RDA Resolution 2011-005RESOLUTION NO. RA 2011 - 005
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AMENDMENT NO. 1 TO AN
AFFORDABLE HOUSING AGREEMENT BY AND BETWEEN
THE REDEVELOPMENT AGENCY AND HABITAT FOR
HUMANITY OF THE COACHELLA VALEY, INC.
WHEREAS, the La Quinta Redevelopment Agency ( "Agency ") is a public body,
corporate and politic, organized and existing under the California Community
Redevelopment Law ( "Health & Safety Code § 33000 et seq.) ( " CRL "); and
WHEREAS, pursuant to the CRL, the City of La Quinta previously approved and
adopted the Redevelopment Plan, as amended ( "Redevelopment Plan ") for Project Area
No. 1 ( "Project Area "); and
WHEREAS, the Agency is engaged in activities leading to increasing and
improving the supply of affordable housing within and outside the Project Area;
WHEREAS, on August 23, 2010, the Agency entered into an Affordable
Housing Agreement ( "Agreement ") with Habitat for Humanity of the Coachella Valley,
Inc., a California nonprofit public benefit corporation ( "Developer ") for the construction
of two homes for very low- income or low income households, and now wishes to
amend that Agreement to provide for future funding of an additional five homes; and
WHEREAS, Pursuant to Health and Safety Code Section 33334.3(j), prior to an
agency's expenditure of funds from its Low and Moderate Income Housing Fund to
fund more than fifty percent (50 %) of the cost to produce affordable housing units,
the agency must find that no other commercial or private means of financing the
project at the same level of affordability and quantity are reasonably available to the
developer or agency; and
WHEREAS, pursuant to the Amendment, the Agency proposes to assist the
Developer with financial assistance to build five additional homes by providing a loan
to the Developer from the Agency's Low and Moderate Income Housing Tax Increment
Fund;and
WHEREAS, while the Developer has agreed to seek other sources of funding and
other contributions, such contributions are not readily available, and all other funding
sources available to the City or to the Agency are committed to other purposes and are
not available, such that without the Agency's funding, the additional five homes would
not be constructed;
WHEREAS, pursuant to the Amendment, Developer, as a condition to receipt of
the Agency funding, shall record against each house affordability covenants which will
be in a first priority position; and
Resolution No. RA 2011 -005
Amendment No. 1 Affordable Housing Agreement
Habitat for Humanity of the Coachella Valley, Inc.
Adopted: February 1, 2011
Page 3
WHEREAS, the Amendment provides for other conditions, time schedules, and
requirements all as set forth in the Amendment; and
WHEREAS, all actions required of the Agency to be taken precedent to review
and consideration of the Amendment by the Agency have bed'n taken in accordance
with applicable law;
NOW, THEREFORE, the La Quinta Redevelopment Agency hereby resolves as
follows:
1. The Agency finds and determines that the Amendment effectuates the purposes
of the Community Redevelopment Law (Health & Safety Code § 33000 at seq.)
and of the Redevelopment Plan and is in the best interest of the citizens of the
City of La Quinta.
2. The Agency finds that the Developer has made a good faith attempt but been
unable to obtain commercial or private means of financing the five additional
homes at the level of affordability required by the Amendment.
3. The Amendment, a copy of which is on file with the Agency Secretary, is
hereby approved. The Agency Executive Director and Agency Counsel are
hereby authorized and directed to make final modifications to the Amendment
that are consistent with the substantive terms of the Amendment approved
hereby, and the Agency Executive Director is authorized to thereafter sign the
Amendment on behalf of the Agency.
4. The Agency Executive Director is authorized and directed, on behalf of the
Agency, to sign such other and further documents that require the Agency's
signature, and to take such other and further actions, as may be necessary and
proper to carry out the terms of the Amendment.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held this 1" day of February 2011, by the following vote:
AYES: Agency Members Adolph, Evans, Franklin, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
.ice..
TERRY HE E ON, Agency Chairperson
La Quinta edevelopment Agency
Resolution No. RA 2011 -005
Amendment No. i Affordable Housing Agreement
Habitat for Humanity of the Coachella Valley, Inc.
Adopted: February 1, 2011
Page 3
ATTEST:
VERONICA NNNTECINO, CMC, Agency Secretary
La Quinta Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM:
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KATHERINE JEN Agency Counsel
La Quinta Redevelopment Agency