HomeMy WebLinkAbout96-076 - Mortgage Credit Certificate ProgramRESOLUTION NO. 96-076
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 AREA~ OF THE AGENCY
WHEREAS, the Community Redevelopment Agency of the City of
Santa Ana (the "Agency") has determined to participate in a
Mortgage C~edit 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 Ana
(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
authority 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 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
RESOLUTION 96-076
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247
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, this5t_~h day
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
APPROVED AS TO FORM:
of August , 1996 by the following
MEMBERS:
MEMBERS:
MEMBERS:
MEMBERS:
Lutz, McGuigan, Mills, Moreno,
Pulido
Richardson
Espinoza
~/~yor ' '
city Attorney
248'
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~ - ~> ?~ to be the original resolution adopted by the City Council of the
City of Santa Ana on 0{)--~'""~7~
Date: ~/q, ~.~'~. ~
//~ Clerk of the Cot~¢il ~
'~ City of Santa Aha ' .~