HomeMy WebLinkAbout1990-06 CRA
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REL:mb(7)
1/22/90
Rev. 4/20/90
RESOLUTION NO. 90- 6
A RESOLUTION OF THE COMMUNITY REDE-
VELOPMENT AGENCY OF THE CITY OF SANTA
ANA AUTHORIZING THE EXECUTIVE DIRECTOR
OF THE AGENCY TO SUBORDINATE AFFORDABLE
HOUSING COVENANTS AND RESTRICTIONS PUR-
SUANT TO CALIFORNIA HEALTH AND SAFETY
CODE SECTION 33334.14.
WHEREAS, section 33334.3 of the Health and Safety Code
of the State of California, requires that housing units which
have been constructed or substantially rehabilitated with moneys
from the Agency's Low and Moderate Income Housing Fund remain
available at affordable housing costs to persons of low or
moderate or very low income through covenants or restrictions;
and
WHEREAS, in 1989 the State of California enacted
Senate Bill No. 1354, adding section 33334.14 to the Health and
Safety Code, which allows a redevelopment agency to subordinate
such covenants or restrictions to the lien, encumbrance, or
regulatory agreement of a lender providing financing, refinancing,
or other assistance to the housing units in certain circumstances;
NOW, THEREFORE BE IT RESOLVED by the Community Redevelop-
ment Agency of the City of Santa Ana as follows:
1. The Executive Director is authorized to subordinate
covenants or restrictions imposed by the Agency pursuant to
Health and Safety Code section 33334.3 to the lien, encumbrance,
or regulatory agreement of a lender, and to execute all documents
pertaining thereto, on behalf of the Agency, in any case where the
Executive Director determines such subordination is consistent
with the provisions of Health and Safety Code section 33334.14.
2. The Executive Director is further authorized to make
findings on behalf of the Agency in conjunction with any sub-
ordination of covenants or restrictions pursuant to Health and
Safety Code section 33334.14, provided such findings are first
approved as to form by Agency Legal Counsel.
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RESOLUTION NO. 90- 6
PAGE TWO
3. The Executive Director is further authorized to enter
into agreements with lenders on behalf of the Agency in order
to protect the Agency's investment in the event of default in
connection with the subordination of covenants or restrictions
pursuant to Health and Safety Code section 33334.14.
ADOPTED this
by the following vote:
19th day of
JUNE
, 1990,
AYES:
MEMBE RS: ACOSTA, GRISET, MAY, NORTON. MCGUIGAN.
PULIDO, & YOUNG
NOES:
MEMBERS:
ABSENT:
MEMBERS:
<Q:(~
Chairman
ATTEST:
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Executive Director
APPROVED AS TO FORM:
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Agency Legal Counsel