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<br />6.2C <br />Page 3 <br /> <br />RESOLUTION NO. <br /> <br />A RESOLUTION APPROVING A CERTIFICATE OF COMPLETION FOR <br />LINCOLN TOWNHOMES - PENINSULA HABITAT FOR HUMANITY <br />AND 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 Peninsula <br /> <br />Habitat for Humanity (PHfH) for the development of 8 affordable ownership townhomes; <br /> <br />and <br /> <br />WHEREAS, the total development and construction cost was approximately <br /> <br />$2,389,516; and <br /> <br />WHEREAS, the affordability covenants were recorded with the DDA and require <br /> <br />that the units remain affordable to household serving 50% of the Area Media Income; <br /> <br />and <br /> <br />WHEREAS, the loan is secured by a recorded DDA naming the City and <br /> <br />Redevelopment Agency and their respective interests; and <br /> <br />WHEREAS, the City and Agency provided land grant valued at $807,500., PHfH <br /> <br />received a Self Help Home Ownership (SHOP) grant as well as Affordable Housing <br /> <br />Program (AHP) funds to ensure the units are affordable to households earning 500J'o of <br /> <br />median income; and <br /> <br />WHEREAS, the Agency and State funds were used for the development of eight <br /> <br />affordable ownership townhomes; and <br /> <br />WHEREAS, the work was completed in May 2009 and all units were fully <br /> <br />occupied by the end of May 2009; and <br /> <br />Atty/Reso/Reso.2019 <br />060810 <br />