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0 R I G I ~ A L 1/25/99 <br /> RESOLUTION NO. RD-99-17 RD 99-17 <br /> <br />RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br />AGREEMENT IN CONNECTION WITH THE ACQUISITION OF PROPERTY <br />LOCATED AT 422 AND 430 LINCOLN AVENUE FOR LOW INCOME <br />REDWOOD CITY RESIDENTS <br /> <br /> (PENINSULA HABITAT FOR HUMANITY) <br /> <br /> WHEREAS, pursuant to Section 24 of the Code of Federal Regulations, Part 92 <br /> <br />for the HOMElInvestment Partnership Program (HOME), funding assistance may be used <br />to fund eligible activities to be carried out by private non-profit entities or public agencies <br />which are duly organized to undertake affordable ownership housing development; and <br /> <br /> WHEREAS, pursuant to Section 33334.2 et seq. of the Health and Safety Code, <br /> <br />the Redevelopment Agency is authorized to sponsor development of affordable housing; <br /> <br />and <br /> <br /> WHEREAS, the Consolidated Plan and Housing Element goals of the City of <br />Redwood City ("City") include expanding the supply of affordable ownership housing for <br />Redwood City households; and <br /> <br /> WHEREAS, Peninsula Habitat for Humanity, Inc. has applied for funding <br />assistance under the HOME Program and Agency Housing Fund to acquire a parcel of <br />land owned by the City of Redwood City and located at 422 and 430 Lincoln Avenue, in <br />the City of Redwood City (the "Property"); and <br /> <br /> WHEREAS, Peninsula Habitat for Humanity, Inc. has exercised its option to <br /> <br />purchase the Property from the City; and <br /> <br /> WHEREAS, the City Council of City, on May 11, 1998, by Resolution No. <br /> <br />13340, approved the set-aside of Two Hundred Sixty Thousand and no/100 Dollars <br />$260,000 FY 98-99 HOME funds for first time homebuyers, and on July 27, 1998, the <br />Redevelopment Agency Board approved the set-aside of One Hundred Thousand and <br />no/100 Dollars $100,000 for Peninsula Habitat for Humanity, Inc. to build affordable <br />ownership housing (Resolution RD #98-11); and <br /> <br /> WHEREAS, Peninsula Habitat for Humanity, Inc. has agreed to improve the <br /> <br />Property with units to be sold as affordable ownership housing units; and <br />Sh/redwood/council <br />Reso-570.doc <br />FXS/fs <br />01/19/99 <br /> <br /> <br />