HomeMy WebLinkAboutRedevelopment Agency - 274 RESOLUTION NO. .274
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
HUNTINGTON BEACH AUTHORIZING FUNDING SUPPORT FOR ORANGE
HOUSING DEVELOPMENT CORPORATION TO CONSTRUCT AN AFFORDABLE
HOUSING PROJECT
WHEREAS, the Redevelopment Agency of the City of Huntington Beach (the Agency)
has State mandates to construct affordable housing; and
Affordable housing is needed to provide housing for our citizens; and
Orange Housing Development Corporation (OHDC) has identified a project site known as
the Bowen Court Project; and
OHDC will need to acquire funding assistance from Federal and State tax credit programs;
and
The Agency's funding assistance is required and has been requested by OHDC to
construct the Project; and
Based on the funding assistance, the Agency will require a Disposition and Development
Agreement (DDA) for regulation of the Project; and
A funding commitment from the Agency is necessary to allow OHDC to apply for the
Federal and State tax credit program; and
The Agency's funding assistance is available, conditioned upon: 1) OHDC receiving
Federal and State tax credits, and 2) OHDC reaching agreement with the Agency on the DDA.
NOW, THEREFORE, The Redevelopment Agency of the City of Huntington Beach does
hereby resolve as follows:
1. That a grant of approximately $885,000 in Agency-owned land and a loan of
$215,000 in housing set aside funds as a residual receipts loan(terms to be negotiated) is
committed to this Project, conditioned as indicated above.
2. That the Executive Director is hereby authorized and directed to assist OHDC in
its tax credit application and to execute any and all documents on behalf of the Agency as
necessary or appropriate thereto.
PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington
Beach at a regular meeting thereof held this 20th day of May, 1996.
Chairman
ATTE APPROVED AS TO FORM:
S,
Agency Clerk A ency Attorney F._e_
' _:5�/3 196
REVIEWED AND APPROVED: INITIATED AND APPROVED:
Executive Director Director ofyconomic Development
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rls 96-316
Res. No. 274
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of
the City of Huntington Beach, California, DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the Redevelopment Agency of the City
of Huntington Beach at an adjourned regular meeting of said Redevelopment
Agency held on the 20th day of May, 1996 and that it was so adopted by the
following vote:
AYES: Members:
Leipzig, Bauer, Sullivan, Dettloff, Green, Garofalo
NOES: Members:
None
ABSENT: Members:
Harman
Clerk of the Redevelopment Agency
of the City of Huntington Beach, Ca.
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