HomeMy WebLinkAboutRedevelopment Agency - 287 RESOLUTION NO. 287
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF HUNTINGTON BEACH
AUTHORIZING FUNDING SUPPORT FOR
RETIREMENT HOUSING FOUNDATION
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
Retirement Housing Foundation(RHF) has identified a project site known as the Bowen
Court Project; and
RHF will need to acquire funding assistance from the Federal Section 202 program; and
The Agency's funding assistance is required and has been requested by RHF 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 RHF to apply for the
Federal Section 202 program; and
The Agency's funding assistance is available, conditioned upon: 1) RHF receiving
Federal Section 202 program funds, and 2) RHF 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, or a reduced sales price of approximately $885,000 in Agency-
owned land and 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 RHF in its
Section 202 application and to execute any and all documents on behalf of the Agency as
necessary or appropriate thereto.
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RLS 98-339
6/3/98
1,2-Y7
PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington
Beach at a regular meeting thereof held on the 15th day of June , 1998.
ChaiiTAD
ATTEST: APPROVED AS TO FORM:
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Agency Clerk Agencty ttorney
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REVIEWED AND APPROVED: INITIATED AND APPROVED:
Executi Director Director of Economic Development
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RLS 98-339
6/3/98
Res. No. 287
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 15th day of June, 1998 and that it was so adopted by the
following vote:
AYES: Harman, Green, Dettloff, Bauer, Sullivan
NOES: Garofalo
ABSENT: None
ABSTAIN: Julien
Clerk of the RedevelopmentAgency
of the City of Huntington.Beach, Ca.
G/reso1uti/resbkpg2/Res.281