CC Resolution No. 00-242RESOLUTION NO. 00-242
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
APPROVING CUPERTINO COMMUNITY SERVICES APPLICATION
TO THE CALIFORNIA HOUSING FINANCE AGENCY FOR A LOAN FOR THEIR
AFFORDABLE HOUSING PROJECT
WHEREAS, Cupertino Community Services, a California nonprofit corporation ("CCS"),
desires to develop twenty four units of multi-family rental housing in the City of Cupertino (the
"Development"); and
WHEREAS, the housing in the Development will be offered at rents affordable to low and
very low income households; and
WHEREAS, the City of Cupertino wishes to support CCS in the development of affordable
housing in the City of Cupertino; and
WHEREAS, the California Housing Finance Agency ("CHFA") is accepting applications
under its new HELP Program to lend funds to local jurisdictions for use in the development of
affordable housing; and
WHEREAS, the City desires to apply to CHFA under the HELP Program to borrow funds in
an amount not to exceed Two Million Dollars ($2,000,000) which will be loaned to CCS to assist in
financing the construction of the Development.
NOW, THEREFORE, BE IT RESOLVED that the City Council authorizes the application to
CHFA for a loan under the HELP Program in an amount not to exceed Two Million Dollars
($2,000,000).
BE IT FURTHER RESOLVED that the City Manager is hereby authorized and directed to
negotiate and execute the HELP Program application and to take other actions necessary to facilitate
the proposal program..
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino
this 18th day of September, 2000, by the following vote:
Vote
AYES:
NOES:
ABSENT:
ABSTAIN:
Members of the City Council
Burnett, Chang, Lowenthal, Statton
None
James
None
D{6p~u[y City Clerk