The city manager is hereby authorized to execute agreements with the California Housing Finance Agency and with borrowers for deferred loans for the purpose of financing the construction and/or acquisition of low and moderate income housing through the city and Chico Redevelopment Agency Mortgage Subsidy Programs and the Community Housing Improvement Program self-help program when funds for such loans have been authorized by the city or the Chico Redevelopment Agency.
As part of such authorization, the city manager, in the capacity of the executive director of the Chico Redevelopment Agency or the city manager of the city, shall be authorized to subordinate the security for an agency loan to the security of any other public or private lender participating in the financing of such housing and, in connection therewith, make all of the findings relating to such subordination now or hereafter required by Community Redevelopment Law as set forth in Division 24 of the California Health and Safety Code (commencing with Section 33000).
(Res. No. 66 89-90, Res. No. 97 90-91, Res. No. 151 96-97, Res. No. 02 03-04)