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File #:
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19-0090
Version:
1
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Name:
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Authorization of Purchase of Option Agreement for CalCHA
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Type:
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CC- Consent - Resolution
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Status:
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Agenda Ready
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On agenda:
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2/12/2019
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Final action:
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2/12/2019
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Title:
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RESOLUTION - AUTHORIZATION FOR THE CITY OF SANTA ROSA TO BECOME AN ADDITIONAL MEMBER OF THE CALIFORNIA COMMUNITY HOUSING AGENCY (“CALCHA”); AUTHORIZATION OF PURCHASE OPTION AGREEMENTS WITH CALCHA FOR MIDDLE-INCOME AFFORDABLE HOUSING TRANSACTIONS; SUPPORT FOR CALCHA’S ISSUANCE OF TAX-EXEMPT BONDS FOR THE FINANCING AND ACQUISITION OF MIDDLE-INCOME AFFORDABLE HOUSING TRANSACTIONS; AND APPROPRIATION OF ANY SURPLUS CASH RECEIVED FROM CALCHA’S MIDDLE-INCOME AFFORDABLE HOUSING TRANSACTIONS INTO FUND 2282 FOR AFFORDABLE HOUSING PURPOSES
RECOMMENDATION: It is recommended by the Housing & Community Services Department (HCS) that the Council, by resolutions: 1) authorize the City of Santa Rosa to join CalCHA as an Additional Member to allow the issuance of tax exempt bonds by CalCHA within the City limits; and 2) authorize the Director of HCS to execute a Purchase Option Agreement between the City of Santa Rosa and CalCHA associated with the acquisition of 1020 Jennings Avenue (“Property”); ...
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