10C Action 2011 0207 - Laserfiche WebLink

Home

households of very low - income for a term of fifty -five (55) years pursuant to an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement"); and WHEREAS, the terms and conditions for the Loan are more particularly described in a proposed Affordable Housing Loan Agreement (the "Loan Agreement "), a copy of which has been provided to the Agency; and WHEREAS, Las Palmas and Agency staff have negotiated the terms of the Regulatory Agreement, the Loan Agreement, a Secured Promissory Note (the "Note") to be executed by Las Palmas to evidence its obligation to repay the Note, and a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the "Agency Deed of Trust ") pursuant to which the Agency will be provided a security interest in the Project to secure repayment of the Loan and compliance with the Regulatory Agreement; and WHEREAS, the Loan would be funded from the Agency's Low and Moderate - Income Housing Fund established pursuant to Health and Safety Code Section 33334.2 ( "Housing Fund "); and WHEREAS, pursuant to Health and Safety Code Section 33334.2, the Agency may use Housing Fund monies outside of the Project Area provided that the Agency Board and the City Council find that the use will be of benefit to the Project Area; and WHEREAS, the use of Housing Fund monies to defray certain costs related to the management and operation of the Project and the transfer of the interests described above will be of benefit to the Project Area because the Project will provide additional affordable housing to very low- income households. NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of San Leandro hereby: 1. Finds that the financing of the Project in accordance with the Loan Agreement will increase the availability of affordable housing in the Project Area and facilitate the preservation of housing for very low- income households, will further the goals of the Redevelopment Plan, and will be consistent with the implementation plan adopted in connection therewith. 2. Finds that the provision of financial assistance in the amount of the Agency Loan is necessary to make the Project financially feasible and affordable to very low- income households. 3. Finds that the use of Housing Fund monies to defray certain costs related to the management and operation of the Project and the transfer of the interests described above will be of benefit to the Project Area because the Project will provide affordable housing to very low- income households. 1582132.2 2