122004 Loan Agmts-Orange Hsg Develop Corp

Home Browse Search

Loan Agreements with Orange Housing Development Corporation and Authorization of Relocation Plan December 20, 2004 Page 2 COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION 1. Recommended that the City Council: a) Direct the City Attorney to prepare loan agreements with Orange Housing Development Corporation for the acquisition and rehabilitation of four multi - family properties located at 1029, 1101, 1122 and 1126 South Minnie Street in an amount not to exceed $2,900,000 and authorize the Executive Director of the Community Development Agency to execute all required documents. b) Adopt a resolution approving the Relocation Plan for residential properties located at 1029, 1101, 1122 and 1126 South Minnie Street. 2. Recommended that the Community Redevelopment Agency: a) Direct the Agency General Counsel to prepare loan agreements with Orange Housing Development Corporation for the acquisition and rehabilitation of four multi - family properties located at 1029, 1101, 1122 and 1126 South Minnie Street in an amount not to exceed $4,500,000 and authorize the Executive Director to execute all documents as necessary. b) Authorize payments as identified in the Relocation Plan. By a vote of 5:0 (Rodriguez absent) at its Regular Meeting of December 7, 2004. Orange Housing Development Corporation (OHDC) is a California nonprofit corporation that is dedicated to the development of quality affordable housing. To date, OHDC has acquired and rehabilitated 16 buildings in the Cornerstone Village revitalization area. OHDC has entered into conditional purchase agreements to acquire an additional four, multi- family properties located at 1029, 1101, 1122 and 1126 South Minnie Street (Exhibit 1) . They have requested $2.9 million in HOME Program funds from the City of Santa Ana and $4.5 million in Tax Increment +� 12