HomeMy WebLinkAboutHousing Authority - 05 HOUSING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
RESOLUTION NO. 0_
RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF
HUNTINGTON BEACH APPROVING AN AFFORDABLE HOUSING
AGREEMENT WITH ORANGE COUNTY COMMUNITY HOUSING
CORPORATION
WHEREAS, the Housing Authority of the City of Huntington Beach(the "Authority")
engaged in activities necessary to carry out and implement the Redevelopment Plan for the Merged
Redevelopment Project Area (the "Project Area") of the City of Huntington Beach; and
WHEREAS, the Authority desires to enter into an Affordable Housing Agreement with
Orange County Community Housing Corporation (the "Developer") by which the Authority will
provide financial assistance to Developer to pay a portion of the costs for acquisition and
rehabilitation for four housing multi-family dwellings units ("Dwelling Units") which shall be
restricted for 55 years for rental and occupancy by Very Low and Low income households upon
certain real property known as 7792 Barton Drive, Huntington Beach, California; and
WHEREAS, the Authority shall use funds from its Low and Moderate Income Asset Fund to
finance $218,780 of the cost to produce the Dwelling Units; and
WHEREAS, the amount of Authority assistance is necessary because the Developer has
made a good faith attempt but has been unable to obtain commercial or private means of financing
the units at the same level of affordability and quantity due to the costs of production and projected
operation income of the Dwelling Units, as evidenced by the Project Budget, which is an attachment
to the Affordable Housing Agreement; and
WHEREAS, it is in the best interests of the City and for the common benefit of the residents
and the City as a whole for the Authority to enter into the Affordable Housing Agreement, and
WHEREAS, it is in the best interest of the City and for the common benefit of the residents
and the City as a whole for the Authority to enter into the Affordable Housing Agreement; and
WHEREAS, all other legal prerequisites to the adoption of the Resolution have occurred.
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE
CITY OF HUNTINGTON BEACH AS FOLLOWS:
1. The Authority hereby finds and determines that the foregoing recitals are true and
correct.
2. The Authority has duly considered the terms and conditions of the proposed
transaction and determined that the proposed Affordable Housing Agreement is in
the best interests of the Project Area and the City and the health, safety, morals and
welfare of its residents, and in accord with the public purpose and provisions of
applicable State and local law and requirements.
16-5414/145349.docx
RESOLUTION NO : 05
3. The Authority Executive Director (or designee) and the Agency Chairperson are
authorized to take any action and execute any and all documents and agreements
necessary to implement this Resolution without the necessity of further action by the
Authority except to the extent required by law.
4. This Resolution shall take effect immediately upon its adopting.
PASSED AND ADOPTED by the Housing Authority of the City of Huntington Beach at a
regular meeting held thereof on the 17t" day of October 2016.
Chaim 1 110,
REVIEWE AND PPROVED APPROVED AS TO-FORM:
Executi Drre or Ge ral Counsel 0� l0\k, \DWo
MINITAND R D
Assistant City Manager
16-5414/145349.docx
Housing Authority
Res. No. 05
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF HUNTINGTON BEACH )
I, ROBIN ESTANISLAU, Housing Authority Clerk of the
Huntington Beach Housing Authority DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the Huntington Beach Housing
Authority at a Special meeting of said Housing Authority held on October
17, 2016 and that it was so adopted by the following vote:
AYES: Posey, O'Connell, Katapodis, Hardy, Delgleize
NOES: Sullivan, Peterson
ABSENT: None
ABSTAIN: None
7�
Clerk of the Huntington Beach
Housing Authority
City of Huntington Beach, California