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RES-2008-209RESOLUTION NO. 2008 -209 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM (I) AUTHORIZING THE SUBMITTAL OF AN APPLICATION TO THE CALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT FOR FUNDING UNDER THE BEGIN PROGRAM FOR PHASE II OF THE AFFORDABLE HOUSING PROJECT LOCATED AT 610 SOUTH OLIVE STREET, (II) IF SELECTED FOR SUCH FUNDING, AUTHORIZING THE EXECUTION OF A STANDARD AGREEMENT, ANY AMENDMENTS THERETO AND ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATE TN THE BEGIN PROGRAM, AND (III) IF SELECTED FOR SUCH FUNDING, AMENDING THE BUDGET FOR FISCAL YEAR 2008 -09 ACCORDINGLY WHEREAS, the California Department of Housing and Community Development "HCD has issued a Notice of Funding Availability "NOFA for the BEGIN Program established by Chapter 14.5, Sections 50860 through 50866 of Part 2 of Division 31 of the California Health and Safety Code (the "Statute and WHEREAS, pursuant to the Statute, HCD is authorized to approve funding allocations utilizing monies made available by the State Legislature to the BEGIN Program, subject to the terms and conditions of the Statute and the BEGIN Program Regulations adopted by HCD on May 21, 2007 (the "BEGIN Program Guidelines and WHEREAS, funding made available under the NOFA for the BEGIN Program "BEGIN Program Funding could be used to provide, among other things, down payment assistance to first time homebuyers in Anaheim with household incomes that do not exceed one hundred twenty percent (120 of area median income; and WHEREAS, a ninety -four (94) unit affordable housing development (the "Affordable Housing Development is being constructed at 610 South Olive Street in the City of Anaheim pursuant to that certain Disposition and Development Agreement (Colony Park Phase II) dated as of June 1, 2008 by and between the Anaheim Redevelopment Agency and Brookfield Olive Street LLC; and WHEREAS, the City of Anaheim, a municipal corporation and charter city, (the "City desires to submit an application to HCD for Three Million One Hundred Thousand Dollars ($3,100,000) of BEGIN Program Funding to be used to provide down payment assistance of up to twenty percent (20 of the purchase price of the housing units to first time homebuyers (i) who acquire homes in the Affordable Housing Development and (ii) have household incomes that do not exceed one hundred twenty percent (120 of area median income (the "Application 1 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Approval of Application. The Application is hereby approved. Section 2. Authority to Execute and Submit Application. The Executive Director of the City's Community Development Department, or her designee, is hereby authorized and directed to execute and submit the Application to HCD. Section 3. Authority to Execute Documents and Take Further Actions. The Executive Director of the City's Community Development Department, or her designee, is hereby authorized and directed, if the City is selected by HCD to receive BEGIN Program Funding, to take such other actions as are consistent with the Application, including the execution of the Standard Agreement prepared by HCD and all other documents and amendments required by HCD for participation in the BEGIN Program. Section 4. Agreement to Utilize BEGIN Program Funding in a Manner Consistent with the Application and the BEGIN Program Guidelines. The City hereby agrees to use BEGIN Program Funding for eligible activities in the manner presented in the Application as approved by HCD and in accordance with the BEGIN Program Guidelines, if selected by HCD to receive such funding. Section 5. Amendment of Budget. Contingent upon the award of a grant and the receipt of funds based upon the Application, the annual budget of the Community Development Department of the City for Fiscal Year 2008 -09 shall be amended by increasing the appropriations and authorized expenditures in the amount equal to the amount of grant funds received by the City. 2 THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ANAHEIM THIS SIXTEENTH (16 DAY OF DECEMBER, 2008 BY THE FOLLOWING ROLL -CALL VOTE: 71401.1 AYES: Mayor Pringle, Council Members Hernandez, Sidhu, Galloway, Kring NOES: NONE ABSTAIN: NONE ABSENT: NONE ATTEST: As Air 4 1 4 or. 40-.4110 CLERK OF THE CIT OF MAYOR OF THE CIT4 AHEIM AHEIM 3