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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, <br /> <br />to take <br /> <br />such steps and <br /> <br />on behalf of the Agency, <br /> <br />execute such documents as necessary <br /> <br />for the submission of an <br /> <br />application to CDLAC on behalf of the Agency for an allocation in <br /> <br />the <br /> <br />$5,000,000 <br /> <br />for application to the <br /> <br />issuance <br /> <br />of <br /> <br />amount <br /> <br />of <br /> <br />mortgage credit certificates by the County. <br /> <br />section 4. <br /> <br />An amount up to one-half of one percent (.5%) of <br /> <br />the requested allocation is hereby authorized to be placed into <br /> <br />an <br /> <br />account <br /> <br />housing <br /> <br />aside <br /> <br />the <br /> <br />Executive <br /> <br />from <br /> <br />set <br /> <br />funds, <br /> <br />and <br /> <br />Director is authorized to certify to CDLAC that such amount is <br />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 her designee, <br /> <br />on <br /> <br />behalf of the Agency, <br /> <br />is authorized and directed to take such <br /> <br />steps and execute such documents as are necessary to effect the <br /> <br />transfer of such allocation to the County solely for application <br /> <br />to the issuance of mortgage credit certificates which are to be <br /> <br />used <br /> <br />induce <br /> <br />origination <br /> <br />mortgage <br /> <br />loans <br /> <br />to <br /> <br />to <br /> <br />the <br /> <br />of <br /> <br />home <br /> <br />qualifying <br /> <br />will <br /> <br />reside <br /> <br />within <br /> <br />City <br /> <br />and <br /> <br />the <br /> <br />the <br /> <br />persons <br /> <br />who <br /> <br />County. <br /> <br />Section 7. <br /> <br />The Executive Director is authorized to cause <br /> <br />the payment to the County of the Agency's proportionate share of <br /> <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 />