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RESOLUTION 2001-018 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE OPERATION OF A MORTGAGE CREDIT CERTIFICATE PROGRAM BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA OUTSIDE THE PROJECT AREAS OF THE AGENCY BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: The Community Redevelopment Agency of the City of Santa Ana (the "Agency") has determined 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 Chapter 3.5 of Part 1 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"). The Agency has determined 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. The County of Orange will apply for an allocation from the California Debt Limit Allocation Committee ("CDLAC") for authority to issue mortgage credit certificates, which allocation, when and if received, will be made available to the Agency and other participating cities. 2. The City hereby approves the filing of an application with CDLAC on behalf of the Agency for an allocation of authority to issue mortgage credit certificates by the County of Orange, for the operation of the MCC Program. 3. The City hereby finds and determines that the project areas of the Agency will be benefited by the operation of the Program both within and outside the project areas, but within the boundaries of the City. 4. This Resolution shall take effect immediately upon its adoption by the City Council, and the City Clerk shall certify the vote adopting this Resolution. ADOPTED this 20th day of February, 2001. Resolution No, 200t-018 Page 1 of 2