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87 <br /> <br />RESOLUTION NO. 2000-022 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />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 <br />AGENCY <br /> <br /> WHEREAS, the Community Redevelopment Agency of the City of Santa Ana <br />(the "Agency") has determined the importance of participation in a Mortgage Credit <br />Certificate Program (the "Program") for the benefit of first-time homebuyers to be <br />administered by the County of Orange (the "County") pursuant to the provisions of Part <br />5 of Division 31 of the Health and Safety Code of the state of California (the "Act") and <br />the Internal Revenue Code of 1986 (the "Code"); and <br /> <br /> WHEREAS, it is anticipated that the Program will be operated both within the <br />project areas of the Agency and outside such project areas but within the boundaries of <br />the City of Santa Ana (the "City"); and <br /> <br /> WHEREAS, the Agency has determined that the Program will be operated both <br />within the project areas of the Agency and outside such project areas but within the <br />boundaries of the City; and <br /> <br /> WHEREAS, the County of Orange will apply for an allocation from the California <br />Debt Limit Allocation Committee ("CDLAC") for authority to issue mortgage credit <br />certificates, which allocation, when and if received, will be made available to the Agency <br />and other participating cities; and <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA, 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 application with CDLAC on <br />behalf of the Agency for an allocation of authority to issue mortgage credit certificates <br />by the County of Orange, for the operation of the Program by the Agency. <br /> <br /> Section 3. The City hereby finds and determines that the project areas of the <br />Agency will benefit by the operation of the Program both within and outside the project <br />areas, but within the boundaries of the City. <br /> <br /> Section 4. This Resolution shall take effect immediately upon its adoj~tion by the <br />City Council, and the City Clerk shall certify the vote adopting this Resolution. <br /> <br />Resolution No. 2000-022 <br />Page 1 of 2 <br /> <br /> <br />