HomeMy WebLinkAbout99-004 - Approving the Operation of a Mortage Credit Certificate ProgramRESOLUTION.~O~. 1999-004
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 AlgA OUTSIDE THE
PROJECT AREAS OF THE AGENCY
WHEREAS, the Community Redevelopment Agency of the City of
Santa Aha (the "Agency") has determined the importance of
participation 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 Ana
(the "City"); and
WHEREAS, the Agency has determined 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; and
WHEREAS, the County of Orange will 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, will be made available to the
Agency and other participating cities; and
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 by the County
of Orange, for the operation of the MCC Program by the Agency.
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RESOLUTION NO. 1999-004
PAGE 2
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 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 this
following vote:
ATTEST:
Clerk of the Council
4th day of
January , 1999 by the
M~q~el A. Pulido
Mayor
COUNCILMEMBERS:
Pulido ~t
Lutz Aye
Bist Aye
Christy Aye
Franklin Aye
McGuigan Aye
Moreno Absent
fAttorney
CERTIFICATE OF ORIGINALITY & PUBLICATION
I, JANICE C. GUY, Clerk of the Council, do hereby certify the
attached Resolution No./999-~ to be the original resolution
adopted by the City Council of the City of Santa Ana on
Date:
Cle~ ~of the Council~
City of Santa Aha
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