Disposition, Development and Loan Agreement for Camino Terrace (DDLA)

The Housing Authority of the County of Rivers ide (HACR) is the legal owner of a parcel of real property consisting of approximately 15.5 acres of residentially zoned real property located at the east side of Camino Real south of Lakeside Drive and north of Limonite Avenue in the City of Jurupa Valley, State of California, 92509 and referred to as APNs 185-460-001, 185-470-001 and 185-470-002 (HACR Parcel). Pursuant to applicable provisions of the Dissolution Law, the CRL and the "Housing Authorities Law" (California Health and Safety Code, Sections 34200, et seq.), notwithstanding any other provision of law, whenever the Board of Commissioners determines that any real property owned by the HACR can be used to provide housing affordable to low income families, and this use is in the HACR's best interest, the HACR may sell, convey or otherwise dispose of the real property to provide that affordable housing without complying with other provisions of Title 3, Division 2, Part 2, Chapter 5, Article 8 of the California Government Code. The HACR is committed to providing affordable housing and services to the residents of the County of Riverside. Developer desires to acquire the HACR Parcel from the HACR to develop and construct approximately 79 units reserved for low-income families and individuals and one unrestricted on-site manager's unit, for a combined total of an eighty (80)-unit affordable housing project restricted for persons earning 80% or less of the area median income for the County of Riverside. Under the terms of the proposed Disposition, Development and Loan Agreement for the HACR Parcel, approximately forty-nine percent (49%) or thirty-nine (39) of the housing units developed and operated as part of the Project shall be rented to and occupied by low-income households earning 80 percent or less of the area median income for the County of Riverside. There is an unmet need for affordable housing within the County of Riverside. Consistent with applicable provisions of the Health and Safety Code and subject to the satisfaction of certain conditions precedent, the Property will be sold at fair market value. Developer shall be responsible for all (i) entitlements, land use approvals, permits and CEQA compliance, (ii) construction and development costs, (iii), securing financing, construction, on-site and off-site improvements, and (iv) property maintenance obligations. Developer intends to build an affordable housing project and proposes to transfer the parcel to a limited partnership entity in accordance with the Disposition, Development and Loan Agreement when sufficient financing has been secured. All land use and development entitlements, including compliance with CEQA must be obtained from the City of Jurupa Valley.