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FXS: dft 1 ~/95 (039/38) <br /> <br /> 0 R I G I N A L 1/23/95 <br /> <br /> R E S 0 L U T I 0 N N O. 12396 <br /> <br /> RESOLUTION APPROVING FIRST TIME HOMEBUYER <br /> PROGRAM DESCRIPTION AND RESALE RESTRICTIONS <br /> <br /> WHEREAS, the City of Redwood City has established a "First <br />Time Homebuyer Program" for the purpose of providing affordable <br />housing to first time homebuyers; and <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Redwood <br />City has entered into a Disposition and Development Agreement for <br />the development of the Wyndham Place project to create affordable <br />housing units ("Units"); and <br /> <br /> WHEREAS, the City has received funds from the San Mateo <br />County Home Consortium under the Home Investment Partnership <br />Program to provide financial assistance for the acquisition of <br />affordable housing; <br /> <br /> WHEREAS, the transfer of the Units by first time homebuyers <br />will be restricted to maintain the affordability of Units which <br /> <br />receive assistance from the City; <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE CITY OF REDWOOD CITY AS FOLLOWS: <br /> <br /> 1. The First Time Homebuyer Program, attached hereto and <br />marked Exhibit "A", is hereby approved and by this reference <br />incorporated herein. <br /> <br /> 2. Those certain documents entitled "Resale Restriction <br />Agreement and Option To Repurchase" is hereby approved in the <br />form of Exhibit "B" or such other appropriate document to <br />effectuate the purpose of said Agreement (in form approved by the <br />City Attorney). <br /> <br /> <br />