AgdaPkt 2003-06-30 - Laserfiche WebLink

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absence of assistance from the Agency, convert to market rate housing; and E. WHEREAS, the Participating Owner has obtained a commitment for assistance from the California Housing Finance Agency ( "CalHFA ") in order to acquire the interest of the Participating Owner's limited partner, which is necessary in order to maintain the Property as affordable housing, and CalHFA requires, as a condition of providing its assistance that certain repairs and improvements be made to the Property; and F. WHEREAS, the Participating Owner has determined, and the Agency has found, that funds are not available from the private sector or from a commercial lender for the purposes of undertaking the repair and rehabilitation of the Property; and G. WHEREAS, the Agency has found that the repair and rehabilitation of the Property (the "Project "), as described in the Scope of Development attached hereto as Exhibit "B," is in the best interests of the City, the Agency and the public in that the Project will enable the Participating Owner to obtain assistance from Ca1HFA and to thereby maintain the Property as affordable housing and will facilitate the use of the Property for purposes consistent with the redevelopment goals of the Agency; and H. WHEREAS, it is proposed that the Agency assistance with respect to the Project consist of the provision of an interest free loan (the "Loan ") in a total amount not to exceed Five Hundred Thousand Dollars ($500,000), which Loan shall be evidenced by a Promissory Note in favor of the Agency substantially in the form attached hereto as Exhibit "C" (the "Promissory Note "); and I. WHEREAS, in consideration for granting the Loan and for the use of the proceeds thereof (sometimes referred to herein as the "Agency Assistance "), the Participating Owner has agreed to record a certain Declaration of Affordability Covenants (the "Affordability Covenants ") on the Property, which Affordability Covenants shall provide that 23 units of the Project will be made available to persons of low income earning eighty percent (80 %) of Area Median Income or less, adjusted for family size appropriate to the given unit, and 4 units will be made available exclusively to persons who are (i) prior to the rental of said units, residents of the City, and (ii) persons of very low income earning fifty percent (50 %) of Area Median Income or less, adjusted for family size appropriate to the given unit; and 2