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Residential Development Loan Program Fund
Whitepaper
CalHFA RDLP Loan
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On November 7, 2006, California voters approved Proposition 1C, The Housing and
Emergency Shelter Trust Fund Act of 2006, for the sale of $2.85 billion in general
obligation bonds to support a variety of affordable housing and housing-related
infrastructure programs.
The California Housing and Finance Authority (“CalHFA”) created the Residential
Development Loan Program (“RDLP”) to utilize up to $10 million in Prop 1C bond
proceeds through an innovative loan program available to local government entities.
RDLP Program Materials
The following materials provide information on CalHFA’s RDLP:
September 11, 2006, CalHFA Offers $10 Million to Local Government for
Affordable Residential Development in California Communities,
Businesswire.com
November 2006, Legislative Analyst’s Analysis, Proposition 1C Housing and
Emergency Shelter Trust Fund Act of 2006
Fact Sheet, Proposition 1C: The Housing and Emergency Shelter Trust Fund Act
of 2006, SB 1689 (Perata)
2009/2010 California Housing Finance Agency Annual Report
City of Livermore Participation in the CalHFA RDLP
July 10, 2006 City Staff Report, Authorization for the City of Livermore to
submit an application to the California Housing Finance Agency
(CalHFA) Residential Loan Program
Resolution No. 2006-061
January 1, 2007 City Staff Report, State Housing Finance Agency Residential
Development Loan Program (RDLP) Funds for the Livermore
Village Project
Resolution No. 2006-061
CalHFA RDLP Loan
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September 24, 2007 City Staff Report, State Housing Finance Agency Residential
Development Loan Program (RDLP) Funds for the Livermore
Village Project.
Resolution No. 2007-194
January 12, 2009 City and Redevelopment Agency Staff Report, Cooperation and
Repayment Agreement for Restructuring of the Loan Agreement
between City and Redevelopment Agency to obligate up to
$5,000,000 in Residential Development Loan Program (RDLP)
funds to the Livermore Village Project.
Resolution No. 2009-009
Resolution No. RA-2009-001
Notice of Affordability Restriction on Transfer of Property and
Declaration of Covenants and Restrictions, dated January 9,
2012 (recorded Alameda County Recorder’s Office No.
2009028632, January 29, 2009)
January 09, 2012 City Staff Report, Appropriate $500,000 in Housing Trust Funds
(F611) for Partial Repayment of the Residential Development
Loan Program (RDLP) Loan and Authorization to Extend the
Loan Repayment Term.
Resolution 2012-002
CalHFA RDLP Loan
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Notice of Affordability Restriction on Transfer of Property and Declaration of
Covenants and Restrictions
Alameda County Recorder’s Office No. 2009028632, January 29, 2009
Excerpts from the covenant:
RECITALS
In 2007, the City was awarded State of California Residential Development Loan
Program (RDLP) funds for site acquisition and pre-development expenses for the
Livermore Village project. The City now desires to loan the RDLP funds to the
Owner and the Owner desires to accept these funds to replace a portion of the
Housing Trust funds that were previously loaned to the Agency for this purpose
and which the Owner is required to repay to the City pursuant to that certain
Cooperation and Repayment Agreement executed by the City and the Owner on
August 4, 2008.
Concurrent with the execution of this Notice & Declaration, the City and Owner
have entered into an Accelerated Cooperation and Repayment, whereby the City
agrees to loan the Owner, and the Owner agrees to accept from the City, up to
$5,000,000 in RDLP funds, which obligation is secured by this Notice &
Declaration.
As a condition of accepting the RDLP funds, the City and Owner now desire to
place restrictions upon the development and use of the Property to ensure that the
development of the Project, or any other project developed on the Property, shall
provide at least 28 units of ownership housing affordable to low-income households
and 56 units of ownership housing affordable to moderate-income households.
It is anticipated that the Owner will eventually enter into a Disposition and
Development Agreement with a final developer which will construct a mixed-use
development consisting of retail space, a variety of housing types, including a
minimum of 28 units of ownership housing affordable to low-income households
and 56 units of ownership housing affordable to moderate-income households (the
“Project”). It is further anticipated that any such Disposition and Development
Agreement shall secure and provide for the satisfaction of the obligations set
forth in this Notice & Declaration, as well as the satisfaction of the outstanding
principal and interest owed the City under the Accelerated Cooperation and
Repayment Agreement executed concurrently herewith.
…
2. USE OF PROPERTY
2.1 Development of the Property shall provide at least 28 units of ownership
housing affordable to Low-Income Homebuyers and 56 units of ownership housing
affordable to Moderate-Income Homebuyers, which shall be occupied by Low-
CalHFA RDLP Loan
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Income and Moderate-Income Homebuyers, respectively, for a period of at least
10 years.
…
6. CHANGE OF USE
6.1 Change of Use. The Property shall be used as specified under Section 2
for the term of this Notice & Declaration. Within the term of this agreement, Owner
may propose a change of use only in the event that the Property is no longer
needed for the purpose specified in this Notice & Declaration and the Property will
be used to benefit individuals or families whose incomes do not exceed 120
percent of median income for the area. Owner must obtain written approval from
the City prior to changing use.
…
7. DEFAULTS AND REMEDIES
7.1 Defaults; Remedies. … the City shall be entitled and in addition to all
other remedies provided by law or in equity to compel specific performance by
the Owner of its obligations under this Notice & Declaration, it being recognized
that the beneficiaries of the Owner's obligations hereunder cannot be adequately
compensated by monetary damages in the event of the Owner's default.
…
8. SUCCESSORS BOUND
8.1 Successors Bound. This Notice & Declaration and the covenants and
conditions contained herein shall run with the land and shall bind, and the benefits
shall inure to, respectively, the Owner and its successors and assigns and all
subsequent Owners of the Project or any interest herein, and the City and its
successors and assigns.
…
17 AMENDMENTS
17.1 Amendments. This Notice & Declaration may not be amended, changed,
modified, altered or terminated except as permitted in this agreement. This Notice
& Declaration shall be amended only by a written instrument executed by the
parties hereto or their successors in title, and duly recorded in the real property
records of the County of Alameda, California.
…
18 TERM OF AGREEMENT
18.1 Term of Agreement. The terms of this agreement shall be for 10 years from
the date of initial occupancy. At the end of this term, Owner may either request
extending the terms of this agreement or request disposition instructions from the
City.
CalHFA RDLP Loan
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Exhibits:
1. September 11, 2006, CalHFA Offers $10 Million to Local Government for
Affordable Residential Development in California Communities,
Businesswire.com
2. November 2006, Legislative Analyst’s Analysis, Proposition 1C Housing and
Emergency Shelter Trust Fund Act of 2006
3. Fact Sheet, Proposition 1C: The Housing and Emergency Shelter Trust Fund Act
of 2006, SB 1689 (Perata)
4. 2009/2010 California Housing Finance Agency Annual Report
5. July 10, 2006, City Staff Report
6. Resolution No. 2006-061
7. January 1, 2007, City Staff Report
8. Resolution No. 2007-013
9. September 24, 2007, City Staff Report
10. Resolution 2007-194
11. January 12, 2009, City and Redevelopment Agency Staff Report
12. Resolution 2009-009
13. Resolution RA-2009-01
14. January 09, 2009, Notice of Affordability Restriction on Transfer of Property and
Declaration of Covenants and Restrictions
15. January 09, 2012, City Staff Report
16. Resolution No. 2012-002