HomeMy WebLinkAboutCC RES 00-72RESOLUTION NO. 00-72
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, HEREBY AUTHORIZES THE SUBMITTAL OF AN
APPLICATION TO THE CALIFORNIA STATE DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT FOR FUNDING
UNDER THE HOME INVESTMENT PARTNERSHIPS PROGRAM;
THE EXECUTION OF A STANDARD AGREEMENT IF SELECTED
FOR SUCH FUNDING AND ANY AMENDMENTS THERETO; AND
ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATE IN
THE HOME INVESTMENT PARTNERSHIPS PROGRAM.
The City Council of the City of Tustin DOES HEREBY RESOLVE as follows:
The City Council finds and determines as follows:
A. The City of Tustin, a political subdivision of the State of California,
wishes to apply for and receive an allocation of funds through the HOME
Investment Partnerships Program (hereinafter referred to as "HOME");
and
B. The California Department of Housing and Community Development
("HCD") has issued a Notice of Funding Availability for the HOME
program and is authorized to approve funding allocations which will be
made available directly through the U.S. Department of Housing and
Urban Development (HUD) to be used for the purposes set forth in
Title II of the Cranston-Gonzalez National Affordable Housing Act of
1990, the implementing regulations set forth in Title 24 of the Code of
Federal Regulations, part 92, and Title 25 of the California Code of
Regulations commencing with section 8200; and
C. HCD requires that the portion of the HOME funds allocated to direct
programs, excluding administrative costs, be matched with 25% local
funds; and
D. The City of Tustin wishes to apply to HCD for an allocation of funds for
the maximum basic allowable limit, for a total combined allocation of
$1,500,000; and
II. The City Council hereby authorizes the submission of an application to HCD
for an allocation of $1,500,000 in HOME funds in response to the NOFA
issued on August 28, 2000 for the following activities:
1. Rental Rehabilitation with or without acquisition for one hundred (100) units
-Estimated between 10 and 15 loans
Resolution No. 00-72
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2. Rental New Construction for fifty-four units
Borrower -City of Tustin
Project -Heritage Place
Match Funds - $250,000
Terms - 20 years 0% interest, due on sale or refinance
III. The Assistant City Manager is authorized to submit the application and
execute the Standard Agreement and all other documents required by the HCD or
HUD for participation in the HOME program, and any amendments thereto.
IV. The City Council hereby attests that the City of Tustin will agree to use the
HOME funds for eligible activities in the manner presented in the application as
approved by the HCD and HUD, and in accordance with regulations cited above.
PASSED AND ADOPTED at a regular meeting of the Tustin City Council held
on the 6th day of November 2000.
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M. THOMAS, Mayor
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PAMELA STOKER
City Clerk
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF TUSTIN
I, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, do hereby certify that the whole number of the members of the
City Council of the City of Tustin is five; that the above and foregoing Resolution
No. 00-72 was duly passed and adopted at a regular meeting of the Tustin City
Council, held on November 6, 2000, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
PAMELA STOKER
CITY CLERK
JW:kd\ccresos\00-72 HOME Program.doc