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12/14/04 LES <br />RESOLUTION NO. CRA 2004 -15 <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA APPROVING THE SALE OF AGENCY <br />OWNED PROPERTY LOCATED AT 1633 E. SIXTH <br />STREET <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA, AS FOLLOWS: <br />Section 1: The Board of the Community Redevelopment Agency of the City of <br />Santa Ana hereby finds, determines and declares as follows: <br />A. Pursuant to Sections 33334.2(a) and 33334.6(c) of the California <br />Community Redevelopment Law (California Health and Safety Code <br />Section 33000 Pt =.) not less than 20 percent of all taxes which are <br />allocated to the Community Redevelopment Agency of the City of Santa <br />Ana ( "Agency ") are set aside by the Agency in a Low- Moderate - Income <br />Housing Fund and used by the Agency for the purpose of increasing, <br />improving and preserving the community's supply of low and moderate <br />housing available at affordable housing costs to persons and families of <br />low- and moderate - income, including very -low- income persons. <br />B. Five years ago the Agency provided financing to facilitate the <br />development of 1633 E. Sixth Street (the "Property ") as an affordable, <br />for -sale, single family residence. The Property was developed as part of <br />the Agency's obligation to replace affordable housing units that had beer <br />removed from the City's housing stock due to the Bristol Street widening. <br />As part of the initial sales agreement, the owners agreed to resale <br />restrictions that required any future sale must be affordable to a low - <br />income household. <br />C. The initial owners needed to sell their home, and the Agency purchased <br />the Property at the affordable price of $158,000, with the intent to facilitate <br />the sale of the Property to another income eligible family. <br />45 <br />