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Report to Redevelopment Agency Board regarding Application for HELP Program Page 4 of 4 the 2 year JPA advance the Agency made as part of the initial two year deferral. Although the Agency's loans to the homeowners will be secured by a deed of trust recorded against the property, there is a risk that the homeowners may default on their loans and that the Agency may be individually responsible to pay all or a portion of the CHFA Loan. ENVIRONMENTAL IMPACT None CONFLICT OF INTEREST — Gift Disclosure Requirements N/A CONSISTENCY WITH IMPLEMENTATION PLAN Section 4.5 of the Agency's Implementation Plan identifies single family rehabilitation as a need. The HELP Loan Program will also support the Agency in obtaining its goal of assisting 105 very low income households during its ten-year housing program cycle to be reported on or before December 311 2014 pursuant to AB 637, Government Code 65584, Sections 33490(a)(2)(A)(iii) and 33334.4. It is anticipated that up to 50 households will be able to participate in the program to assist rehabilitation of homes owned and occupied by very low income households. The proposed program should also assist aids the City in achieving its housing needs outlined in the City's General Plan Housing Element. RECOMMENDATION Approve Agency Resolution No. 847, authorizing the submittal of a California Housing Finance Agency (CHFA) Housing Enabled by Local Partnership (HELP) Loan Program proposal and execution of the CHFA loan documents and other necessary actions by the Executive Director to obtain such financing. Attachments: Exhibit A HELP Program Criteria Exhibit B Agency Resolution No. 847 Prepared by Judith Clarke, Project Manager II REVIEW TEAM ONLY City Attorney: City Manager: Finance Director. OTHER: R:1Admimstration\Meetings\2005 MEE MGS1Staff Reports In Pcogress\HELP ApplicationWEL.P Loan Staff Report rev.doc