HomeMy WebLinkAbout1992-05 CRA
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REL:5/6/92
RESOLUTION NO. 92- 5
A RESOLUTION OF THE COMMUNITY REDEVELOP-
MENT AGENCY OF THE CITY OF SANTA ANA
ADOPTING THE RESIDENTIAL LOAN PROGRAMS
APPROVED BY THE CITY COUNCIL AND
AUTHORIZING THE EXECUTIVE DIRECTOR TO
IMPLEMENT SUCH PROGRAMS AND TO TAKE
APPROPRIATE ACTION TO PROTECT THE
AGENCY'S SECURITY FOR THE REPAYMENT OF
RESIDENTIAL LOANS MADE BY THE AGENCY
WHEREAS, the City Council of the city of Santa Ana has
approved loan programs to promote and preserve the supply of
housing affordable to persons and families of low and moderate
income, whereby loans are made to owners of residential property;
and
WHEREAS, such programs are in large part carried out by the
Community Redevelopment Agency of the city of Santa Ana using tax
increment revenues set aside for low and moderate income housing
purposes pursuant to the Community Redevelopment Law; and
WHEREAS, the obligation to repay such a loan is evidenced by
a promissory note and secured by a deed of trust on the property
which is often subordinate to one or more other deeds of trust or
liens securing other indebtedness of th~ property owner; and
WHEREAS, it is necessary that the Agency have the ability, in
appropriate circumstances, to protect the security for its loans in
the event of foreclosure on senior deeds of trust or other senior
liens or in the event of default under Agency notes or trust deeds;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. Those residential loan programs previously approved by the
City Council of the City of Santa Ana, including the Residential
Rehabilitation Loan Program, the Infill New Construction Loan
Program, the Hardship Loan Program, the Residential Rebate Program,
and the Multifamily Rehabilitation Loan Program, are hereby
approved and adopted by the Community Redevelopment Agency of the
City of Santa Ana as programs of the said Agency, subject to the
terms and conditions which have been established by the city
Council, as they may be from time to time revised by the City
Council.
2. The Executive Director of the Agency, or his or her
designated representative, is hereby authorized to implement said
residential loan programs. The actions hereby authorized include,
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but are not limited to, the following:
a.
Approval or disapproval of loan applicants.
b.
Execution, on behalf of the Agency, of loan agreements,
loan escrow instructions, acceptances of deeds of trust,
loan disbursement authorizations, amendments to loan
agreements and promissory notes, and other documents
pertaining to such loans.
3. The Executive Director of the Agency, or his or her
designated representative, is further authorized to take such
action on behalf of the Agency as the said Executive Director deems
appropriate to protect the Agency's security for its housing loans
in the event of foreclosure of senior deeds of trust or other
liens, or in the event of default on a promissory note or deed of
trust to the Agency as beneficiary. The actions hereby authorized
include, but are not limited to, the following:
a.
Initiating foreclosure proceedings;
b.
Bidding at a foreclosure sale in an amount sufficient to
protect the Agency's security interest;
c.
Purchasing a senior note and deed of trust or other lien;
d.
Acquiring property through foreclosure or deed in lieu of
foreclosure;
provided, however, the Executive Director may determine not to take
any of the above actions when in the Executive Director's opinion
such actions would be financially infeasible or would be counter
productive to the interests or objectives of the Agency.
4. The Executive Director, or his or her designated
representative, is further authorized to provide reasonable
relocation assistance to persons who are required to vacate
premises due to the acquisition of property by the Agency through
actions taking by the Executive Director pursuant to section 3
hereinabove, on terms and conditions designed to assure such
property is vacated. Nothing herein shall be construed to provide
such persons with a claim for relocation benefits not otherwise
available to them under state law.
5. The expenditure of Agency funds herein authorized is
limited to those funds which have been duly appropriated for the
implementation of the Agency's residential loan programs.
6. All previous actions of the Executive Director and his or
her designated representatives in the implementation of the
residential loan programs are hereby approved and ratified.
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ADOPTED this
following vote:
19th
AYES:
Members
NOES:
Members
ABSENT:
Members
ABSTENTIONS:
Members
ATTEST:
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Cy thia J elson
Executive Director
APPROVED AS TO FORM:
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Edward J. op
Agency Legal unsel
day of
May
, 1992, by the
Acosta, Griset, McGuigan, Norton, Pulido,
Richardson
Young
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Daniel H. Young
Chairman
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