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REL: 2/7/96 <br /> <br />RESOLUTION NO. 96- 015 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA APPROVING THE OPERA- <br />TION OF A MORTGAGE CREDIT CERTIFICATE <br />PROGRAM BY THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA OUTSIDE <br />THE PROJECT AREAS OF THE AGENCY <br /> <br /> WHEREAS, the Community Redevelopment Agency of the city of <br />Santa Ana (the "Agency") has determined to participate in a <br />Mortgage Credit Certificate Program (the "Program") for the benefit <br />of first-time homebuyers to be administered by the County of Orange <br />(the "County") pursuant to the provisions of Part 5 of Division 31 <br />of the Health and Safety Code of the state of California (the <br />"Act") and the Internal Revenue Code of 1986 (the "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 allocation <br />from the California Debt Limit Allocation Committee ("CDLAC") for <br />authority to issue mortgage credit certificates, which allocation <br />when and if received the Agency intends to transfer to the County; <br />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 one <br />percent of the amount of the allocation requested; and <br /> <br /> WHEREAS, the Agency desires to utilize housing set aside funds <br />to meet this one percent deposit. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA, CALIFORNIA AS FOLLOWS: <br /> <br />Section 1. Each of the foregoing recitals is true and correct. <br /> <br /> Section 2. The City hereby approves the filing of an applica- <br />tion with CDLAC on behalf of the Agency for an allocation of <br />authority to issue mortgage credit certificates in an amount not to <br />exceed $5,000,000, the transfer of such allocation, when and if <br /> <br /> <br />