CC Resolution 1989-026^#8 RESOLUTION MO. 89-26
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LA QUINTA APPROVING A PROGRAM FOR THE
FURNISHING OF ASSISTANCE FOR AFFORDABLE
HOUSING AND AUTHORIZING THE EXPENDITURE OF
FUNDS OF THE LA QUINTA REDEVELOPMENT AGENCY
PURSUANT TO SUCH PROGRAM
WHEREAS, the La Quinta Redevelopment Agency the *Agency")
is in the process of implementing the Redevelopment Plan for
Redevelopment Project No 1 as adopted by City of La Quinta
Ordinance No. 24 the project); and
WHEREAS, the Redevelopment Plan the Redevelopment Plan'*)
for the Project provides that certain funds are to be made
available to improve and expand the supply of low- and
moderate-income housing, in conformity with the provisions of
Section 33334.2 of the California Health and Safety Code; and
WHEREAS, the Redevelopment Plan provides for the provision
by the Agency of certain public improvements; and
WHEREAS, the City of La Quinta the City") has taken
certain steps toward the establishment and implementation of an
assessment district the District"), which will provide
certain sewer and related infrastructure improvements the
Improvements") of benefit to residents of the Project Area of
the Project; and
WHEREAS, although the Improvements will be of benefit once
completed, the imposition of an assessment to defray the cost
of such Improvements would create a burden for certain
residents of the affected area, particularly those of limited
means; and
WHEREAS, the Agency proposes to provide certain assistance
to defray the cost of the assessment by the District for the
benefit of persons who gualify due to income or who covenant to
provide affordable housing for a fifteen-year period the
Minimum Period"); and
WHEREAS, the program for the provision of such assistance
the Program"), is described in the Statement of the La Quinta
Redevelopment Agency Assessment Subsidy Program the
Statement"), which is attached hereto as Exhibit A", and
which, together with all Attachments thereto, is incorporated
herein by reference; and
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^#8 WHEREAS, the provision of the Improvements will benefit the
Project Area; and
WHEREAS, there is no other reasonable means available to
the community to finance the Improvements; and
WHEREAS, the implementation of the Program will benefit the
Project Area and the community;
NOW, THEREFORE, the City Council of the City of La Quinta
does resolve as follows:
1. The City Council finds and determines that: a) the
provision of the Improvements will benefit the Project Area;
b) there is available to the Community no other reasonable
means of financing the Improvements than that set forth in the
Statement, and c) the Minimum Period is the greatest feasible
time for the restrictions on affordability to remain in effect,
given i) the limited amount of assistance being made available
and ii) the need for voluntary participation to achieve the
objectives of the Program.
2. The City approves the Program'*, as described in the
Statement, and consents that the Chairman and Executive
Director are authorized to execute on behalf of the Agency all
documents necessary and proper to effectuate the provisions of
the Program, as described in the Statement.
PASSED, APPROVED AND ADOPTED this 21st day of February
1989 by the following vote:
AYES: Council Members Bohnenberqer, Bosworth, Rushworth
Sniff, Mayor Pena
NOES: None
ABSE*: None
ABSTAIN: None
02/15/89
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^#8 STATEMENT OF THE LA QUINTA REDEVELOPMENT AGENCY
ASSESSMENT SUBSIDY PROGRAM
Proaram Puroose
The La Quinta Redevelopment Agency acknowledges that the Cove community lacks and/or is
in need of infrastructure improvements, and that these deficiencies adversely affect housing
conditions. Additionally, the Agency has determined that it is vital that such infrastructure
improvements be made to enable the Agency and the City of La Quinta to increase and
improve the supply of affordable very low, low and moderate income housing that is located in
the area. Therefore, the Agency and the City will jointly institute and finance a public
improvements program utilizing an assessment district with improvements funded by 1915 Act
Improvement Bonds. Although the contemplated infrastructure improvements will benefit those
persons of very low, low or moderate income living in the area, the imposition of the
assessments may create financial difficulties. In an effort to achieve needed public
improvements to increase and improve the community's supply of affordable housing and to
alleviate any financial hardship, the Agency is establishing the following Assessment Subsidy
Program to maintain the affordability of the community's housing stock.
The Assessment Subsidy Program for Low and Moderate Income Households will provide the
funding mechanism to enable the Agency and the City to utilize the 1915 Act Improvement
Bonds to pay for needed infrastructure improvements while maintaining the affordable housing
for very low, low and moderate income residents. The Program will initially be limited to
qualifying persons or households within the proposed Assessment District No.88-i
Assessment District). If successful, it may be made available to other qualifying areas of the
community; however, no commitment has been made to extend the availability of the Program
beyond the scope described in this Statement.
Definitions
The meaning of the various terms, as used herein, shall be as follows:
Annual Assessment Payment" means the annual levy of principal and interest that would
be charged against the property through the enactment of the Assessment District.
Assessment District" means the district formed under the Improvement Act of 1915
through which bonds are issued to fund the construction of public improvements.
Assessment Payment" means the total of the annual installments of principal and
interest that would be levied against the property through the enactment of the
Assessment District.
Assessment Subsidv" means the financial assistance the Agency provides towards
assessment payments.
Affordable Housing Cost" means that total housing cost shall not exceed 25% of the
person's or household's Gross Income, except that in the case of a very low income
person or household, Affordable Housing Cost shall mean not less than 15% and no
greater than 25% of their Gross Income. Total housing cost includes: 1) the principal
and interest on a Mortgage loan including any rehabilitation loans and any loan
insurance fees associated therewith, 2) property rental payments, 3) property taxes and
assessments, 4) fire and casualty insurance covering replacement value of
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^#8 property/improvements, 5) property maintenance and repairs, 6) a reasonable
allowance for utilities, 7) homeowner association fees, and 7) space rent if the housing
unit is situated on rented land.
