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WHEREAS, the Additional City Loan would be funded with funds from the <br />HOME Investment Partnership Act established by the National Housing Act of 1990; <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of <br />San Leandro hereby: <br />1. Finds that the financing of the Project in accordance with the Loan Agreement <br />Amendment will assist in the rehabilitation of affordable housing units, and will facilitate <br />the preservation of housing for low-, very low- and extremely low-income households. <br />2. Finds that (i) the provision of financial assistance in the amount of the Additional <br />City Loan is necessary to make the Project financially feasible and affordable to low- , <br />very low-, and extremely low-income households, (ii) it would not be economically <br />feasible to operate the Project at the proposed level ofincome-targeting and affordability <br />without such financial assistance, and (iii) despite good faith efforts on the part of Allied, <br />no other reasonable means of private or commercial financing is reasonably available to <br />finance the Project at such affordability and income levels. <br />3. Finds that the Project is exempt from the California Environmental Quality Act <br />("CEQA") pursuant to CEQA Guidelines Section 15301 because the Project involves the <br />rehabilitation of an existing structure to provide affordable housing to lower-income <br />households. <br />4. Approves the provision of the Additional City Loan pursuant to the terms and <br />conditions set forth in the Loan Agreement Amendment. <br />5. Approves the Loan Agreement Amendment, the Note, and the Regulatory <br />Agreement, and authorizes the City Manager or his designee to execute and deliver each <br />such document to which the City is a party substantially in the form on file with the City <br />Clerk. <br />6. Authorizes the Mayor and the City Manager to execute and deliver such other <br />instruments and to take such other actions as necessary to carry out the intent of this <br />Resolution. <br />Introduced by Councilmember and passed and <br />adopted this 15th day of June, 2009 by the following called vote: <br />Members of the Council: <br />AYES: <br />NOES: <br />ABSENT: <br />ATTEST: <br />Marian Handa, City Clerk <br />1245714-2 <br />