REQUEST FOR HOUSING AUTHORITY ACTION
SUBMITTED TO: Honorable Chair and Commissioners
SUBMITTED BY: Oliver Chi, Executive Officer
PREPARED BY: Ursula Luna-Reynosa, Director of Community Development
Subject:
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Authorize and direct the Executive Director of the Housing Authority to execute the following agreements by and between the Huntington Beach Housing Authority and Five Points Senior LP: 1) First Amendment to Declaration of Covenants, Conditions and Restrictions, and 2) Second Amendment to Affordable Housing Agreement
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Statement of Issue:
On November 18, 1991, the Redevelopment Agency of the City of Huntington Beach (the "Agency") and Five Points Seniors, LP, entered into an Affordable Housing Agreement (Attachment #1). The Agreement created affordability set-aside restrictions to provide for and maintain affordable housing to qualifying senior citizens. Section 402(2) states the affordability restrictions will run for 30 years from the date of the City's issuance of the certificate of occupancy for developer improvements and states the Declaration of Covenants, Conditions and Restrictions will set out all the requirements in a recordable form. On April 1, 1999, the parties entered into a First Amendment to the Affordable Housing Agreement (Attachment #2).
On October 23, 1993, the Agency and Five Points Senior, LP, entered into a Declaration of Covenants, Conditions and Restrictions for Five Points Senior Villas (Attachment #3). The Declaration established 164 total units, with 32 units to be set aside for Very Low Income Households and 16 units for Low and Moderate Income Households. This Agreement, in Section 1.B, created affordability restrictions on the Five Point Senior Villas until July 30, 2023. Upon the expiration of the covenant, the units can be rented at the market rate.
Five Points Senior Villas has provided housing units to very low, low, and moderate-income senior households in Huntington Beach pursuant to the agreements....
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