Affordable Unit" means a dwelling unit maintained by an Owner whose Affordable
Housing Cost" is within the Program guidelines previously defined. Additionally, the
Gross Income of the qualified household shall not exceed 120% of the median income
during the period of program participation.
Covenant of Affordability" or covenant means a document recorded against the
participating property that stipulates that the housing unit shall remain available at an
Affordable Housing Cost to persons or families of very low, low or moderate income for a
minimum period of fifteen years. Over the life of the covenant, household incomes will
be allowed to rise to a level of 120% of median income, adjusted annually, and remain in
compliance with the Covenant of Affordability.
Minimum Period" means the continuous time period commencing with the recording of
the Covenant of Affordability and ending on the fifteenth anniversary thereafter, in which
the program participant maintains an Affordable Unit as defined by the definitions of the
Program.
Reoavment Amount" means the pro-rata share of the Assessment Payment calculated
by dividing the total Assessment Payment plus interest expense by the number of years
as originally set forth in the Covenant of Affordability multiplied by the number of years
remaining to run on the Covenant of Affordability as of the time payment becomes due to
the Agency.
Example:
Assessment Payment $1,500.00 + Interest Expense*
Number of years set forth in the Covenant 15
Property has been owned for 5 years
10 years remain under the Covenant
$1500 + Interest Expense* /15 X 10 $1,000 + Interest Expense*
* The amount of interest expense shall be the lesser ot i) 12% simple interest per annum or ii) the
highest interest rate that may lawfully be charged by a redevelopment agency.
Elderly Household" means a household in which the head of household or spouse is 62
years or older.
Gross Income" means the total of all annual income of any nature from any source
derived, including, but not limited to, salaries, wages, dividends, interest, capital gains,
rents, income from operation of a farm or business, income from the sale or exchange of
property, gifts, inheritances, Social Security payments, other retirement benefits, welfare
benefits, alimony and support payments and any other thing of economic value of the
entire household less the following:
1. 10% of the total income for an Elderly Household, and/or
2. recurring, extraordinary medical expenses medical expenses that exceed 3%
of Gross Income, and are not compensated for or covered by insurance or
other sources, such as public assistance or tort recovery.
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^#8 Mortgage" means a mortgage deed, a deed of trust, or any other instrument which
constitutes a lien on real property.
Net Assets*' means all real and personal property of any character which an owner or
rental household owns or has an interest in, including stocks, bonds, and savings
accounts. For Owner occupants this excludes the real property within the Assessment
District.
*Owner" means persons or families owning and/or occupying real property which is
included in the Assessment District and successors in interest or the legally appointed
representatives of such person or persons.
Particioant*' means an owner of a dwelling which pariticipates in the Program.
Program' mean the Assessment Subsidy Program as set forth in this Statement of the
La Quinta Redevelopment Agency Assessment Subsidy Program Assessment District
No.88-i).
Rental Household" means a person, persons or family that occupies a dwelling unit for
which they compensate a landlord or owner for use of the dwelling.
Very Low. Low and Moderate Income Households' means persons or families whose
Gross Incomes are respectively defined as not exceeding 50%, 80% and 100% of area
median income the median income of a geographic area of the State, as annually
estimated by the United Stated Department of Housing and Urban Development HUD)
pursuant to Section 8 of the United States Housing Act of 1937, adjusted for family size).
Initial Agencv Assistance" means the initial payment of Agency Assistance to a
Participant pursuant to the Program.
Applicable Anniversarv Date" means the second anniversary of the provision of the
Initial Agency Assistance and each second anniversary date thereafter during the
Minimum Period.
Certification of Elicibility" means an affidavit, to be provided by the property owner and
renter upon application to the Program and biannually during the minimum period, which
states that the participant qualifies for the Assessment Subsidy Program.
Conditions to Assistance" means all of the following, which must be satisfied on a
continuous basis throughout the Minimum Period: i) the Unit is maintained as an
Affordable Unit; ii) Certification(s) of Eligibility are provided in accordance with the
Program: iii) the Covenant of Affordability is recorded and remains in full force and
effect; iv) the use of the property subject to the Covenant of Affordability conforms to the
Redevelopment Plan;and v) the use of the property conforms to the nondiscrimination
limitation set forth in Section 33436 of the California Health & Safety Code.
Description
The Agency pursuant to Section 33334.2 of the California Health and Safety Code, a portion of
the Community Redevelopment Law) will utilize tax increment funds to provide subsidies to, or
for the benefit of, low and moderate income households residing in the Cove community and
are part of the Assessment District see map for District boundaries). Upon the establishment
of the Assessment District, the Agency will disseminate information on the Assessment Subsidy
Program to owner occupied and/or rental single family housing occupied by very low, low and
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^#8 moderate income persons. Households interested in assistance are required to make
application to the Agency through the Executive Director) for the subsidy payment. Agency
staff will review the applications and determine eligibility based upon established criteria. If an
application is approved, the Agency staff will facilitate the payment of the determined subsidy
amount from the Agency to the fiscal agent responsible for the collection of the assessment
payments. The subsidy payment will be made in the form of a one time lump sum payment that
will equal the applicant's total assessment payments.
Eligibility
The Assessment Subsidy Program is available to all qualified very low, low and moderate
income persons and households who are within the boundaries of the Assessment District.
The provision of subsidies is also subject to the availability of funds. Applying property owners
must meet the following requirements in order to qualify for participation:
a. The real property for which assessment subsidy is sought must be developed with a
housing unit or a housing unit that is under construction. Only one property per owner is
eligible to receive a subsidy.
b. The person's or households' Gross Income must meet the requirements for Very Low, Low
and Moderate Income Households. The City of La Quinta's median income for a family of
four, as established by the United States Department of Housing and Urban Development
HUD) for 1988, is $30,300. The median income for the City is taken from HUD's
established median income for the Riverside San Bernardino Metropolitan Statistical Area__
which is adjusted for family size and is update annually). Based upon this median income,
the following table depicts the eligible income levels for the Assessment Subsidy Program.
