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RESOLUTION 2001-018 <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 /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br /> <br /> 1. The City Council of the City of Santa Ana hereby finds, determines and <br />declares as follows: <br /> <br />The Community Redevelopment Agency of the City of Santa Ana (the <br />"Agency") has determined the importance of participation in a Mortgage <br />Credit Certificate Program (the "Program") for the benefit of first-time <br />homebuyers to be administered by the County of Orange (the "County") <br />pursuant to the provisions of Chapter 3.5 of Part 1 of Division 31 of the <br />Health and Safety Code of the State of California (the "Act") and the <br />Internal Revenue Code of 1986 (the "Code"). <br /> <br />The Agency has determined that the Program will be operated both within <br />the project areas of the Agency and outside such project areas but within <br />the boundaries of the City. <br /> <br />The County of Orange will apply for an allocation from the California Debt <br />Limit Allocation Committee ("CDLAC") for authority to issue mortgage <br />credit certificates, which allocation, when and if received, will be made <br />available to the Agency and other participating cities. <br /> <br /> 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 MCC Program. <br /> <br /> 3. The City hereby finds and determines that the project areas of the Agency <br />will be benefited by the operation of the Program both within and outside the project <br />areas, but within the boundaries of the City. <br /> <br /> 4. This Resolution shall take effect immediately upon its adoption by the City <br />Council, and the City Clerk shall certify the vote adopting this Resolution. <br /> <br />ADOPTED this 20th day of February, 2001. <br /> <br />Resolution No, 200t-018 <br /> Page 1 of 2 <br /> <br /> <br />