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File Number: 13-619 <br />certain restrictions established by the United States Department of Housing and Urban <br />Development under 24 CFR 92; and <br />WHEREAS, Developer has requested a HOME loan from the City in the principal amount <br />of One Hundred Thousand Dollars ($100,000) for rehabilitation of the Property (the "HOME <br />Loan") to serve as permanent, supportive housing for individuals with physical disabilities <br />and/or development disabilities who qualify under the California Community Transition (CCT) <br />demonstration project in Alameda County, which is <br />a federally funded program administered by the California Department of Health Care <br />Services, designed to assist individuals who are currently residing in an institutional setting <br />and would prefer to transition into the community where they would receive quality, <br />cost-effective services; and <br />WHEREAS, the terms and conditions of the HOME loan, including Developer's required <br />provision that the Property be rented at an affordable rent to a very low-income household <br />(50% of Area Median Income) for a minimum period of fifty-five (55) years, are more <br />particularly described in a proposed Loan Agreement ("Agreement") between the City and <br />Developer, copies of which have been provided to the City Council; and <br />WHEREAS, Developer and City staff have negotiated the terms and conditions of the <br />Agreement, a Regulatory Agreement ("Regulatory Agreement") which restricts rents for the <br />HOME -assisted unit in the Project, a Promissory Note ("Note") which provides for repayment <br />of the HOME Loan on a residual receipts basis, and a Deed of Trust, Assignment of Rents, <br />Security Agreement and Fixture Filing ("Deed of Trust") pursuant to which the City will be <br />provided a security interest in the Project to secure repayment of the HOME Loan. <br />NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as <br />follows: <br />1. The HOME loan, pursuant to the terms and conditions set forth in the Agreement, is <br />hereby approved. <br />2. The City Manager or designee, on behalf of the City, is hereby authorized to <br />execute and deliver the Agreement substantially in the form on file with the City Clerk. <br />3. The Regulatory Agreement, Note, and Deed of Trust, are hereby approved, and the <br />City Manager or designee is hereby authorized to execute and deliver each such document to <br />which the City is a party, substantially in the form on file with the City Clerk. <br />4. The City Manager or designee is hereby authorized to execute and deliver such <br />other instruments and to take such other actions, including recordation of documents, as <br />necessary to carry out the intent of this Resolution. <br />City of San Leandro Page 2 Printed on 1128/2014 <br />