Income Categorv 1 Person 2 Persons 3 Persons 4 Persons
Very Low $10,800 $12,350 $13,900 $15,450
Low 17,000 19,400 21,800 24,250
Moderate 21,210 24,240 27,270 30,300
Income Category 5 Persons 6 Persons 7 Persons 8 Persons
VeryLow $16,700 $17,900 $19,150 $20,400
Low 25,750 27,300 28,800 30,300
Moderate 32,194 34,088 35,981 37,875
c. The person's or household's total housing cost, when combined with the annual
Assessment Payment, exceeds the established Affordable Housing Cost for his/her
household's annual Gross Income.
d. The value of the owner or renter occupied household's Net Assets may not exceed
$100,000, excluding the value of the property being assessed and two automobiles.
e. The owner must record a Covenant of Affordability.
f. In the case of a Rental Household, the property owner must agree to record a Covenant cf
Affordability that maintains affordable rents for the duration of the Covenant. The Agency
will monitor rent levels from time to time.
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^#8 Amount of Subsidy
For qualifying households the Agency will subsidize the full amount of the Assessment
Payment.
Covenant of Affordability
The Assessment Subsidy Program will be funded from the La Quinta Redevelopment Agency's
Low and Moderate Income Housing fund. The California Redevelopment Law, which governs
the use of this fund, requires the recordation of deed covenants against properties that benefit
from the expenditure of these funds. The covenants are to ensure the continued affordability of
the housing unit.
The recordation of a deed restriction in the form of a Covenant of Affordability will be required.
This Covenant of Affordability will require that the housing unit shall remain affordable to Very
Low, Low or Moderate Income Households for fifteen 15) years for both owner-occupied units
and rental units. Over the life of the covenant, household incomes will be allowed to rise to a
evel of 120% of median income, adjusted annually, and remain in compliance with the
Covenant of Affordability.
Acceleration of the Covenant of Affordability
In the event the unit is to be sold, provided that the affected unit and property) has been
operated on a continuous basis with all of the Conditions of Assistance, the Agency will agree
to defer receipt of the Repayment Amount in the event the prospective buyer executes and
records or otherwise agrees to be bound by and remain subject to the Covenant of Affordability
for the remainder of the Minimum Period.
Subordination of the Covenant of Affordability
The Covenant of Affordability shall contain a lien upon the participating property; such lien in
favor of the Agency shall be subordinate to all deeds of trust or similar instruments recorded in
favor of a bank, savings and loan association or other similar institutional lender securing
repayment of the participant.
Assessment Subsidy Repavment
The Assessment Subsidy may require repayment if one on the following occurs during the
period the covenant is in effect:
1. The housing unit is sold or rented at a cost that is no longer affordable to Very Low,
Low or Moderate Income Households; or
2. The unit is sold; or
3. The income level of the qualified household exceeds 120% of median income,
adjusted annually.
The Repayment Amount will become due and payable should any of the three circumstances
described above occur. The repayment period i.e., the period during which repayment shall
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^#8 be made) shall be no longer than immediately for rental properties and five 5) years for owner-
occupied and single-family residences.
The Repayment Amount shall be all due and payable upon the first to occur of: I) any failure C
one or more of the Conditions to Assistance; or ii) the sale for assignment of the property; the
date upon which either such event shall first occur shall constitute the Due Date."
UPON FULL PAYMENT THE COVENANT OF AFFORDABILITY SHALL BE RECINDED.
Monitoring of Elipibility
Program participants will be required to complete a Certification of Eligibility form on a biannual
basis.
Owner-occupants will be required to state that their Gross Income does not exceed 120% of the
median Gross Income for the Riverside/San Bernardino Primary Metropolitan Statistical area.
Certification of Eligibility for owners of rental property will include notification to the Agency
when there is a change in tenancy. The Gross Income of the original and subsequent tenants
shall not exceed 120% of the median Gross Income for the Riverside/San Bernardino Primary
Metropolitan Statistical Area. Additionally, the rental unit must remain at an Affordable Housing
Cost" to the tenant.
AoDlication and Application Process
All interested property owners are required to submit the following: 1) A completed application
along with:Federal tax returns for the two previous years, the name and address of any
dependent's employer, a most recent pay stub, a monthly mortgage stub, a most recent
property tax bill and most recent utility bill and 2) A completed Certification of Eligibility Form.
Applications for owner occupied and renter occupied units are enclosed as well as Certification
of Eligibility Forms. Upon approval of the application, the participant is required to execute the
Covenant of Affordability. A complete description of the Program is available at the office listed
below. Please send completed applications and written inquiries to:
City Managers Office
City of La Quinta
78-105 Calle Estado
La Quinta, California 92253
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^#8 ATTACHMENT NO. 1
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO
LA QUINTA REDEVELOPMENT AGENCY
Attention: Executive Director
78-105 Calle Estado
P. 0. Box 1504
La Quinta, California 92253
Space above for recorder.]
This Agreement is recorded at
the request and for the benefit
of the La Quinta Redevelopment
Agency and is exempt from the
payment of a recording fee
pursuant to Government Code
Section 6103.
LA QUINTA REDEVELOPMENT AGENCY
By:
Its:
Dated: 1989
LA QUINTA REDEVELOPMENT PROJECT NO. 1
LA QUINTA, CALIFORNIA
COVENANT OF AFFORDABILITY
OWNER OCCUPIED)
THIS AGREEMENT is entered into this day of
1989, by and between the LA QUINTA
REDEVELOPMENT AGENCY, a public body, corporate and politic the
Agency"), and a
the
tFarticipant"), with reference to the following:
A. The Participant is fee owner of record of that certain
real property the Property") located in the City of
La Quinta, County of Riverside, State of California legally
described in the attached Exhibit A".
