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Topaz and Turquoise RESOLUTION NO. 702 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSiDE, CALiFORNIA, AUTHORIZING THE EXECUTIVE DIRECTOR TO MAKE APPLICATION TO THE CALiFORNIA HOUSING FINANCE AGENCY (CHFA) FOR AN ALLOCATION OF $1,000,000 FROM THE HOUSING ENABLED BY LOCAL PARTNERSHIPS (HELP) PROGRAM AND TO EXECUTE ALL REQUIRED DOCUMENTS AND AGREEMENTS IN CONNECTION THEREWITH FOR PURPOSES OF ASSISTING SOUTHERN CALIFORNIA HOUSING DEVELOPMENT CORPORATION IN THE ACQUISITION AND REHABILITATION OF AFFORDABLE RENTAL HOUSING FOR FAMILIES IN RIVERSIDE. WHEREAS, the Agency is a redevelopment agency duly established by action of the City Council of the City of Riverside and exercising governmental functions and powers pursuant to Chapter 2 of the California Community Redevelopment Law (California Health & Safety Code Sections 33000, et seq.) ("Community Redevelopment Law"); WHEREAS, a fundamental purpose of the Agency is to increase, improve and preserve the community's supply of low and moderate income housing available at affordable housing cost; WHEREAS, the Agency has established a Low and Moderate Income Housing Fund ("Housing Fund") pursuant to and in accordance with the requirements of Sections 33334.2, 33334.3 and 33334.6 of the Community Redevelopment Law; WHEREAS, the Agency has received a proposal from Southern California Housing Development Corporation (the "Developer") to acquire and rehabilitate existing multi-family housing units in the City of Riverside and to operate the units as an affordable rental housing project available at affordable rent to low and very low income families in the City of Riverside (the "Project"); WHEREAS, the Developer has requested financial assistance from the Agency's Housing Fund together with other public assistance, including (without limitation) funds from the California Housing Finance Agency's (CHFA) Housing Enabled by Local Partnerships (HELP) Program, necessary to make the Project financially feasible;