ARA 2008/02/26ANAHEIM REDEVELOPMENT AGENCY
REGULAR MEETING OF
FEBRUARY 26, 2008
The Anaheim Redevelopment Agency met in regular session in the Chambers of Anaheim City
Hall located at 200 South Anaheim Boulevard.
Present: Chairman Curt Pringle, Agency Members: Lorri Galloway, Bob Hernandez, Lucille
Kring and Harry Sidhu
Staff Present: City Manager Dave Morgan, City Attorney Jack White, and Secretary Linda
Andal.
A copy of the agenda for the meeting of the Redevelopment Agency was posted on February
22, 2008 on the kiosk outside City Hall.
At 5:20 P.M., Chairman Pringle called the meeting of the Anaheim Redevelopment Agency to
order for a joint public comment session with the Anaheim City Council and the Anaheim
Housing Authority.
ADDITIONSIDELETIONS TO THE AGENDA: None
PUBLIC COMMENTS: No comments offered during the joint public comment session related
to the Redevelopment Agency agenda.
CONSENT CALENDAR: Item No. 1 was removed from the consent calendar to be considered
concurrently with Item No. 3 of the Housing Authority agenda and Item No. 8 on the Council
agenda. Agency Member Sidhu moved to approve Item No. 2 which remained on the consent
calendar, seconded by Agency Member Hernandez. Roll Call vote: Ayes - 5: Chairman
Pringle, Agency Members: Galloway, Hernandez, Kring and Sidhu. Noes - 0. Motion Carried
2. Approve minutes of the Agency meeting held January 29, 2008.
OFF CONSENT:
1. Approve revisions to the Homebuyer Downpayment Assistance Programs: Second
ARA 161 Mortgage Assistance Program and Equity Participation Agreement Loan (Related to
Housing Item #03 and Council Item #08).
Bertha Chavoya, Housing Manager, remarked the City currently provided for several individual
homebuyer loan programs approved under the Housing Authority, the Redevelopment Agency
and the City specifically designated for low and moderate income households. Although the
current market conditions showed a'decline in housing values, she stated the appreciation of
homes in Orange County exceeded the increase of the area median wage for low and moderate
income households and staff was recommending revisions to the current maximum program
loan amounts. Specifically, the $75,000 for low income households and $65,000 for moderate
income households would be increased to $125,000 and $100,000 respectively, She added
staff was also recommending homebuyers be allowed to participate in the secondary mortgage
financing market which provided below market interest rates and more favorable terms. The
third revision, she stated, would create some consistency in the affordability resale restrictions
Anaheim Redevelopment Agency Minutes of February 26, 2008
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for specific projects. She explained that with these proposed changes, staff felt better able to
assist more families to purchase affordable housing in the City and within specific projects
where there was a development and disposition agreement (DDA) with the developer.
Chairman Pringle was supportive of the increased down payment assistance and with
participation in the secondary mortgage market. He expressed concern over the revision
addressing affordable resale restrictions. He remarked that with many of the City's affordable
housing projects, a 55-year deed restriction was in place which meant if the City assisted a
homebuyer with moving into a home, when that property was sold and there was a net equity
value resulting from that sale, the proceeds must be split with the City. This revision, he pointed
out, would require a deed restriction for any property with a DDA agreement even if a
homebuyer purchased the home at market rate and was provided down payment assistance
through the City. He expressed concern that this revision would impede rather than help
families get into housing and recommended approving the first two revisions while allowing for
more research on the deed restriction issue; staff concurred. Chairman Pringle also suggested
having an annual review of the maximum loan limits should the housing market turn around,
Agency Member Kring concurred in the annual review, and remarked she felt the equity split
between the homeowner and the City was fair.
Chairman Pringle moved to approve the maximum aggregate loan amount increases, subject to
annual review, to approve the secondary trust deed revision and to continue to a later date the
DDA resale restriction revision; seconded by Agency Member Kring. Roll Call vote: Ayes - 5;
Chairman Pringle, Agency Members: Galloway, Hernandez, Kring and Sidhu. Noes - 0. Motion
Carried
ADJOURNMENT:
There being no further business, Chairman Pringle adjourned the Anaheim Redevelopment
Agency meeting at 6:11 P.M.
Resp Ily subm' ted,
inda N. Andal
Secretary, Anaheim Redevelopment Agency