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^#8 B. The Property is within the La Quinta Redevelopment
Project Area No. 1 the Project") in the City of La Quinta and
is subject to the provisions of the Redevelopment Plan for the
Project adopted by Ordinance No. on 198 by
the City Council of the City of La Quinta.
C. The Agency has, by its Resolution No. adopted on
the Resolution"), promulgated
a program for the provision of certain designated assistance by
the Agency in connection with the assurance that certain
properties are maintained in such a manner and subject to such
conditions and limitations that they will increase and improve
the community's supply of low- and moderate-income housing
available at affordable housing cost, pursuant to Section
33334.2 of the California Health & Safety Code. Such program,
as defined with greater particularity in the Resolution
including those matters incorporated therein by reference),
shall be referred to herein as the Programt1. Except as
otherwise expressly provided in this Agreement, all terms shall
have the same meaning as set forth in the Resolution, including
all Attachments thereto.
NOW, THEREFORE, THE AGENCY AND THE PARTICIPANT AGREE
AS FOLLOWS:
1. The Participant shall have the right and it covenants
and agrees on behalf of its successor and assigns, to use the
Property for the following purposes only:
Participant shall maintain on the Property on a
continuous basis throughout the period commencing with the
recording of this Agreement and ending on the fifteenth
anniversary thereafter the Minimum Period") a dwelling unit
which shall remain available at affordable housing cost in
accordance with the terms of the Program an Affordable Unit").
The Participant agrees that it shall reside at the
Property throughout the Minimum Period. Prior to or concurrent
with the furnishing of the Initial Agency Assistance'1 and on
each Applicable Anniversary Date" during the the Minimum
Period, the Participant shall execute and provide to the Agency
a Certification of Eligibility" substantially in the form
referenced in the Resolution. It is understood that the
dwelling on the Property will qualify as an Affordable Housing
Unit only so long as the Participant has an income of less than
one hundred twenty percent 120%) of the annual median
household income for the Riverside-San Bernadino Primary
Metropolitan Statistical Area as such income levels are
established and amended from time to time pursuant to Section 8
of the UnitedStates Housing Act of 1937 and published by the
State Department of Housing and Community Development in the
California Administrative Code.
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^#8 2. The Participant, on behalf of itself and its
successors, assigns, and each successor in interest to the
Property or any part thereof, hereby covenants and agrees:
a) To use, devote, and maintain the Property and
each part thereof, for the purposes and the residential uses
specified in the Redevelopment Plan.
b) Not to discriminate upon the basis of sex,
marital status, race, color, creed, religion, national origin,
or ancestry in the sale, lease, sublease, transfer or rental,
or in the use, occupancy, tenure, or enjoyment of the Property
or any improvements thereon, or of any part thereof. Each and
every deed, lease, and contract entered into with respect to
the Property shall contain or be subject to substantially the
following nondiscrimination or nonsegregation clauses:
1) In deeds: The grantee herein covenants by
and for itself, it successors and assigns,
and all persons claiming under or through
them, that there shall be no discrimination
against or segregation of any person or
group of persons on account of sex, marital
status, race, color, creed, religion,
national origin, or ancestry in the sale,
lease, rental, sublease, transfer, use
occupancy, tenure, or enjoyment of the land
herein conveyed, nor shall the grantee
itself or any persons claiming under or
through it, establish or permit any such
practice or practices of discrimination or
segregation with reference to the selection,
location, number, use or occupancy of
tenants, lessees, subtenants, sublessees, or
vendees in the land herein conveyed. The
foregoing covenants shall run with the land."
2) In leases: The lessee herein covenants by
and for itself, its successors and assigns,
and all persons claiming under or through
them, and this lease is made and accepted
upon and subject to the following conditions:
That there shall be no discrimination
against or segregation of any person or
group of persons, on account of sex, marital
status, race, color, creed, religion,
national origin, or ancestry, in the
leasing, renting, subleasing, transferring,
use, occupancy, tenure, or enjoyment of the
land herein leased nor shall the lessee
itself, or any person claiming under or
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^#8 through it, establish or permit such
practice or practices of discrimination or
segregation with reference to the selection,
location, number, use or occupancy of
tenants, lessees, sublessees, subtenants, or
vendees in the land herein leased."
3) In contracts: There shall be no
discrimination against or segregation of,
any persons, or group of persons on account
of sex, marital status, race, color, creed,
religion, national origin, or ancestry in
the sale, lease, rental, sublease, transfer,
use, occupancy, tenure or enjoyment of the
land, nor shall the transferee itself or any
person claiming under or through it,
establish or permit any such practice or
practices of discrimination or segregation
with reference to the selection, location,
number, use or occupancy of tenants,
lessees, subtenants, sublessees or vendees
of the land.1'
c) To comply on a continuing basis with the
Conditions to Assistance as set forth in the Resolution which
is on file with the Agency as a public record and is
incorporated herein by reference. In the event i) the
Participant ceases to meet the income limitations set forth in
paragraph 1, above, or ii) the Participant fails to satisfy on
a continuous basis throughout the Minimum Period one or more of
the Conditions to Assistance, or iii) there is a voluntary or
involuntary sale or transfer of the Affordable Unit or the
Property, then the Repayment Amount" shall be payable to the
Agency as set forth in the Resolution.
3. The Participant grants to the Agency a lien on the
Site to secure the payment of the 1Repayment Amount" pursuant
to the Resolution. The foregoing lien shall be subordinate to
deeds of trust in favor of institutional lenders securing
repayment of the indebtedness of the Participant, as inore fully
set forth in the Resolution.
