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385 RESOLUTION 97- 056 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE OPERATION OF A MORTGAGE CREDIT CERTIFICATE PROGRA/~ BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA OUTSIDE THE PROJECT AREAS OF THE AGENCY WHEREAS, the Community Redevelopment Agency of the City of Santa Aha (the "Agency") has (Jetermined the importance of participation in a Mortgage Credit Certificate Program (the "Program") for the benefit of first-time homebuyers to be administered by the County of Orange (the "County") pursuant to the provisions of Part 5 of Division 31 of the Health and Safety Code of the state of California (the "Act") and the Internal Revenue Code of 1986 (the "Code"); and WHEREAS, it is anticipated that the Program will be operated both within the project areas of the Agency and outside such project areas but within the boundaries of the City of Santa Ana (the "City"); and WHEREAS, the Agency has deEermined that the Program will be operated both within the project areas of the Agency and outside such project areas but within the boundaries of the City; and WHEREAS, the Agency has decided to apply for an allocation from the California Debt Limit Allocation Committee ("CDLAC") for authority to issue mortgagee credit certificates, which allocation, when and if ~eceived, the Agency intends to transfer to the County; and WHEREAS, the Agency desires to utilize housing set-aside funds to meet this one-half of one percent deposit. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, CALIFORNIA AS FOLLOWS: Section 1. Each of the foregoing recitals is true and correct. Section 2. The CiE~ hereby approves the filing of an application with CDLAC or~ ~ehalf of the Agency for an allocation of authority to issue molu(iag~ credit certificates in an amount not to exceed $5,000,00(i~ Lhe Eransfer of such allocation, when and if received ~y the (:cunty, ~o~ the operation of the Program by the Agency. Section 3. The City hereby finds and determines that the project areas of the Age}~oy will be benefited by the operation of the Program both witt~n ~n~i outside the project areas, but within the boundaries o~ ~he ;~ty.