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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />JULY 6, 2004 <br />TITLE: <br />r� l� <br />Edtiranon lar <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 1633 EAST SIXTH STREET <br />EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />AGENCY SECRETARY USE ONLY: <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1" Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Direct the Agency General Counsel to prepare and authorize the Executive <br />Director to execute an agreement for the acquisition of real property and <br />escrow instructions acquiring the real property located at 1633 E. Sixth <br />Street, Santa Ana, and identified as Assessor Parcel Number 398 - 051 -19 <br />from Aldo Sotelo and Betzabeth Garcia for the amount of $159,000 plus <br />normal escrow and closing costs. <br />DISCUSSION <br />The Community Redevelopment Agency has an obligation to replace <br />affordable housing units that are removed from the City's housing stock <br />as a result of its activities. As part of an effort to meet the <br />replacement housing obligation that arose from the Bristol Street <br />widening project, the Agency entered into an agreement in 1997 with the <br />Southland Economic Development Corporation (SEDC), a nonprofit developer, <br />for the purchase of five Agency -owned lots and subsequent development of <br />affordable homes on those lots. SEDC built a three - bedroom, two -bath <br />home on the lot at 1633 E. Sixth Street (Exhibit 1) , and sold it to the <br />current owners in 1999 at the affordable price of $150,000. <br />Due to personal issues, the owners now need to relocate and sell their <br />home. The recorded deed restrictions on the property require that the <br />home be sold to a low- income household at an affordable price. The <br />affordable sales price is based on the area median income limit for <br />Orange County. Currently, the maximum affordable sales price is <br />$158,000. If the family were to sell the home to another low- income <br />3 45 <br />