Disposition, Development and Loan Agreement for Rubidoux Gateway Villas

The Housing Authority of the County of Riverside (HACR) is the legal owner of a parcel of real property cons1stmg of approximately 4.43 acres of residentially zoned real property located at 640 Crestmore Road, 3720 Crestmore Road, and 5171 Mission Boulevard in the City of Jurupa Valley, County of Riverside, State of California, identified with as Assessor's Parcel Numbers 179-330-002, 179-330-003 and 179-330-005 (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 an affordable apartment community that will consist of fifty-seven (57) apartment units consisting of two, three and four bedrooms with washer/dryers in each unit, community center (including a computer lab and resident service area), picnic/bar-b-que areas, tot-lot/playgrounds, multi-purpose room, pool, on-site property management. Under the terms of the proposed Disposition, Development and Loan Agreement for the HACR Parcel, approximately forty-nine percent (49%) or twenty-seven (27) 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. The terms of the Property sale and applicable affordability restrictions are set forth in the Disposition, Development and Loan Agreement, including attachments, to be executed by the HACR and Developer. The deed restriction of up to twenty-seven (27) units affordable to low and extremely low-income households is in the best interests of the HACR, the County of Riverside, and residents of the Jurupa Valley area.