2010-002 CRA - Laserfiche WebLink

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feasible without the Agency's financial assistance and use of the Agency's Housing Fund is necessary because Developer has sought and will continue to seek to obtain other sources of financing for the Developer Project, including private construction and permanent loans, Federal Low Income Housing Tax Credits, equity financing from private investors, and mortgage financing for homebuyers, but based upon an economic analysis of the Developer Project as set forth and referenced in the summary report prepared pursuant to CRL Section 33433 and the staff report, such sources of financing will be insufficient to finance the entire costs of the Developer Project without the Agency's financial assistance from the Housing Fund in the amounts required by the Agreement; and" I. Each qualified Moderate Income Homebuyer of an Affordable For-Sale Unit that is to receive a Homebuyer Assistance Loan will enter into a Homebuyer Loan Agreement with the Agency substantially in the form attached to the Agreement as Attachment No. 11 to the Agreement; and J. With respect to the portion of the Developer Project that is located within the Developer Project Area of the Merged Project, the acquisition, construction and operation of the Developer Project pursuant to the Agreement will benefit the Project Area by providing affordable housing for persons who currently live and work within the Project Area; with respect to the portion of the Developer Project that is located outside the Project Area of the Merged Project, the acquisition, construction and operation of the Developer Project pursuant to the Agreement will be of benefit to the Merged Project; and K. The Agency has adopted an Implementation Plan pursuant to CRL Section 33490, which sets forth the objective of providing housing to satisfy the needs and desires of various constituent elements of the community; and L. The Agreement, copies of which the Developer has submitted to the Agency and the City Council copies substantially in the form submitted herewith, furthers the goals of the Agency set forth in the Implementation Plan as it will facilitate the creation of affordable housing which will serve the residents of the neighborhood and the City; and M. Pursuant to CRL Section 33433, the Agency is authorized, with the approval of the City Council after a duly noticed public hearing, to convey the Site for development pursuant to the Redevelopment Plan upon a determination by the City Council that such conveyance will either assist in the elimination of blight or provide housing for low- or moderate-income persons, that the consideration for such conveyance is not less than the fair market value or fair reuse value of the Site in accordance with the covenants and conditions governing the conveyance of the Site and development costs required thereof, as well as the particular uses to be Resolution No. CRA 2010-002 Page 3 of 7