HomeMy Public PortalAbout2011.041 - LRA (10-18-11)RESOLUTION NO. 2011.041
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY
OF LYNWOOD AUTHORIZING THE APPROPRIATION AND EXPENDITURE OF
FUNDS TOWARD THE CALHOME OWNER OCCUPIED RESIDENTIAL
REHABILITATION AND FIRST TIME HOMEBUYER DOWN PAYMENT ASSISTANCE
PROGRAMS
WHEREAS, the Lynwood Redevelopment Agency is a participant in the
CalHome Program administered by the California Department of Housing and
Community Development to provide Owner - Occupied Residential Rehabilitation
Deferred Loans and First -Time Homebuyer Assistance Deferred Loans to eligible
Lynwood residents; and
WHEREAS, the total CalHome Program award granted to the Lynwood
Redevelopment Agency is $1,000,000 and now must be appropriated and made a part
of the Lynwood Redevelopment Agency budget though Fiscal Year 2011 -2012, and
through the remaining term of the CalHome Funding Agreement which expires on
October 19, 2013; and
WHEREAS, the budget appropriation amounts within the CalHome Owner -
Occupied Residential Rehabilitation Deferred Loan and First -Time Homebuyer
Assistance Programs are estimates of the public's demand and qualifications of
Lynwood applicants, and, therefore, budgeted amounts appropriated and allocated
within each Fiscal Year and within each Program may vary, but will not exceed the total
CalHome Funding Award of $1,000,000 combined for both Programs; and,
NOW, THEREFORE, THE LYNWOOD REDEVELOPMENT AGENCY OF THE
CITY OF LYNWOOD DOES HEREBY FIND, DETERMINE, ORDER AND RESOLVE
AS FOLLOWS:
Section 1. Authorize in Fiscal Year 2011 -2012, the budgeting, appropriation
and expenditure of the CalHome Funding Award for the following purposes:
First -time homebuyer down payment assistance program
$100,000
Owner occupied residential rehabilitation program
$100,000
Section 2. Authorize in Fiscal Year 2012 -2013, the budgeting, appropriation
and expenditure of the remaining CalHome Funding Award for the following purposes:
First -time homebuyer down payment assistance program
$400,000
Owner occupied residential rehabilitation program
$400,000
Section 3. This Resolution shall become effective immediately upon its
adoption.
PASSED, APPROVED and ADOPTED this 18 day of October, 2011.
ATTEST:
aria Quinonez, Secretary Roger L. Haley, EWcutive Director
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
Fred Galante, Agency Counsel
S r Mag a Withers, Director of
Community Development
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the foregoing Resolution was passed and adopted by the Agency at its
regular meeting held on the 18 th day of October, 2011.
AYES: MEMBERS FLORES, RODRIGUEZ, SANTILLAWBEAS, MORTON AND
CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
aria Quinonez, Secretary
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No.
2011.041 on file in my office and that said Resolution was adopted on the date and by
the vote therein stated. Dated this 18 th day of October, 2011.