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RESOLUTION NO. 93-075 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br /> OF SANTA ANA APPROVING THE OPERATION OF A <br /> MORTGAGE CREDIT CERTIFICATE PROGRAM BY THE <br /> COMMUNITY REDEVELOPMENT AGENCY OF THE CITY <br />OF SANTA ANA OUTSIDE THE PROJECT AREAS OF THE AGENCY <br /> <br /> WHEREAS, the Community Redevelopment Agency of the City of <br />Santa Aha (the "Agency") has determined to participate in a <br />Mortgage Credit Certificate Program (the "Program") for the <br />benefit of first-time homebuyers to be administered by the County <br />of Orange (the "County") pursuant to the provisions of Part 5 of <br />Division 31 of the Health and Safety Code of the state of <br />California (the "Act") and the Internal Revenue Code of 1986 (the <br />"Code"); and <br /> <br /> WHEREAS, it is anticipated that the Program will be operated <br />both within the project areas of the Agency and outside such <br />project areas but within the boundaries of the city of Santa Ana <br />(the "City"); and <br /> <br /> WHEREAS, the Agency has determined that the project areas of <br />the Agency will be benefitted by the operation of the Program <br />outside such project areas but within the boundaries of the City; <br />and <br /> <br /> WHEREAS, the Agency has determined to apply for an <br />allocation from the California Debt Limit Allocation Committee <br />("CDLAC") for authority to issue mortgage credit certificates, <br />which allocation when and if received the Agency intends to <br />transfer to the County; and <br /> <br /> WHEREAS, in connection with the application to CDLAC the <br />Agency is required to place into an account an amount equal to <br />one percent (1%) of the amount of the allocation requested; and <br /> <br /> WHEREAS, the agency desires to utilize housing set aside <br />funds to meet this one percent deposit. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA, CALIFORNIA AS FOLLOWS: <br /> <br /> Section 1. Each of the foregoing recitals is true and <br />correct. <br /> <br /> Section 2. The City hereby finds and determines that the <br />project areas of the Agency will be benefitted by the operation <br />of the Program both within and outside the project areas, but <br />within the boundaries of the city. <br /> <br /> <br />