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RESOLUTION NO. 14 <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, SUPPORTING INNOVATIVE HOUSING OPPORTUNITIES' <br />SUBMISSION OF AN APPLICATION TO THE MULTIFAMILY HOUSING <br />PROGRAM ADMINISTERED BY THE CALIFORNIA DEPARTMENT OF HOUSING <br />AND COMMUNITY DEVELOPMENT AND AUTHORIZING THE EXECUTION OF <br />ALL REQUIRED DOCUMENTS BY THE EXECUTIVE DIRECTOR OR HIS <br />DESIGNEE. <br />WHEREAS, the State of California Department of Housing and Community Development <br />("Grantor"), has heretofore invited public agencies and not-for-profit housing developers, to submit <br />applications to Grantor for the Fiscal Year 2019 Multifamily Housing Program ("Program") via a <br />Notice of Funding Availability dated 19 June 2019; and <br />WHEREAS, the Housing Authority of the City of Riverside ("Housing Authority"), a public <br />entity, has issued Request for Proposals 18-03 for the construction of a Permanent Supportive Housing <br />project at Housing Authority owned property located at 3861-3893 Third Street in Downtown <br />Riverside and has found Innovative Housing Opportunities to be the successful respondent to Request <br />for Proposals 18-03; and <br />WHEREAS, in response to this Notice of Funding Availability, the Housing Authority wishes <br />to support Innovative Housing Opportunities' application to the Program for, and receive an allocation <br />of, Program fund for the 3855-3893 Third Street Permanent Supportive Housing Project; and <br />WHEREAS, the Housing Authority is .willing to lend an amount up to One Million Dollars <br />($1,000,000) to the 3855-3893 Third Street Permanent Supportive Housing Project pursuant to the <br />successful award of Program funds and negotiation of a Disposition and Development Agreement; <br />and <br />WHEREAS, the Housing Authority is familiar with the terms, conditions and limitations of <br />any such Program; and <br />WHEREAS, Grantor must approve said application from Innovative Housing Opportunities <br />and a Program award will require the Housing Authority to correspond its Disposition and <br />Development Agreement with Program documents in order for Innovative Housing Opportunities to <br />utilize Program funding. <br />CITY ATTORNEY'S OFFICE <br />3750 UNIVERSITY AVE., STE. 250 <br />RIVERSIDE, CA 92501 <br />(951) 826-5567 <br />