4. The Repayment Amount shall be all due and payable upon
the first to occur of: i) any failure of one or more of the
Conditions to Assistance; or ii) the sale or assignment of the
property, which date shall constitute the Due Date".
The foregoing due on" clause constitutes a material
inducement to the creation of the Program by the Agency and the
provision of the Agency Assistance. Agency and the Participant
are aware of the Garn-St. Germain Depository Institutions Act
of 1982 concerning circumstances upon which due on clauses may
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^#8
be enforced. However, the sole purpose of provision of Agency
Assistance" is to increase and improve the community's supply
of affordable housing. Funds for the Program are dispersed
pursuant to California Health and Safety Code Sections 33334.2
and 33334.3, as amended, which recommend equity sharing" as a
means of protecting any Agency investment. Also, Civil Code
Section 711.5 expressly permits acceleration of the due on"
obligations under certain of the circumstances provided
herein. If the Agency had to assume the risk that it could not
require payment of the Repayment Amount upon transfer to person
or persons who do not meet the criteria of the Program, the
Agency could not establish this Program upon the beneficial
financial terms and conditions presently provided. Therefore,
the Agency and the Participant expressly intend that any
judicial decisions, statutes or laws limiting the
enforceability of the due on" clauses described in this
Covenant of Affordability shall not be applicable to this
transaction.
5. There shall be no discrimination against or
segregation of any person, or groups of persons, on account of
sex, marital status, race, color, creed, religion, national
origin, or ancestry in the sale, lease, rental, sublease,
transfer, use, occupancy, tenure or enjoyment of the property
or any part thereof, nor shall the Participant, its successors,
assigns, or successors in interest to the Property or any part
thereof, or any person claiming under or through them,
establish part thereof, or any person claiming under or through
them; establish or permit any such practice or practices of
discrimination or segregation with reference to the selection,
location, number, use, or occupancy of owners, tenants,
lessees, sublessees, or vendees of the Property or any part
thereof.
6. The covenants and agreements established in this
Agreement shall, without regard to technical classification and
designation, be binding on the Participant and any successor in
interest to the Property, or any part thereof, for the benefit
of and in favor of the Agency, its successor and assigns, and
the City of La Quinta. Except as set forth in the following
sentences, the covenants contained in paragraphs 2(a) and 2(c)
of this Agreement shall remain in effect until
the expiration date of the Redevelopment Plan). The covenants
against discrimination contained in paragraph 2(b) and 5),
shall remain in perpetuity. The covenants in paragraphs 1, 3
and 4 pertaining to the Affordable Unit(s) remain in effect at
all times until the completion of the Minimum Period.
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^#8 IN WITNESS WHEREOF, the Agency and the Participant have
executed this Agreement.
Dated: L'A QUINTA REDEVELOPMENT AGENCY
By:
Chairman
AGENCY"
ATTEST:
Secretary
Dated:
By:
*PARTICIPANT"
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^#8 STATE OF CALIFORNIA
ss.
COUNTY OF RIVERSIDE
On 1989, before me, the undersigned, a
Notary Public in and for said State, personally appeared
personally known to me or proved to
me on the basis of satisfactory evidence) to be the person who
executed this instrument as the Chairman of the LA *UINTA
REDEVELOPMENT AGENCY and acknowledged to me that the LA QUINTA
REDEVELOPMENT AGENCY executed it.
Signature of Notary Public
SEAL)
STATE OF CALIFORNIA
ss.
COUNTY OF RIVERSIDE
FORM OF NOTARY TO BE INSERTED)
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^#8 EXHIBIT A't
The Property
To Be Inserted)
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^#8 ATTACHMENT NO. 2
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO
LA QUINTA REDEVELOPMENT AGENCY
Attention: Executive Director
78-105 Calle Estado
P. 0. Box 1504
La Quinta, California 92253
Space above for recorder.]
This Agreement is recorded at
the request and for the benefit
of the La Quinta Redevelopment
Agency and is exempt from the
payment of a recording fee
pursuant to Government Code
Section 6103.
LA QUINTA REDEVELOPMENT AGENCY
By:
Its:
Dated: 1989
LA QUINTA REDEVELOPMENT PROJECT NO. 1
LA QUINTA, CALIFORNIA
COVENANT OF AFFORDABILITY
RENTAL)
THIS AGREEMENT is entered into this day of
1989, by and between the LA QUINTA
REDEVELOPMENT AGENCY, a public body, corporate and politic the
Agency"), and a
the
t'Participant"), with reference to the following:
A. The Participant is fee owner of record of that certain
real property the Property") located in the City of
La Quinta, County of Riverside, State of California legally
described in the attached Exhibit t'A".
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^#8 B. The Property is within the La Quinta Redevelopment
Project Area No. 1 the Project") in the City of La Quinta and
is subject to the provisions of the Redevelopment Plan for the
Project adopted by Ordinance No. on 198 by
the City Council of the City of La Quinta.
C. The Agency has, by its Resolution No. adopted on
the 1Resolution"), promulgated
a program for the provision of certain designated assistance by
the Agency in connection with the assurance that certain
properties are maintained in such a manner and subject to such
conditions and limitations that they will increase and improve
the community's supply of low- and moderate-income housing
available at affordable housing cost, pursuant to Section
33334.2 of the California Health & Safety Code. Such program,
as defined with greater particularity in the Resolution
including those matters incorporated therein by reference),
shall be referred to herein as the Program". Except as
otherwise expressly provided in this Agreement, all terms shall
have the same meaning as set forth in the Resolution.
