Laserfiche WebLink
m <br />D. WHEREAS, the Participating Owner has obtained from <br />a commitment for assistance consisting of tax credits in <br />the approximate amount of dollars (the "Tax Credits ") in <br />order to acquire the Property on condition that the Property be <br />used for affordable housing; and <br />E. WHEREAS, in order to make the Property suitable for <br />the provision of affordable housing in accordance with Federal and <br />State standards certain repairs and rehabilitation of the Property <br />will need to be undertaken by the Participating Owner; and <br />F. WHEREAS, pursuant to Section 24 of the Code of <br />Federal Regulations, Part 92 for the HOME Investment Partnership <br />Program (the "HOME Program"), the City deems it desirable to <br />provide funds from monies granted to it under the HOME Program (the <br />"Home Grant ") in the amount of Five Hundred Thousand Dollars <br />($500,000.00) (the "HOME Funds ") to assist in the conversion of the <br />Property from market rate housing to affordable housing; and <br />G. WHEREAS, the California Statewide Communities <br />Development Authority ( "CSCDA ") has determined to issue its <br />Variable Rate Demand Multifamily Housing Revenue Bonds (Hallmark <br />House Apartments) 2003 Series in the principal amount of Seven <br />Million Six Hundred Eighty -Five Thousand Dollars ($7,685,000.00) <br />(the "Senior Bonds ") and Variable Rate Demand Multifamily Housing <br />Revenue Subordinate Bonds (Hallmark House Apartments) 2003 Series <br />in the principal amount of One Million Twenty Thousand Dollars <br />($1,020,000) (the "Subordinate Bonds, and collectively with the <br />Senior Bonds, the "Bonds ") and to loan the proceeds of the Bonds to <br />the Participating Owner (the "CSCDA Loan Proceeds ") for the <br />purposes of making a loan to finance the costs of developing the <br />Property; and <br />H. WHEREAS, the Participating Owner has determined, and <br />the Agency has found, that funds from the Tax Credits, the HOME <br />Funds, and CSDA Loan Proceeds, are insufficient for purposes of <br />undertaking the required repair and rehabilitation of the Property <br />(the "Project") as described in the Scope of Development attached <br />hereto as Exhibit "B "; and <br />I. WHEREAS, the Agency has found that the Project is in <br />the best interests of the City, the Agency and the public in that <br />the Project will enable the Participating Owner to provide <br />affordable housing and will facilitate the use of the Property for <br />purposes consistent with the redevelopment goals of the Agency; and <br />2 <br />