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Resolution 2011-44 1 RESOLUTION NO. 2011-44 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY HEREBY AUTHORIZING THE SUBMITTAL OF AN APPLICATION TO THE CALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT FOR FUNDING UNDER THE CALHOME 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 CALHOME PROGRAM WHEREAS: A. The City of Gilroy, a municipal corporation herein referenced as "City", wishes to apply for and receive an allocation of funds through the Cal Home Program; and, B. The California Department of Housing and Community Development (hereinafter referred to as "HCD") has issued a Notice of Funding Availability ("NOFA") for the CalHome program established by Chapter 84, Statutes of 2000 (SB 1656 Alarcon), and codified in Chapter 6 (commencing with Section 50650) of Part 2 of Division 31 of the Health and Safety Code (the "statute"). Pursuant to the statute, HCD is authorized to approve funding allocations utilizing monies made available by the State Legislature to the CalHome program, subject to the terms and conditions of the statute and the CalHome Program Regulations adopted by HCD in April 2004; and, C. The City wishes to submit an application to obtain from HCD an allocation of CalHome funds in the amount of $ 600,000. NOW THEREFORE BE IT RESOLVED THAT: 1. The City shall submit to HCD an application to participate in the CalHome Program in response to the NOF A issued on October 3, 2011 which will request a funding allocation for the following activities: RESOLUTION NO. 2011-44 2 Provide down payment assistance to 10 very low and low income homebuyers in the form of deferred, low interest loans over a three year period. Loans shall be distributed citywide to eligible low and very low income homebuyers in an amount of up to $60,000 per unit. 2. If the application for funding is approved, the City hereby agrees to use the CalHome funds for eligible activities in the manner presented in the application as approved by HCD and in accordance with program regulations cited above. The City also may execute any and all other instruments necessary or required by HCD for participation in the CalHome Program. 3. The City Administrator is authorized to execute in the name of The City of Gilroy the application, the Standard Agreement, and all other documents required by HCD for participation in the CalHome Program, and any amendments thereto. PASSED AND ADOPTED this 21st day of November, 2011, by the following vote: AYES: COUNCILMEMBERS: ARELLANO, BRACCO, DILLON, LEROE-MuNOZ, TUCKER, WOODWARD and PINHEIRO NOES: ABSENT: COUNCILMEMBERS: COUNCILMEMBERS: NONE NONE APPROVED: ~~~.. . lbeii Pinheiro, Mayor RESOLUTION NO. 2011-44 I, SHA WNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 2011-44 is an original resolution, or true and correct copy of a city resolution, duly adopted by the Council of the City of Gilroy at a special meeting of said Council held on the 21 st day of November, 2011, 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 22nd day of November, 2011. I I awna Freels, C C City Clerk of the Cl of Gilroy (Seal)