HomeMy WebLinkAbout2009 CC RESO 2009-204 CDCRESOLUTION NO. 2009 - 204
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF NATIONAL CITY
APPROVING USE OF $669,653 IN LOW MODERATE
HOUSING FUNDS AND $1,110,347 IN HOME
INVESTMENT PARTNERSHIP PROGRAM FUNDS FOR
THE PERMANENT FINANCING OF THE CASA
FAMILIAR, INCORPORATED ACQUISITION AND
REHABILITATION PROJECT LOCATED AT
1101-1119 E AVENUE AND 1111 D AVENUE
WHEREAS, the Community Development Commission of the City of
National City (CDC) administers the HOME Investment Partnerships Program; and
WHEREAS, the City of National City has a great need for affordable
housing; and
WHEREAS, the City and the CDC desire to support an affordable housing
project; and
WHEREAS, the City and CDC have established the rehabilitation of the
City's housing stock as a priority; and
WHEREAS, Casa Familiar, Incorporated is a nonprofit public benefit
corporation under the provisions of the Internal Revenue Code Section 501(c)(3); and
WHEREAS, on April 1, 2008, the City adopted Resolution 2008-79 and
approved financing to Casa Familiar, Incorporated of $182,466 of HOME Investment
Partnership Program Funds (HOME) to assist in this acquisition and rehabilitation
project; and
WHEREAS, on July 1, 2008, the City adopted Resolution 2008-133,
which approved the issuance of multifamily revenue bonds to partially fund the project;
and
WHEREAS, the CDC adopted Resolution 2008-171, which approved
interim financing through a Community Development Commission bridge loan in an
amount of $1,597,534 to assist in the acquisition and rehabilitation of the properties
located at 1111 D Avenue and 1101-1119 E Avenue, National City; and
WHEREAS, on August 27, 2008, Casa Familiar acquired the properties
located at 1111 D Avenue consisting of eight — two (2) bedrooms, 1-bath units; and
1101-1119 E Avenue consisting of ten — one (1) bedroom, one (1) bath units; and
WHEREAS, on December 2, 2008, the City adopted Resolution 2008-
259, which approved additional financing of $927,881 from HOME program income to
Casa Familiar to pay down the CDC bridge loan of $1,597,534; and
Resolution No. 204
August 18, 2009
Page 2
WHEREAS, the pay down of the CDC bridge loan would amend the CDC
permanent loan to $669,653.
NOW THEREFORE BE IT RESOLVED by the Community Development
Commission of the City of National City, as follows:
Section 1. The CDC hereby approves permanent financing through a
HOME loan in an amount of $1,110,347 of which $927,881 will
be used to pay down the CDC bridge loan of $1,597,534.
Section 2. The CDC hereby approves permanent financing utilizing Low
Moderate Housing Funds in an amount of $669,653.
Section 3. The Executive Director of the CDC is hereby authorized and
directed to sign any necessary documents for the financing of
the project, including loan agreements, amendments, deeds
and subordination agreements to partially pay -down the bridge
loan and amend the permanent LMHF financing to $669,653
and the permanent HOME loan to $1,110,947.
PASSED AND ADOPTED this 18th day of August, 2009, by the following
roll call vote:
APPROVED AS TO FORM:
George H. Eiser, III
Legal Counsel
on Morrison, Chairman
Passed and adopted by the Community Development Commission of the City of
National City, California, on August 18, 2009, by the following vote, to -wit:
Ayes: Commissioners Morrison, Parra, Sotelo-Solis, Van Deventer, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
Secretary,,�ievelopment Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2009-204 of the Community Development Commission of the City
of National City, California, passed and adopted on August 18, 2009.
Secretary, Community Development Commission
By:
Deputy