NOW, THEREFORE, THE AGENCY AND THE PARTICIPANT AGREE
AS FOLLOWS:
1. The Participant shall have the right and it covenants
and agrees on behalf of its successor and assigns, to use the
Property for the following purposes only:
Participant shall maintain on the Property on a
continuous basis throughout the period commencing with the
recording of this Agreement and ending on the fifteenth
anniversary therefter the 1Minimum Period'9) a dwelling unit
which shall remain available at affordable housing cost in
accordance with the terms of the Program an Affordable Unit").
The Participant agrees that it shall rent the
Affordable Unit on the Property as Affordable Housing Cost, as
defined in the Program. The Affordable Unit shall be rented
only to persons or families with an income less than one
hundred twenty percent 120%) of the annual median household
income for the Riverside-San Bernardino Primary Metropolitan
Statistical Area as such income levels are established and
amended from time to time pursuant to Section 8 of the United
States Housing Act of 1937 and published by the State
Department of Housing and Community Development in the
California Administrative Code.
The Participant shall obtain from each current and
subsequent renter of such units a Certification of
Eligibility" substantially in the form referenced in the
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^#8 Resolution. The Participant shall notify the Agency in writing
in the event of any change of tenants. The Participant also
agrees, should it sell the Property or the Affordable Unit
therein, to include in each deed of conveyance in a form
satisfactory to Agency with respect to the Affordable Unit a
covenant requiring that upon resale of such Unit within the
Minimum Period that the subsequent purchaser(s) shall maintain
the Affordable Unit at Affordable Housing Cost and that
subsequent tenants shall qualify as Very Low, Low or Moderate
Income Households renting such Unit(s) at Affordable Housing
Cost pursuant to the Program.
2. The Participant, on bchalf ot itself andits
successors, assigns, and each successor in interest to the
Property or any part thereof, hereby covenants and agrees:
a) To use, devote, and maintain the Property and
each part thereof, for the purposes and the residential uses
specified in the Redevelopment Plan.
b) Not to discriminate upon the basis of sex,
marital status, race, color, creed, religion, national origin,
or ancestry in the sale, lease, sublease, transfer or rental,
or in the use, occupancy, tenure, or enjoyment of the Property
or any improvements thereon, or of any part thereof. Each and
every deed, lease, and contract entered into with respect to
the Property shall contain or be subject to substantially the
following nondiscrimination or nonsegregation clauses:
1) In deeds: YThe grantee herein covenants by
and for itself, it successors and assigns,
and all persons claiming under or through
them, that there shall be no discrimination
against or segregation of any person or
group of persons on account of sex, marital
status, race, color, creed, religion,
national origin, or ancestry in the sale,
lease, rental, sublease, transfer, use
occupancy, tenure, or enjoyment of the land
herein conveyed, nor shall the grantee
itself or any persons claiming under or
through it, establish or permit any such
practice or practices of discrimination or
segregation with reference to the selection,
location, number, use or occupancy of
tenants, lessees, subtenants, sublessees, or
vendees in the land herein conveyed. The
foregoing covenants shall run with the land.
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^#8 2) In leases: The lessee herein covena*
and for itself, its successors and assi*.L
and all persons claiming under or throUg*
them, and this 1ease Is made and accepted
Upon and Subject to the followi*g COnditions:
That there shall be no discrimination
agains* or segregati0* of any person or
group of persons, on account of sex, marItal
status, race, color, creed, religi0*,
national origin, or ancestry, In the
leasing, renting, Subleasing, transferr**g,
use, occupancy, tenure, or enjoyme** of the
land herein leasc* fl*r shall the lessee
itself, or any person claiming under or
through it, establish or permit such
practice or practices of discrimination or
segregat*0* wIth reference to the selection,
location, number, Use or occupancy of
tenants, lessees, Sublessees,
subtenants, or
vendees in the land herein leased."
3) In contracts: There shall be no
discrimination again5* or segregat*0* of,
any persons, or group of persons on account
of sex, marital status, race, color, creed,
religi0*, national origi*, or ancestry In
the sale, lease, rental, Sublease,
transfer,
Use, occupancy, tenure or en]oyme** of the
land, nor shall the transferee Itself or any
person claiming under or throug* It,
establish or permit any such practice or
practices of discrimination or segregat*0*
with reference to the selection, locatIon
number, Use or occupancy of tenants,
lessees, subtenants, sublessees or vendees
of the land."
c) To comply on a continulflg basi5 wIth the
Conditions to ASsistance** as set forth in the Resolution WhIch
is on file with the Agency as a public record and is
incorporated
herein by reference. In the event i) the
Participant fails to satisfy on a continuous basis through0**
the Minimum Period one or more of the Conditions to Assistance
or ii) there is a voluntary or involunta sale or transfer of
ry
the Property, the Repayment Amount shall be payabl* to the
Agency as set forth in the Reso*ution.
3. The Participant grant8 to the Agency a lien on the
Site to secure the paymen* of the Repayme** Amount" pursuant
to the Resolution. The foregoing lien shall be subordInate to
deeds of trust in favor of institutional lenders securing
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^#8 repayment of the indebtedness of the Participant, as more fully
set forth in the Resolution.
4. The Repayment Amount shall be all due and payable upon
the first to occur of i) any failure of one or more of the
Conditions to Assistance; or ii) the sale or assignment of the
property, which date shall constitute the Due Date".
