HomeMy Public PortalAbout99.026 LRARESOLUTION NO. 99.26
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
LYNWOOD APPROVING THE ESTABLISHMENT OF A REVOLVING LOAN FUND
IN THE AMOUNT OF $300,000 FROM THE REDEVELOPMENT AGENCY LOW AND
MODERATE INCOME HOUSING FUND FOR THE PURPOSE OF CREATING A
INTERNAL FINANCING VEHICLE FOR THE CITY OF LYNWOOD'S PURCHASE
AND REHABILITATION PROGRAM.
WHEREAS, The Redevelopment Agency has established a Purchase and Rehabilitation
program for the purpose of acquiring abandoned homes rehabilitating the structures and selling
the homes to low and moderate income families; and
WHEREAS, The Agency approved a $700,000 program budget utilizing the HOME
Investment Partnership Program as the funding source; and
WHEREAS, The regulatory requirements for the use of the HOME funds may delay the
draw down of the HOME funds thereby, extending or threatening the acquisition and
rehabilitation of the properties; and
WHEREAS, A separate internal revolving loan fund needs to be established utilizing
$300,000 from the Redevelopment Agency Low and Moderate Income Housing fund as a short
term financing vehicle until the HOME funds can secured; and
WHEREAS, In order to proceed ,funds from the Unappropriated Low Mode Housing
Fund need to be appropriated to carry out the requested financial assistance
NOW, THEREFORE, The Redevelopment Agency does hereby resolve as follows:
Section I .That the Redevelopment Agency approve a internal revolving ioan fund in the amount
of $300,000 from the Redevelopment Agency Low and Moderate Income Housing Fund.
Section 2. That the Executive Director or his designee is authorized prepare and execute the
necessary documents to create the account.
FROM TO
Unappropriated Redevelopment
Agency Low Mode Housing Funds
$300,000
Area ALow/Moderate Housing Fund
Account 26-5037
$300,000
~_
i~
Ricardo Sanchez, Chairman
Andrea L. Hooper, Secretary
APPROVED AS TO FORM
.~~~" "" ~
han K. Thever, Esq
Director
Agency Special Council
Ral is, nterim Executive Director
APPROVED AS .CONTENT
y Chicots, Community Development
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned Secretary of the Lynwood Redevelopment Agency (LRA) do
hereby certify that the above and foregoing resolution was duly adopted by the said
Agency at a regular meeting thereof held in the .City Hall of the City of Lynwood on the
1st day of June , 19, 99 ,and passed by the following vote:
AYES: MEMBER BYRD, REA, REYES, RICHARDS, SANCHEZ
NOES: NONE
ABSENT: NONE
/~ r
SECRETARY
LYNWOOD REDEVELOPMENT AGENCY
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above and foregoing is a full, true and correct copy of Resolution No. LRA
9~; . 26 on file in my office and that said resolution was adopted on the date and b}~
the vote therein stated.
DATED this lst day of June , 1999
~~ f~,
~'~`z',
SECRETARY
LYNWOOD REDEVELOPMENT AGENCY