CRA 2004-01-26MINUTES CFA REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
January 26, 2004
Agency Chairperson Keenan called the meeting of the Cypress Redevelopment Agency
to order at 7:30 p.m. in the Council Chambers, 5275 Orange Avenue, Cypress,
California.
PRESENT:
Agency Board Members McCoy, McGill, Sondhi,
Chairperson Piercy, Agency Chairperson Keenan
ABSENT: None
Agency Vice
Aisc present were Executive Director, City Attorney, Agency Counsel, Deputy Executive
Director, Agency Treasurer, Public Works Director, Chief of Police, Recreation and
Community Services Director, Assistant Community Development Director,
Administrative Services Manager, Housing Coordinator, and Agency Secretary.
New Business:
Item No. 15: APPROVAL OF AN AFFORDABLE HOUSING AGREEMENT BETWEEN
THE CYPRESS REDEVELOPMENT AGENCY AND HABITAT FOR HUMANITY O~
ORANGE COUNTY, INC. FOR THE PROVISION OF SEVEN (7) AFFORDABI. I
TOWNHOME UNITS LOCATED AT 8882 WALKER STREET.
The Housing Coordinator provided background information on this item.
Agency Member Sondhi asked for elaboration on the promissory note.
The Housing Coordinator stated that the loan being provided to Habitat for Humanity is
to secure the property and does not require repayment unless there is a default on the
loan. He stated that the loan to Habitat will be assumed by each property owner as the
units are sold.
The Housing Coordinator stated that Habitat for Humanity allows for covenants longer
than 45 years so they will take an ownership interest for up to 60 years to make sure
that the units remain affordable to very Iow-income applicants.
It was moved by Agency Board Member Sondhi and seconded by Agency Vice Chair
Piercy, that the Cypress Redevelopment Agency Board: 1) Approve the Affordable
Housing Agreement with Habitat for Humanity of Orange County, Inc. for the provision
of seven (7) affordable townhome units at 8882 Walker Street and authorize the
execution of the Agreement by the Agency Chair; and 2) Approve an appropriation from
the unreserved fund balance of the Agency's Low and Moderate Income Housing Fund
in the amount of $894,277 to the following account number: 4299-36-196-06.
The motion was unanimously carried by the following roll call vote:
AYES:
NOES:
ABSENT:
5 AGENCY MEMBERS: McCoy, McGill, Sondhi, Piercy and Keenan
0 AGENCY MEMBERS: None
0 AGENCY MEMBERS: None
ADJOURNMENT: Agency Chairperson Keenan adjourned the meeting at 7:45 p.m.
CHAIRPERSON OF THE CYPRESS
REDEVELOPMENT AG ENCY
CYPRESS REDEVELOPMENT AGENCY
ATTEST:
SI~'C.~ETARY (~F THE CYPRESS
REOEVELOPMENT AGENCY
JANUARY 26, 2004
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