The foregoing due on11 clause constitutes a material
inducement to the creation of the Program by the Agency and the
provision of the Agency Assistance. Agency and the Participant
are aware of the Garn-St. Germain Depository Institutions Act
of 1982 concerning circumstances upon which due on clauses may
be enforced. However, the sole purpose of provision of Agency
Assistance11 is to increase and improve the community's supply
of affordable housing. Funds for the Program are dispersed
pursuant to California Health and Safety Code Sections 33334.2
and 33334.3, as amended, which recommend equity sharing" as a
means of protecting any Agency investment. Also, Civil Code
Section 711.5 expressly permits acceleration of the due on"
obligations under certain of the circumstances provided
herein. If the Agency had to assume the risk that it could not
require payment of the Repayment Amount upon transfer to person
or persons who do not meet the criteria of the Program, the
Agency could not establish this Program upon the beneficial
financial terms and conditions presently provided. Therefore,
the Agency and the Participant expressly intend that any
judicial decisions, statutes or laws limiting the
enforceability of the due on" clauses described in this
Covenant of Affordability shall not be applicable to this
transaction.
5. There shall be no discrimination against or
segregation of any person, or groups of persons, on account of
sex, marital status, race, color, creed, religion, national
origin, or ancestry in the sale, lease, rental, sublease,
transfer, use, occupancy, tenure or enjoyment of the property
or any part thereof, nor shall the Participant, its successors,
assigns, or successors in interest to the Property or any part
thereof, or any person claiming under or through them,
establish part thereof, or any person claiming under or through
them; establish or permit any such practice or practices of
discrimination or segregation with reference to the selection,
location, number, use, or occupancy of owners, tenants,
lessees, sublessees, or vendees of the Property or any part
thereof.
6. The covenants and agreements established in this
Agreement shall, without regard to technical classification and
designation, be binding on the Participant and any successor in
interest to the Property, or any part thereof, for the benefit
of and in favor of the Agency, its successor and assigns, and
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^#8 the City of La Cuinta. Except as set forth in the following
sentences, the covenants contained in paragraphs 2(a) and 2(c)
of this Agreement shall remain in effect until
the expiration date of the Redevelopment Plan). The covenants
against discrimination contained in paragraph 2(b) and 5),
shall remain in perpetuity. The covenants in paragraphs 1, 3,
and 4 pertaining to the Affordable Unit(s) remain in effect at
all times until the completion of the *inimum Period.
IN WITNESS WHEREOF, the Agency and the Participant have
executed this Agreement.
Dated: LA QUINTA REDEVELOPMENT AGENCY
By:
Chairman
AGENCYt'
ATTEST:
Secretary
Dated:
By:
PARTICIPANT"
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^#8 STATE OF CALIFORNIA
55.
COUNTY OF RIVERSIDE
On 1989, before me, the undersigned, a
Notary Public in and for said State, personally appeared
personally known to me or proved to
me on the basis of satisfactory evidence) to be the person who
executed this instrument as the Chairman of the LA QUINTA
REDEVELOPMENT AGENCY and acknowledged to me that the LA QUINTA
REDEVELOPMENT AGENCY executed it.
Signature of Notary Public
SEAL)
STATE OF CALIFORNIA
ss.
COUNTY OF RIVERSIDE
FORM OF NOTARY TO BE INSERTED)
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^#8 EXHIBIT A"
The Property
To Be Inserted)
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^#8 ATTACHMENT NO. 3
CERTIFICATION OF ELIGIBILITY
Owner)
Part I General Information
1. Project Name 2. Project Location
3. Name of Lender
Part II Unit Information
7. Unit 8. Number of 9. Mortgage 10. Number of
Address Bedrooms Payment Occupants
Part III Affidavit of Purchaser
I, and I, I 85
applicants for Agency Assistance* pursuant to the Program' as
adopted by Resolution No. of the La Quinta Redevelopment
Agency the Agency"), do hereby represent and warrant as
follows:
A. My/Our) adjusted income anticipated total annual income)
does not exceed one hundred twenty percent l20*) of the
median gross income for the Riverside/San Bernardino
Primary Metropolitan Statistical Area as such income levels
are established and amended from time to time pursuant to
Section 8 of the United States Housing Act of 1937 and
published by the State Department of Housing and Community
Development in the California Administrative Code. I/We)
understand that the applicable median gross income is
$___________ The following computation includes all
income I/we) anticipate receiving for the 12-month period
* beginning on the date I/we) execute Covenants of
Affordability" or the date on which I/we) will initially
occupy such unit, whichever is earlier.
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^#8 1. For the purchaser and all family members include:
a) amount of wages, salaries, overtime pay,
commissions, fees, tips and bonuses, and
payments in lieu of earnings, such as
unemployment and disability compensation,
wor*ers compensation and severance pay
before payroll deductions)
b) net income from business or profession or
rental of property without deduction for
repayment of debts or expansion of
business)
c) interest and dividends
d) periodic receipts such as social security,
annuities, pensions, retirement funds,
insurance policies, disability or death
benefits, alimony, child support, regular
contributions or gifts from persons not
occupying the unit
e) public assistance allowance or grant plus
excess of maximum allowable for shelter or
utilities over the actual allowance for
such purposes
f) regular and special pay and allowances of
a member of armed services whether or not
living in the dwelling) who is head of the
family or spouse
Subtotal a) f)
Less: portion of above items which
are income of a family member who is
less than 18 years old or a full-time
student
Total Eligible Income
g) Other assets; estimated value
Note: the Agency has established a
limitation upon maximum assets
allowable for participation in the
Program)
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^#8 Note: The following items are not considered income: casual
or sporadic gifts; amounts specifically for or in reimbursement
of medical expenses; lump sum payment such as inheritances,
insurance payments, capital gains and settlement for personal
or property losses; educational scholarships paid directly to
the student or educational institution; government benefits to
a veteran for education; special pay to a serviceman head of
family away from home and under hostile fire; foster child care
payments; value of coupon allotments for purpose of food under
Food Stamp Act of 1964 which is in excess of amount actually
charged the eligible household; relocation payments under
Title II of Uniform Relocation Assistance and Real Property
Acguisition Policies Act of 1970; payments received pursuant to
participation in the following programs: VISTA, Service
Learning Programs, and Special Volunteer Programs, SCORE, ACE,
Retired Senior Volunteer Program, Foster Grandparent Program,
Older American Community Services Program, and National
Volunteer Program to Assist Small Business Experience.
