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<br />. <br /> <br />. <br /> <br />~ <br /> <br />Section 3. <br /> <br />The Executive Director, <br /> <br />or his designee, <br /> <br />is <br /> <br />authorized, on behalf of the Agency, to take such steps and execute <br />such documents as necessary for the submission of an application to <br /> <br />CDLAC on behalf of the Agency for an allocation in the amount of <br /> <br /> <br />$5,000,000 for application to the issuance of mortgage credit <br /> <br />certificates by the County. <br /> <br />section 4. <br /> <br />An amount up to one percent (1%) of the requested <br /> <br />allocation is hereby authorized to be placed into an account from <br />housing set aside funds, and the Executive Director is authorized <br /> <br />to certify to CDLAC that such amount is available. <br /> <br />Section 5. <br /> <br />The Agency hereby authorizes the transfer to the <br /> <br />County of all of the total principal amount, <br /> <br />if any, <br /> <br />of the <br /> <br />authority to issue mortgage credit certificates allocated to the <br /> <br />agency by CDLAC. <br /> <br />The Executive Director or his designee, on behalf <br /> <br />of the Agency, is authorized and directed to take such steps and <br />execute such documents as are necessary to effect the transfer of <br /> <br />such allocation to the County solely for application to the <br /> <br />issuance of mortgage credit certificates which are to be used to <br />induce the origination of home mortgage loans to qualifying persons <br /> <br />who will reside within the City and the County. <br /> <br />section 7. <br /> <br />The Executive Director is authorized to cause the <br /> <br />payment to the County of the Agency's proportionate share of <br />administrative costs of the Programs referred to in Item 2 above. <br /> <br />section 8. <br /> <br />The officers and employees of the Agency are <br /> <br />authorized and directed, jointly and severally, to do any and all <br /> <br /> <br />things necessary or advisable in order to effectuate the purpose of <br /> <br />-4- <br />