HomeMy WebLinkAboutRDA 00-7RESOLUTION NO. RDA 00-7
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A RESOLUTION OF THE TUSTIN COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN,
CALIFORNIA, AUTHORIZING THE USE OF LOW-MODERATE
INCOME HOUSING SET-ASIDE FUNDS AS CASH LEVERAGE
IN CONNECTION WITH HOME INVESTMENT PARTNERSHIP
PROGRAM ACTIVITIES.
The Tustin Community Redevelopment Agency DOES HEREBY RESOLVE as follows:
I. The Tustin Community Redevelopment Agency finds and determines as follows:
A. Pursuant to the California Community Redevelopment Law (Health and
Safety code Section 33000 et se .), the Tustin Community Redevelopment
Agency is engaged in activities necessary to execute and implement a
redevelopment plan; and
B. The California Department of Housing and Community Development (HCD)
has issued a Notice of Funding Availability for the HOME Investment
Partnerships Program (hereinafter referred to as "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 possible total combined allocation of
$1,500,000 in HOME funds; and
E. The City of Tustin is requesting an allocation of funds through the HOME
program for the following activities:
1. Rental Rehabilitation with or without acquisition for one hundred (100)
units -Estimated between 10 and 15 loans
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2. Rental New Construction for fifty-four (54) units:
Borrower -City of Tustin
Project -Heritage Place
Match Funds -$250,000
Terms -20 years 0% interest, due on sale or refinance
F. The City of Tustin will be required to provide up to $366,072 for the purpose
of matching the City's total HOME funds allocation; and
II. The Tustin Community Redevelopment Agency agrees to appropriate up to a
maximum of $366,072 of Low-Moderate Income Housing Set-Aside Funds for the
required 25% contribution of matching and leveraged funds if the City of Tustin
application for funding of HOME funds is approved.
III. The Tustin Community Redevelopment Agency hereby attests that the
Redevelopment Agency will agree to use the HOME funds for eligible activities in the
manner presented in the application as approve by HCD.
PASSED AND ADOPTED at a regular meeting of the Tustin Community
Redevelopment Agency held on the 6th day of November 2000.
r
M. THOMAS, Chair
Tustin Community Redevelopment Agency
PAMELA STOKER
Recording Secretary
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Resolution No. RDA 00-7
Page 3
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF TUSTIN )
RESOLUTION NO. RDA 00-7
Pamela Stoker, Recording Secretary of the Tustin Community Redevelopment Agency
of the City of Tustin, California, does hereby certify that the whole number of the
members of the Tustin Community Redevelopment Agency is five; that the above and
foregoing resolution was passed and adopted at a regular meeting of the Tustin
Community Redevelopment Agency held on the 6th day of November, 2000, by the
following vote:
AGENCY MEMBER AYES:
AGENCY MEMBER NOES:
AGENCY MEMBER ABSTAINED:
AGENCY MEMBER ABSENT:
~ rameia titoKer, rcecoraing Secretary