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<br />. <br /> <br />. <br /> <br />. <br /> <br />"~",-" ,- <br /> <br />CGN: 7/6/01 <br /> <br />RESOLUTION NO. 01- 07 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING <br />MODIFICATIONS TO THE CORNERSTONE VILLAGE <br />OWNER PARTICIPATION AGREEMENT AND <br />CORNERSTONE VILLAGE LOAN PROGRAMS TO ALLOW <br />RESIDUAL RECEIPT LOANS AND TO SUBORDINATE THE <br />FACADE AND COURTYARD IMPROVEMENT LOANS TO <br />NEW PRIORITY LIENS. <br /> <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA AS FOLLOWS: <br /> <br />SRCtinn 1. The Community Redevelopment Agency of the City of Santa Ana <br />("Agency"}does hereby find, determine and declare as follows: <br /> <br />A. Approximately 48 multi-family housing complexes located along Minnie <br />Street between Mcfadden Avenue and Grant Street in the City of Santa Ana, <br />commonly known as the Minnie Street Neighborhood. (the "Neighborhood") contain <br />approximately 527 dwelling units, and is home to approximately 4,000 low and <br />moderate income persons; and, <br /> <br />B. The Agency, in partnership with the City of Santa Ana (the "City"), the <br />residents and most of the property owners in the Neighborhood (the "Owners") had <br />determined that the Neighborhood is in significant need of rehabilitation of bOth the <br />private and public infrastructure so as to preserve this important stock of low income <br />housing for the community; and, <br /> <br />C. On March 6, 2000, the City and Agency approved the form of the <br />Cornerstone Village Owner Participation Agreements and the Cornerstone Village loan <br />Programs, which provided three loan programs to Owners with zero percent interest or <br />forgivable loan terms. <br /> <br />D. A number of the buildings in the Neighborhood are proposed to be acquired <br />by new buyers who are applying for an allocation of federal low-income housing tax <br />credits from the State of California Tax Credit Allocation Committee ("TCAC"), which <br />gives a competitive advantage to applicants who make nominal loan payments over <br />applicants with zero percent interest or forgivable loan terms. <br /> <br />Section 2. The Agency hereby approves amending the form of the <br />Cornerstone Village Owner Participation Agreement to allow the City and Agency to <br />offer alternative loan terms for the Facade and Courtyard Improvement Program <br />consisting of : <br /> <br />. a three percent (3%) interest rate; <br />. principal and interest payments amortized over 30 years; and <br />