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<br />6.3C <br />Page 3 <br /> <br />RESOLUTION NO. <br /> <br />A RESOLUTION APPROVING A CERTIFICATE OF COMPLETION FOR <br />VILLA MONTGOMERY - FIRST COMMUNITY HOUSING AND <br />AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE ALL <br />DOCUMENTS PERTAINING THERETO <br /> <br />WHEREAS, the City Council and Redevelopment Agency Board approved an <br /> <br />Amended and Restated Disposition and Development Agreement (DDA) with First <br /> <br />Community Housing (FCH) for the development of 58 affordable multifamily housing <br /> <br />units; and <br /> <br />WHEREAS, the total development and construction cost was approximately <br /> <br />$39,522,819; and <br /> <br />WHEREAS, the FCH will provide 49% of the units affordable to households <br /> <br />earning 50% of the Area Median Income and below; and <br /> <br />WHEREAS, the loan is secured by a recorded DDA and promissory note <br /> <br />naming the City and Redevelopment Agency and their respective interests; and <br /> <br />WHEREAS, the note provides that the loan will accrue at 3% simple interest and <br /> <br />have a term of 40 years; and <br /> <br />WHEREAS, the note shall be repaid on an annual basis, from 70% of the <br /> <br />projects net cash flow; and <br /> <br />WHEREAS, the City and Agency provided land grant valued at $1350, 000. The <br /> <br />State of California Multi-family Housing Program (MHP) funds provided a first mortgage <br /> <br />of $5.6 million to create rents that are affordabie to households earning 20% and 40% of <br /> <br />median income; and <br /> <br />Atty/ResolReso.1779 <br />122707 <br />