HomeMy Public PortalAbout2006-054RESOLUTION NO. 2006.054
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY AUTHORIZING A
REPAYMENT OF $378,000 OF LOW AND MODERATE INCOME HOUSING FUNDS
TO THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) FOR AN
INELIGIBLE HOME FUNDED PROJECT
WHEREAS, Redwood Estates located as set forth in Exhibit A was built utilizing
HOME funds; and
WHEREAS, The homes are ineligible for HOME funds because of the rapid
appreciation of the housing market within the last three years, and therefore the use of
such Federal HOME funds to build Redwood Estates is not appropriate; and
WHEREAS, The project meets the definition of a terminated project pursuant to
HUD guidelines for the HOME program and therefore the Agency intends to refund the
Federal HOME funds utilized to build these homes; and
WHEREAS, The Agency has sufficient funds in the unappropriated Low and
Moderate Income Housing Fund for the replacement of the
Federal HOME Funds; and
WHEREAS, The Redwood Estates Project is an appropriate expenditure of Low
and Moderate Income Housing funds as three of the homes are restricted for sale to
° Low and Moderate Income Households as those terms are defined in the Health and
Safety Code; and
NOW THEREFORE, the Lynwood Redevelopment Agency does hereby find,
proclaim, order and resolve as follows:
Section 1. The project commonly known as Redwood Estates is hereby
terminated as a Federal HOME project.
Section 2. The Redwood Estates project is an appropriate expenditure of Low
and Moderate Income Housing Funds as three of the homes are restricted to low
and moderate income households as defined by applicable Health and Safety
Codes and Regulations.
Section 3. That the Lynwood Redevelopment Agency authorizes the Agency
Chairperson or designee to make the following fund appropriation and transfer:
From
Housing Fund #26
Alameda Project Area
$378,000
To
Fund Account #26-5100
$378,000
Section 4. The Lynwood Redevelopment Agency authorizes the repayment of
the funds utilized for Redwood Estates (IDIS number 636) to the City of Lynwood
Home Program Account in the amount of $378,000 from the Low and Moderate
Income Housing Fund Account #26-5100.
Section 5. This resolution shall go into effect immediately upon its adoption by
the Agency.
PASSED, APPROVED, and adopted this 7th day of November 2006.
Leticia Vasquez, C ma `r
Andrea L. Hooper, Agency Secretary N. Enrique ~ art~nez, xecutive Director
APPROVED AS TO FORM:
Agency Counsel
APPROVED AS TO CONTENT: ~..
C// ~ /~
William A. Rawlings, Director of
Redevelopment
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 7TH day of NOVEMBER , 2006.
AYES: MEMBERS, BYRD, JOHNSON, PEDROZA, SANTILLAN, AND VASQUEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Andrea L. Hooper, 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 fuil, true and correct copy of Resolution No.
2006.054 on file in my office and that said Resolution was adopted on the date
and by the vote therein stated.
Dated this 7TH day of NOVEMBER , 2006.
~, ~~~~~
Andrea L. Hooper, Secretary