HomeMy WebLinkAbout94-055 - Mortgage Credit Certificate Program by CDARESOLUTION NO. 94-055
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
WHEREAS, the Community Redevelopment Agency of the City of
Santa Ana (the "Agency") has determined to participate 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 Part 5 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"); and
WHEREAS, it is anticipated 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 of Santa Aha
(the "City"); and
WHEREAS, the Agency has determined that the project areas of
the Agency will be benefitted by the operation of the Program
outside such project areas but within the boundaries of the City;
and
WHEREAS, the Agency has determined to apply for an
allocation from the California Debt Limit Allocation Committee
("CDLAC") for a.uthority to issue mortgage credit certificates,
which allocation when and if received the Agency intends to
transfer to the County; and
WHEREAS, in connection with the application to CDLAC the
Agency is required to place into an account an amount equal to
one percent of the amount of the allocation requested; and
WHEREAS, the Agency desires to utilize housing set aside
252
RESOLUTION 94-055
Page 2
funds to meet this one percent deposit.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SANTA ANA, CALIFORNIA AS FOLLOWS:
Section 1. Each of the foregoing recitals is true and
correct.
Section 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 in an amount
not to exceed $5,000,000, the transfer of such allocation, when
and if received, to the County, and the operation of the Program
by the Agency.
Section 3. The City hereby finds and determines that the
project areas of the Agency will be benefitted by the operation
of the Program both within and outside the project areas, but
within the boundaries of the city.
Section 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,
vote:
ATTEST:
this 15t~ay of Auqust , 1994 by the following
AYES:
NOES:
ABSENT:
Lutz, McGuigan, Mills, Moreno,
Richardson, Young
None
None
;%PPROVED AS TO FORM:
Pulido,
Edwa~ d~-~f.. ~oo~ r
City Attorney
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, /AN'ICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~,fft. OO"~"' to be the original resolution adopted by the City Council of the
City of Santa Ana on ,atT-'/~'"'a~/
~o~../.. 7 ,/q ..Z //J/ Clerk of the Cou'~'~
Date:
"' City of Santa Ana
.53