CRA - 16RESOLUTION NO. ERA-16
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY
DECLARING ITS INTENTION TO PROCEED WITH ACTIONS
TO SUPPORT THE SUBMITTAL OF A PRELIMINARY APPLICATION
FOR FUNDING UNDER THE FEDERAL DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT 202/8 PROGRAM.
WHEREAS, there is a shortage of affordable housing for the low and
moderate income elderly of the Cypress area; and
WHEREAS, the shortage of affordable housing has forced many of the
elderly into substandard living conditions; and
WHEREAS, the Redevelopment Agency of the City of Cypress has a
responsibility to assist where possible in the provision of decent, safe
and affordable housing of the elderly; and
WHEREAS, the nonprofit co-sponsors, National Church Residences and
Affordable Development Corporation, require certain assistance and support
from the Redevelopment Agency of the City of Cypress, in order to attract
a funding commitment from the Federal Department of Housing and Urban
Development;
NOW, THEREFORE, the Cypress Redevelopment Agency DOES HEREBY RESOLVE
as follows:
Section 1. RECITALS. That the above recitals are true and correct.
Section 2. SUPPORT. That the public interest and convenience requires,
and it is the intention of the Redevelopment Agency of the City of Cypress,
to support National Church Residences and Affordable Development Corporation
in their efforts to attract the required federal construction and mortgage
commitments and rental assistance funding sought under the 202/8 program.
Section 3. LAND. That the public interest and convenience requires,
and it is the intention of the Redevelopment Agency of the City of Cypress
to make available certain property within the redevelopment area of the
City of Cypress described in Exhibit "A" for the development of low and
moderate income elderly housing under the 202/8 program. Said 1.5 acres
shall be available for purchase or long term lease (55 years) to the
Mortgagor, National Church Residences of Cypress. Said property shall be
leased or purchased at a HUD/FHA appraised purchase price or a HUD/FHA
approved lease amount, but in either use, at an amount which does not
jeopardize the overall economic feasibility of the 202 development. Said
property will be sold or leased only if there is an award of a 202/8
mortgage to the Mortgagor. It is recognized that payment for the land is
expected from proceeds of the "initial endorsement" of the HUD loan
expected in October of 1985.
Section 4. IMPROVEMENTS. That the public interest and convenience
requires, and it is the intention of the Redevelopment Agency of the City
of Cypress in the event that the Mortgagor, National Church Residences of
Cypress, obtains a 202/8 mortgage commitment, to make available improvements
in the form of a public roadway running along the southerly boundary of the
202 site as shown on Exhibit "A." The construction cost of said improvements
will be at no cost to National Church Residences of Cypress, and furthermore,
the Redevelopment Agency will commit to maintaining said improvements at no
cost to National Church Residences of Cypress.
PASSED AND ADOPTED by the governing board of the Cypress Redevelopment
Agency on the 9th day of Janua~/ 1984.
ATTEST:
SECRETA~RY~- ~?---
CYPRESS REDEVELOPMENT AGENCY
CHAI KMAN
CYPRESS REDEVELOPMENT AGENCY
STATE OF CALIFORNIA ) SS
COUNTY OF ORANGE )
I, DARRELL ESSEX, Secretary of the Cypress Redevelopment Agency, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular
meeting of said Agency held on the 9th day of January 1984, by the
following roll call vote:
AYES: 4 AGENCY MEMBERS: Coronado, Mullen, Partin, and Kanel
NOES: 0 AGENCY MEMBERS: None
ABSENT: 1 AGENCY MEMBERS: Lacayo
CYPRESS REDEVELOPMENT AGENCY
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