2. As of the first day of occupancy of the unit following
recordation of Covenants of Affordability a) either
myself/ourselves) or at least one other occupant of the
unit is not an individual enrolled as a full-time student
during each of five 5) calendar months during the
calendar year in which occupancy of the unit begins at an
educational institution which normally maintains a regular
faculty and curriculum and normally has a regularly
enrolled body of students in attendance and is not an
individual pursuing a full-time course of institutional on
farm training under the supervision of an accredited agent
of such an educational organization or of a state or
political subdivision thereof or b) if all of the
occupants of the unit will be individuals described in a),
either myself/ourselves) or one other occupant of the unit
is a husband or wife entitled to make a single return
jointly of Federal income taxes.
3. This affidavit is made with the knowledge that it will be
relied upon by the Agency to determine maximum income for
eligibility and I/we) warrant that all information set
forth in this Part III is true, correct and complete and
based upon information I/we) deem reliable and that the
estimate contained in paragraph 1 is reasonable and based
upon such investigation as the undersigned deemed necessary.
4. I/We) will assist the Agency in obtaining any information
or documents required to verify the statements made in this
Part III and have attached hereto copies of federal income
tax returns for the past two years.
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^#8 5. I/We) acknowledge that I/we) have been advised that the
making of any misrepresentation or misstatement in this
affidavit will constitute a material breach of my/our)
agreement with the Agency and will enable the Agency to
initiate and pursue all applicable legal and equitable
remedies with respect to the unit and to me/us.
B. My/Our) housing expenses are limited to the following:
1. Base rent
2. Utilities
3. Other
explain)
I/We) do hereby swear under penalty of perjury that the
foregoing statements are true and correct.
Date Applicant
SUBSCRIBED AND SWORN to before me this day of
*otary Seal)
Notary Public in and for the
State of
My Commission Expires:
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^#8 INCOME VERIFICATION
for employed persons)
The undersigned employee has
applied for Agency Assistance pursuant to a Program of the La
Quinta Redevelopment Agency the Agency). Every income
statement of a prospective purchaser must be verified. Please
indicate below the empl*yees current annual income from wages,
overtime, bonuses, commissions or any other form of
compensation received on a regular basis.
Annual
wages
Overtime
Bonuses
Commissions
Total current
income
I hereby certify that the statements above are true and
complete to the best of my knowledge.
Signature Date Title
I hereby grant permission to disclose my income to the Agency
in connection with my proposed rental of a dwelling unit
located in their project.
Signature Date
Please send to:
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^#8 ATTACHMENT NO. 4
CERTIFICATION OF ELIGIBILITY
Renter)
Part I General Information
1. Project Name 2. Project Location
3. Landlord*s Name
Part II Unit Information
7. Unit 8. Number of 9. Monthly 10. Number of
Address Bedrooms Payment Occupants
Part III Affidavit of Renter
I, and I, as
applicants for *Agency Assistance*' pursuant to the **Program as
adopted by Resolution No. of the La Quinta Redevelopment
Agency the *`Agency*), rental of a Low and Moderate Income Unit
in the above-described Project, do hereby represent and warrant
as follows:
A. My/Our) adjusted income anticipated total annual income)
does not exceed one hundred twenty percent 120%) of the
median gross income for the Riverside/San Bernardino
Primary Metropolitan Statistical Area as such income levels
are established and amended from time to time pursuant to
Section 8 of the United States Housing Act of 1937 and
published by the State Department of Housing and community
Development in the California Administrative Code. I/We)
understand that the applicable median gross income is
$___________ The following computation includes all
income I/we) anticipate receiving for the 12-month period
beginning on the date I/we) execute a rental agreement for
a Low or Moderate Income Unit or the date on which I/we)
will initially occupy such unit, whichever is earlier.
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^#8 1. This affidavit is made with the knowledge that it will be
relied upon by the Landlord and the Agency to determine
maximum income for eligibility and I/we) warrant that all
information set forth in this Part III is true, correct and
complete and based upon information I/we) deem reliable
and that the estimate contained in paragraph 1 is
reasonable and based upon such investigation as the
undersigned deemed necessary.
2. I/We) will assist the Landlord and the Agency in obtaining
any information or documents reguired to verify the
statements made in this Part III and have attached hereto
copies of federal income tax returns for the past two years.
3. I/We) acknowledge that I/we) have been advised that the
making of any misrepresentation or misstatement in this
affidavit will constitute a material breach of my/our)
agreement with the Landlord to rent the unit and will
additionally enable the Agency to initiate and pursue all
applicable legal and equitable remedies with respect to the
unit and to me/us.
B. My/our) housing expenses are limited to the following:
1. Base rent
2. Utilities
3. Other
explain)
I/We) do hereby swear under penalty of perjury that the
foregoing statements are true and correct.
Date Applicant
SUBSCRIBED AND SWORN to before me this day of
Notary Seal)
Notary Public in and for the
State of
My Commission Expires:
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^#8 INCOME VERIFICATION
for employed persons)
The undersigned employee has
applied for Agency Assistance pursuant to a Program of the La
Quinta Redevelopment Agency the Agency'). Every income
statement of a prospective purchaser must be verified. Please
indicate below the employee*s current annual income from wages,
overtime, bonuses, commissions or any other form of
compensation received on a regular basis.
Annual
wages
Overtime
Bonuses
Commissions
Total current
income
I hereby certify that the statements above are true and
complete to the best of my knowledge.
Signature Date Title
I hereby grant permission to disclose my income to the Agency
and the Seller in connection with my proposed rental of a
dwelling unit located in their project.
Signature Date
Please send to:
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