HomeMy WebLinkAbout2009-010 CRARESOLUTION 2009-010
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A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA APPROVING THE OPERATION OF THE
NEIGHBORHOOD STABILIZATION DOWN PAYMENT ASSISTANCE
PROGRAM BY THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SANTA ANA BOTH WITHIN AND OUTSIDE THE
MERGED REDEVELOPMENT PROJECT AREA OF THE AGENCY, BUT
WITHIN CITY BOUNDARIES AND A COMMITMENT OF FUNDS
BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS:
Section 1. The Community Redevelopment Agency of the City of Santa Ana
finds, determines and declares as follows:
A. On May 4, 2009, the U.S. Department of Housing and Urban Development
(HUD) issued a Notice of Fund Availability (NOFA) for $1.93 billion of
Neighborhood Stabilization Program funds (NSP-2) and the City is eligible to
apply.
B. Grant funds under NSP-2 must be used for activities that will reduce the
numbers of foreclosed and abandoned residences in census tracts with a high
concentration of foreclosures according to HUD data. The City is preparing an
application for $10 million in NSP-2 funds.
C. Staff is recommending adoption of a Neighborhood Stabilization Downpayment
Assistance Program (Program) to be available for bank-owned properties and
also short sales as NSP-2 funds are limited to properties that are foreclosed
and/or abandoned and bank-owned. This Program will complement the other
existing City and Agency programs.
D. Priority will be given to properties that are in the City's NSP priority areas as
shown on the map (seen in Exhibit 1), however funds will also be available
citywide. Also, the Program will be operated both within the merged
redevelopment project area of the Agency and outside such area, but still within
the boundaries of the City of Santa Ana.
E. The Program will allow households with incomes up to 120% of the area median
income to participate. Maximum loan amounts will be $40,000 or 10% of the
purchase price, whichever is lower. The loans will have no interest rate and will
be deferred for forty-five (45) years. Participants need not be first time
homebuyers.
Resolution No. CRA 2009-010
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F. This Program will assist the Redevelopment Agency to meet its affordable
housing obligations as well as providing a permanent mechanism through which
the issue of foreclosed or abandoned residences may be addressed.
G. Approval of this Program will also improve the competitiveness of the City's NSP-
2 application. NSP-2 funding decisions will be made on a competitive basis.
Applicants will receive additional points if they can demonstrate firm
commitments for additional non-NSP, non-CDBG, and non-federal leveraging
funds for investment in its NSP-2 Program from state, local, private nonprofit, or
private for-profit sources.
H. The Agency finds and declares that such expenditures will be of benefit to the
entire merged redevelopment project area, and to all residents of the City. This
finding is made pursuant to Health & Safety Code § 33334.2(8)(1).
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS:
Section 2. The Community Redevelopment Agency finds that each of the
foregoing recitals is true and correct.
Section 3. The Community Redevelopment Agency hereby commits
$800,000.00 in leveraging funds from the Low and Moderate Income Housing Fund for
the Neighborhood Stabilization Downpayment Assistance Program.
Section 4. The Community Redevelopment Agency hereby finds and determines
that the merged redevelopment project area of the Agency will benefit by the operation
of the Program both within and outside the merged redevelopment project area, but
within the boundaries of the City.
Section 5. This Resolution shall take effect immediately upon its adoption by the
Community Redevelopment Agency, and the Recording Secretary shall certify the vote
adopting this Resolution.
Resolution No. CRA 2009-010
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ADOPTED this 6~" day of Jam, 2009.
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
Lisa E. Storck
Assistant Counsel
annmo m~
AYES: Boardmembers: Alvarez Benavides Bustamante Martinez,
Tinaiero Pulido (6)
NOES: Boardmembers: None (0)
ABSTAIN: Boardmembers: None (0)
NOT PRESENT: Boardmembers: Sarmiento (1Z
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Recording Secretary for the Community Redevelopment
Agency, do hereby attest to and certify the attached Resolution No. 2009-009 to be the
original resolution adopted by the Community Redevelopment Agency of the City of
Santa Ana on Julv 6, 2009. r I ~/,~ ~ ~ ~,~
Date: ~ l.~ l.~X.NI/4~"lr
Recording Secret ry
Community Redevelopment Agency
Resolution No. CRA 2009-010
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