HomeMy WebLinkAbout97-003 - Approving Operation of a Mortgage Credit Certificate ProgramRESOLUTION 97-003
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 Par~ 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 ~hat the Program will be operated
both within the project areas of the Agency and outside suoh 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 benefited 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 in an account an amount equal to one-half of one
percent of the amount of the allocation requested; and
WHEREAS, the Agency desirqs to utilize housing set-aside funds
to meet this one-half of one percent deposit.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SANTA ANA, CALIFORNIA AS FOLLOWS:
Section 1. Eaoh 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 benefited by the operation of the
Program both withia and outside the project areas, but within the
boundaries of the city.
013
RESOLUTION 97-003
PAGE 2
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 this
the following vote:
6th day of January , 1997 by
AYES: MEMBERS:
NOES: MEMBERS:
Franklin, Lutz, McGuigan, Moreno,
Richardson
None
ABSENT: MEMBERS: Pul ido
ABSTAIN: MEMBERS: Espinoza
ATTEST:
~ri~eo~.thGeUYcou~~ /uel A.~PuliCo, Mayor
c :Y'~t~fney~3~tTh W. Fletcher
/
/ CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JAN1CE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~ 7 -~ O .~ to be the original resolution adopted by the City Council of the
City of Santa Ana on / -- ~' ~ ? 7
Date: 7
Clerk of the Couficil
/// City of Santa Anyl ~7~''