55A - MORTGAGE CREDIT CERT PROGRAM

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DRAFT COUNTY OF ORANGE MORTGAGE CREDIT CERTIFICATE PROGRAM COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ORANGE AND THE COMMUNITY REDEVELOPMENT AGENCY FOR THE CITY OF SANTA ANA THIS COOPERATIVE AGREEMENT (the "Cooperative Agreement") is hereby made and entered into as of this day of 2009, by and between the County of Orange, California, (the "County") and the Community Redevelopment Agency for the City of Santa Ana (the "Agency"). WITNESSETH WHEREAS, the County has determined to engage in a mortgage credit certificate program (the "Program") pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") in connection with the construction and acquisition of homes in the County, all as provided for in said Act; and WHEREAS, the County has determined to finance the Program by the issuance of mortgage credit certificates as authorized by the Internal Revenue Code of 1986 (the "Code"); and WHEREAS, the County, pursuant to the Act, has established the Program, and has determined to cooperate with the Agency pursuant to the Act and in the exercise of its powers under the Act for purposes of the Program; and WHEREAS, the Agency has adopted the Program and determined to cooperate with the County pursuant to the Act in the exercise of their powers under the Act for the purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purposes hereof unless otherwise defined herein, have the same meanings assigned to such words and phrases in the Act. SECTION 2. The County agrees to use its best efforts to undertake the Program and to issue mortgage credit certificates therefore pursuant to the Act and the Code from time to time to the extent that the County receives allocations from the California Debt Limit Allocation Committee ("CDLAC"). 1 55A-6