HomeMy WebLinkAboutRedevelopment Agency - 301 RESOLUTION NO. 301
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
AUTHORIZING FUNDING SUPPORT FOR
MERIT HOUSING INCORPORATED
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
Merit Housing Incorporated (MHI) has identified a project site known as the Bowen
Court Project; and
MHI 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 MHI 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 MHI to apply for the
Federal and State tax credit program; and
the Agency's funding assistance is available, conditioned upon: 1) MHI receiving
Federal and State tax credits, and 2) MHI reaching agreement with the Agency on the DDA.
NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does
hereby resolve as follows:
SECTION 1. That a grant of Agency-owned land with a value of approximately
$885,000; and a grant not to exceed $850,000 to ensure affordability; and a loan not to exceed
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$950,000.00 in housing set aside funds as a residual receipts loan(at five percent (5%) interest)
is committed to this Project, conditioned as indicated above.
SECTION 2. That the Executive Director is hereby authorized and directed to assist
MHI 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 the 6th day of July , 1999.
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Chairman
ATTEST: APPROVED AS TO FORM:
Agency Clerk r Agency Counsel
REVIEWED AND APPROVED: INIT/16TED AND APPROVED:
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Executivetirector Director of Economic Development
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Res. No. 301
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 a regular meeting of said Redevelopment Agency held on
the 6th day of July, 1999 and that it was so adopted by the following vote:
AYES: Bauer, Green, Dettloff, Harman, Sullivan
NOES: None
ABSENT: Garofalo
ABSTAIN: Julien
Clerk of the Redevelopment Agency
of the City of Huntington Beach, Ca.