Building Horizons/DDA Amend#2 95E
THIS SECOND
October, 1995, by and
and BUILDING HOR
SECOND AMENDMENT TO
ON AND DEVELOPMENT AGREEMENT
BY AND BETWEEN
QUINTA REDEVELOPMENT AGENCY
AND
BUILDING HORIZONS
NDMENT ("Second Amendment") is entered into this 17th day of
n the LA QUINTA REDEVELOPMENT AGENCY ("Agency")
("Developer").
RECITALS
WHEREAS, the Agency and the Developer entered into a Disposition and Development
Agreement, dated September 30, 1994 (the "DDA"), a copy of which is on file as a public record
with the City Clerk of the City of La Quinta and which is incorporated herein by reference; and
WHEREAS, the Agency and the Developer entered into a First Amendment to the DDA
dated the 18th day of July, 1995 (the "First Amendment"), a copy of which is on file as a public
record with the City Clerk of the City of La Quinta and which is incorporated herein by
reference; and
WHEREAS, the
the DDA in order to (I) it
provide assistance; (ii) de
purchase price to provide
(iii) replace certain attach
documents relating to its
NOW, THEREF
as follows:
Section 1. Ar
Income" except for those
Section 2. Ami
"Affordable Housing Cost
� and the Developer desire to enter into a Second Amendment to
low income persons or households to which the Agency will
the down payment requirement to zero percent (0%) of the
favorable terms for the low and moderate income purchaser; and
of the DDA to conform to the Agency's currently approved form
housing second trust deed assistance program.
AGREEMENT
the Agency and the Developer do hereby agree to amend the DDA
all references to "Moderate Income" to "Low and/or Moderate
Lition sections provided in Sections 2 and 3 below.
Subsection 401(2)(a) of the DDA relating to the definition of
to read as follows:
(a) "Aff rdable Housing Cost" shall be that purchase price which
would result in maximum monthly housing payments for a thirty (30) year
mortgage for that p rtion of the purchase price which is to be paid in the form of
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loan proceeds under currently prevailing mortgage loan rates or the interest rate of
any below -market mortgage program for which such purchaser has obtained a first
trust deed loan, fo the low and moderate income groups calculated pursuant to
Health and Safety Code Section 50052.5, which sets forth the following formula:
Lo er Income Households - whose gross incomes exceed the
maximum incme for very low income households and do not exceed seventy
percent (70%�,00
f t e area median income adjusted for family size, the product of
thirty percent (30° o) times seventy percent (70%) of the area median income
adjusted for family size appropriate for the unit. In addition, for any lower
income household that has a gross income that equals or exceeds seventy percent
(70%) of the area inedian income adjusted for family size, it shall be optional for
any state or local ding agency to require that affordable housing cost not
exceed thirty perc nt (30%) of the gross income of the household.
(28%) of the gross
five percent (35%
median income ad
gross income of tl
percent (110%) ar
median income ad
Section 3.
"Lower Income F
(b)
greater than eighty percen
United States Department
Health and Safety Code S
Section 4. A
Illustration (Attachment
6. Down
ierate Income Households - not less than twenty-eight percent
income of the household, nor more than the product of thirty -
times the greater of one hundred ten percent (110%) of area
usted for family size appropriate for the Affordable Unit, or the
household for households earning greater than one hundred
1 not more than one hundred twenty percent (120%) of the area
for family size.
the following Subsection 401(2)(b) to include the definition of
"Lower Income Household" shall mean a household earning not
(80%) of Riverside County median income, as determined by the
>f Housing and Urban Development from time to time, as set forth in
,tion 50093.
1 item 6 of the Hypothetical Example on the Maximum Sales Price
12 of the DDA) to read as follows:
on house = 0% of Sales Price.
Section 5. The following attachments to the DDA shall be deleted as attachments and
replaced at the time of the sale of the unit to conform to the Agency's currently approved
standard forms with respect to its affordable housing second trust deed assistance program:
(i) Buyer I
(ii) Second
(iii) Declarz
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Note (Attachment No. 8);
of Trust (Attachment No. 9); and
of Conditions, Covenants and Restrictions (Attachment No. 10).
2
Section 6. T
effect, collectively cons
terms and conditions of
previous agreements bel
Second Amendment and the provisions of the DDA, which remain in
e the "Amended DDA." The Amended DDA integrates all of the
-ement between the parties, and supersedes all negotiations or
-n the parties with respect to the subject matter hereof.
Section 7. Ea of the parties hereto warrants and represents to the other that it has
the full power and authori y to enter into and execute this Second Amendment, that all
authorizations and approv is required to make this Second Amendment binding upon such party
have been obtained, and t at the person or persons executing this Second Amendment on behalf
of such parties has been lly authorized to do so.
The effective date f this Second Amendment shall be the date of execution by the
Agency.
October 17, 1995 REDEVELOPMENT AGENCY OF THE
CITY OF LA QUINTA
By:
STANLEY SNIFF, C airman
City of La Quinta, California
ST:
X
OLA, Agency Secretary
City of La Quinta,
APPROVED AS TO FO
DAWN C. HONEYWEL'L Agency Counsel
City of La Quinta, California
BUILDING HORIZONS
By:
Its: ('
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