HomeMy WebLinkAboutRES NO RA008-06RESOLUTION NO. R A
A RESOLUTION OF THE BAKERSFIELD
REDEVELOPMENT AGENCY OF THE CITY OF
BAKERSFIELD APPROVING THE SUBMISSION OF AN
APPLICATION FOR A RESIDENTIAL DEVELOPMENT
LOAN PROGRAM FROM THE CALIFORNIA HOUSING
FINANCE AGENCY AND AUTHORIZING THE EXECUTIVE
DIRECTOR OR DESIGNEE TO EXECUTE ALL
NECESSARY DOCUMENTS.
WHEREAS, the California Housing Finance Agency ( "CaIHFA ") has developed a
loan program (Residential Decelopment Loan Program — "RDLP ") whereby local
governmental entities can apply for low- interest loans to provide "affordable" housing;
and
WHEREAS, CaIHFA makes available Ten Million Dollars ($10,000,000.00) of
loan funds each application cycle and each local governmental entity can apply for up to
One Million Dollars ($1,000,000.00); and
WHEREAS, proceeds of the loan will be used to assist in the creation of
"affordable" housing in the Southeast Bakersfield Redevelopment Project Area; and
WHEREAS, the Residential Development Loan Program is project specific
funding that provides a 3% interest rate loan with a maximum term of 4 years to local
government agencies for site acquisition and pre - development expenses attributed to
affordable infill, owner - occupied housing developments; and
WHEREAS, CaIHFA's RDLP program requires the local governmental entity to
authorize a particular person to sign the application and all other documents and
commit the necessary resources to ensure the loan will be repaid and the "affordable"
housing will be developed.
NOW, THEREFORE, BE IT RESOLVED, incorporating the above recitals herein,
by the Bakersfield Redevelopment Agency of the City of Bakersfield as follows:
That the filing of an application for One Million Dollars of CalHFA's "RDLP"
loan funds is approved; and
2. That the Executive Director or his /her designee is the agent of the
Bakersfield Redevelopment Agency and authorized to execute and submit
all documents including, but not limited to, the application, loan
agreement, amendments, and so on, which may be necessary for the
completion of the aforementioned application process and ensure that the
"affordable" housing is developed.
AG, : "Y
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Bakersfield Redevelopment Agency of the City of Bakersfield at a regular meeting
thereof held on OCT 9 2006 , by the following vote:
fAY DS AGENCY MEMBER COHEN, BENTLEY, KOMAN, MARTINEZ, MISHOE, PRINCE, TAKII
NOES: AGENCY MEMBER
ABSTAIN: AGENCY MEMBER
ABSENT: AGENCY MEMBER 1l
SECRETARY of the Baker f#' Id
Redevelopment Agency
APPROVED: OCT 9 2006
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N I. COHEN, CHAIRPERSON
BAKERSFIELD REDEVELOPMENT AGENCY
APPROVED AS TO FORM:
VIRGINIA GENNARO
GENERAL COUNSEL
By: 4ke
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