which the Developer has submitted to the Agency <br />and the City Council copies substantially in the form submitted herewith, <br />furthers the goals of the Agency set forth in the Implementation entation Plan as it will <br />facilitate the creation of affordable housing which will serge the residents of <br />the neighborhood and the City} and <br />M. Pursuant to CRL section 33433, the Agency is authorized} with the approval <br />of the City Council after a duly noticed public bearing} to convey the Site for <br />development pursuant to the Redevelopment Plan upon a determination by <br />the City Council that such conveyance will either assist in the elimination of <br />blight or provide housing for lour- or moderate - income persons} that the <br />consideration for such conveyance is not less than the fair market value or <br />fair reuse value of the site in accordance with the covenants and conditions <br />governing the conveyance of the Site and development costs required <br />thereof} as well as the particular uses to be conducted by the Developer at <br />the Site, and that the conveyance under the terms and conditions set forth in <br />the Agreement is consistent with the Implementation Plan which has been <br />adopted by the Agency for the Merged Project} and <br />N. The proposed Agreement and a summary report meeting the requirements of <br />CRL Section 33433, were available for public inspection prior to the joint <br />public hearing consistent with the requirements of CRL Section 33433; and <br />0. On June 7$ 2010, the Agency and City Council held a joint public hearing on <br />the proposed Agreement, which was duly noticed in accordance with the <br />requirements of CRL Sections 33431 and 33433, at which time the Agency <br />reviewed and evaluated all of the information, written and oral testimony} and <br />evidence presented during the joint public hearing; and <br />Resolution No. CRA 2010-XXX <br />Page 3 of <br />