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Resolution 1994-57 ~."';:';-' 1: .. . . RBSOLUTIOI1 110. 94 - 57 RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY AUTHORIZING SUBMITTAL OF AN APPLICATION TO THE CALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT FOR FUNDING UNDER THE HOME INVESTMENT PARTNERSHIPS PROGRAM; THE EXECUTION OF A STANDARD AGREEMENT IF SELECTED FOR SUCH FUNDING AND ANY AMENDMENTS THERETO; AND ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATE IN THE HOME INVESTMENT PARTNERSHIPS PROGRAM. WHEREAS, the City of Gilroy, a political subdivision of the State of California, wishes to apply for and receive an allocation of funds through the Home Investment Partnerships Program (hereinafter referred to; as "HOME") and; WHEREAS, the California Department of Housing and Community Development (hereinafter referred to as the "Department") has issued a Notice of Funding Availability for the HOME program and is authorized to approve funding allocations which will be made available directly through the U.S. Department of Housing and Urban Development (HOD) to be used for the purposes set forth in Title II of the Cranston-Gonzalez National Affordable Housing Act of 1990, the implementing regulations set forth in Title 24 of the Federal Regulations, part 92, and Title 25 of the California Code of Regulations commencing with section 8200; and WHEREAS, the City of Gilroy wishes to submit an application to obtain from the department an allocation of HOME funds. NOW, THEREFORE BE IT RESOLVED that the City of Gilroy shall submit to the department an application to participate in the HOME program in response to the NOFA issued on May 13, 1994 which will request a funding allocation for the following activities: A FIRST-TIME HOMEBUYER'S PROGRAM providing mortgage assistance to 45 families, in the form of low interest loans, to low income first time homebuyer's earning less than 80% of the area's median income. The assistance will be tied to 45 affordable unit being developed by South County Housing, a local non-profit and qualifying Community Housing Development Organization (CHDO) under the State's HOME Program. The Project will be located in Gilroy, California. -1- RESOLUTION NO. 94 - 57 ~ . . BE IT FURTHER RESOLVED, if the application for funding is approved the City of Gilroy hereby agrees to use the HOME funds for eligible activities in the manner presented in the application as approved by the Department and in accordance with regulations cited above. It also may execute any and all other instruments necessary or required by the Department of HOD for participation in HOME. BE IT FURTHER RESOLVED, the City of Gilroy authorizes the City Administrator, or Acting City Administrator to execute in the name of the City of Gilroy, the application, the Standard Agreement, and all other documents required by the department or BUD for participation in the HOME program, and any amendments thereto. PASSED AND ADOPTED this 5th day of July, 1994, by the following vote: AYES: COUNCILMEMBERS: GILROY, KLOECKER, MORALES, ROWLISON, VALDEZ and GAGE. NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBER: ROGERS. APtJ~j~ ATTEST: dbA~dtt::.-~ ./ City Clerk -2- RESOLUTION NO. 94 - 57 . . . I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 94-57 is an original resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council held on the 5th day of Julv , 19~, at which meeting a quorum was present. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of the City of Gilroy this 6th day of Julv ,1994. ~~~~ (Seal)