RESOLUTION NO. _____ _
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PASADENA AUTHORIZING
THE SUBMITTAL OF AN APPLICATION TO THE CALIFORNIA HOUSING FINANCE _AGENCY FOR FUNDING UNDER THE ADU GRANT PROGRAM, AND EXECUTION OF A
STANDARD AGREEMENT IF APPROVED FOR SUCH FUNDING AND ANY AMENDMENTS THERETO; AND ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATEIN THE
ADU GRANT PROGRAM
WHEREAS, the City ofPasadena (the "City") wishes to apply for and receive reimbursement of funds through the ADU ("Accessory Dwelling Unit") Grant Program (the "Program"); WHEREAS, thi;:: California Housing Finance Agency (as "CalHF A") is chartered as the state's affordable housing lender; and
WHEREAS, the City implements an ongoing ADU loan program and wishes to submit an application with CalHF A to become .a participating lender in the Program; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Pasadena as follows:
Section 1. The City Council hereby approves the submission to CalHF A of an application to become a participating lender in the ADU Grant Program, which will allow reimbursement of up to forty thousand dollars ($40,000) for pre-development costs incurred by income-qualified homeowners who obtain a loan from the City to construct accessory dwelling units located in the City of Pasadena.
Section 2. If the application is approved, the City hereby agrees to submit for reimbursement eligible pre-development activities in the manner approved by CalHF A and in accordance with the ADU Lender Participation Agreement ("Standard Agreement"). The application in full is incorporated as part of the Standard Agreement. Any and all activities funded, information provided, and time lines represented in the application are enforceable through the Standard Agreement. The City acknowledges and agrees that it may be required to execute any and all other instruments necessary or required by CalHF A for participation as a lender in the ADU Grant Program.
Section 3. The City Council authorizes the City Manager to execute in the name of the City the application, the Standard Agreement, and any subsequent amendments or modifications thereto, as well as any other documents required by CalHF A for participation in the ADU Grant Program, and any amendinents thereto .
Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVEDAND ADOPTED this_ day of ___ , 2022.
I hereby certify that the forgoing Resolution was duly adopted by the City Council ofthe City of Pasadena at a regularly scheduled meeting thereof, held on the __ day of . 2022 by the following vote of Council:
AYES:
NOES:
ABSENT:
ATTEST:
City Clerk
APPROVED AS TO FORM:
Dion O'Connell
Deputy City Attorney