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Home My WebLink About1994-03-22; Housing & Redevelopment Commission; Resolution 2450 0 1 2 3 4 5 6 '1 8 9 10 11 12 13 HOUSING & REDEVELOPMENT COMMISSION RESOLUTION NO. 24 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA APPROVING A RESTRUCTURING OF FINANCIAL ASSISTANCE FOR THE VILLAS AT EL CAMINO REAL AFFORDABLE HOUSING PROJECTWHICH RESULTS IN THE APPROPRIATION OF A TOTAL OF $2,900,000 FROM THE REDEVELOPMENT LOW AND MODERATE INCOME HOUSING SET-ASIDE AND TAX INCREMENT FUNDS FOR A BRIDGE CONSTRUCTION LOAN AND OTHER PROJECT DEVELOPMENT COSTS WHEREAS, the Redevelopment Agency of the City of Carlsbad, k referred to as "Agency", is a Community Redevelopment Agency organized an1 under the Community Redevelopment Law, Health and Safety Code Sectic 14 X WHEREAS, the Agency is authorized to implement the Redevelop1 15 et.seq., hereinafter referred to as the "Act"; and for the Carlsbad Village Redevelopment Project Area; and 17 18 19 WHEREAS, Section 33334.2 of the Act requires that not less th: percent (20%) of all taxes which are allocated to the Agency shall be used for 1 20 of increasing and improving the community's supply of low and moderate 21 housing; and 22 23 24 25 26 27 WHEREAS, pursuant to Section 33334.2 of the Act, the Legislature its intent that the Low and Moderate Income Housing Set-aside Fund shall bt improve and increase housing in the community: and .... .... I 28 11 e 0 1 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 .... .... WHEREAS, to carry out the purposes of increasing and impr community's supply of low and moderate income housing, Section 33334.2 Act states that the Agency may exercise any or all of its powers, includin! limitations, acquiring land or building sites, improving land or building sites w or offsite improvements, donating land to private or public persons or constructing buildings or structures, acquiring buildings or structures, subsidies to, or for the benefit of, very low income households, lowe households, or persons or families of low and moderate income, or other p carry out the purposes of the Act; and WHEREAS, on October 26, 1993, the Housing and Redevc Commission approved Commission Resolution No. 237 authorizing the exper $2,000,000 from the Low and Moderate Income Housing Set-aside Fund OL Redevelopment Project Area for the purposes of providing property an1 improvements for the construction of 344 units of rental housing for person: within low and very low income households: WHEREAS, the Villas at El Camino Real Affordable Housing Prc proceeded toward obtaining its financing commitments and approvals, incluc construction and permanent financing, an allocation of Low Income Hou Credits and funding from the Federal Home Loan Bank Affordable Housing t and -2- /I 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 .... .... WHEREAS, a need has been identified to restructure the Agency': assistance program based on the anticipated requirements of other financin! particularly the construction lender and Tax Credit investor. NOW, THEREFORE, BE IT HEREBY RESOLVED by the HOL Redevelopment Commission of the City of Carlsbad, California, as follows 1. The above recitations are true and correct. 2. That the Housing and Redevelopment Commission hereby financial assistance to the proposed affordable housing project "The Villas" at El Camino Real as set forth in Hou Redevelopment Commission Resolution No. 237, dated Oc. 1993, and as amended by paragraph 3 below. 3. That the Housing and Redevelopment Commission herebb Resolution No. 237 to restructure the financial assistance for at El Camino Real Affordable Housing Project as outlined belo a. With the use of Low and Moderate Income Housing FI Tax Increment Funds from the Village Redevelopment E bridge loan of $2.4 million shall be made to the project c period of construction. Repayment of the loan (with intel occur during the project's operational phase from surplus sale of affordable housing credits; and b. The Agency shall permit the use of up to $500,000 ( cash flow and/or proceeds from sale of Affordable Housir for reserves or guarantees as required by other financing 4. That the expenditures of monies from the Low and Moderat Housing and Tax Increment Funds for the purposes of development costs, on both a short term ($2.4 million) and 11 ($500,000) basis, for an affordable housing project containing 3 units outside the Redevelopment Project Area, in which such 1 generated, are and will be of benefit to the respective Project Ar on the following findings: - 3- I1 e 0 1 2 3 4 5 6 7 8 9 IO 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 20 .... .... a. The Village Redevelopment Area currently consists of a I restaurants, hotels, time-share projects and small retail c which depend on and offer employment at low to income wages. The proposed housing project offers i housing opportunities with restricted rents affordable t8 very low income households. These type of restricted rer opportunities are currently not available to employee: within the Village Redevelopment Area. b. The proposed project is located on bus routes and co major transportation corridors which will allow direct acc Village Redevelopment Area. The households residing \ proposed project will be able to take advantage of t transportation systems which will allow them to work ar the Village Redevelopment Project Area. This will significant impact on the Redevelopment Agency's f revitalize the Village Project Area. 5. That the use of $2.9 million in Low and Moderate Income HOL Aside and Tax Increment Funds will promote the City of C housing goals and satisfies specific requirements of the Cc Redevelopment Law to expend a portion of its tax increment tc affordable housing opportunities for low and moderate income 6. That the expenditure of the subject Low and Moderate Income Set-Aside and Tax Increment Funds is consistent with th Redevelopment Area Low and Moderate Income Housing ! Spending Strategy/Plan. ..... ..... ..... ..... ..... ..... ..... ..... ..... -4- e e 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 la 19 ..... ..... 7. That the Housing and Redevelopment Commission hereby autt- Finance Director and the Housing and Redevelopment Director 1 documents required for the appropriation of the $2,900,00( from the Redevelopment Low and Moderate Income Housing and Tax Increment Funds in order to provide financing for deb related costs for construction of a 344 rental unit project fol very low income persons within the City of Carlsbad. PASSED, APPROVED, AND ADOPTED at a regular meetir Housing and Redevelopment Commission of the City of Carlsbad, Californi; the 22nd of March, 1994, by the following vote, to wit: AYES: Commissioners Lewis, Stanton, Nygaard, Finnila NOES: None ABSENT: Commissioner Kulchin ABSTAIN: None " 20 21 22 23 24 25 26 27 28 -5-