HomeMy WebLinkAbout1991-04 CRA
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RESOII1I'ION NO. 91-04
A RESOII1I'ION OF '!HE cnHJNITY REDEVEIDBŒNT AGENCY
OF '!HE CITY OF SANTA ANA AOOPTING A
IDRIG1\GE CREDIT CERI'IFICATE PROGRAM IN
a:x:>PERATION WI'IH '!HE CXXJNTY OF ORANGE, AUIHORIZING
AN APPLICATION 'IO '!HE CALIRJRNIA DEBI' LIMIT
ALIDCATION CXHfiTl'EE FaR AN ALIDCATION FaR '!HE
ISSUANCE OF IDRIG1\GE CREDIT CERI'IFICATES AND
'!HE TRANSFER OF sum ALIDCATION 'IO '!HE CXXJNTY OF ORANGE
WHEREAS, there is a shortage in the County of 0ran:Je (the "County") am.
in the city of Santa Ana (the "City") of holism; affordable by first time heme
buyers, am. a consequent need to encourage the availability of homes
affordable by such persons am. otheJ:wise to increase the holism; supply in the
City am. in the County for such persons; am.
WHEREAS, the Board of SUpervisors of the County has declared its intent
to engage in a mortgage credit certificate program (the "Program") pursuant to
Part 5 of Division 3l of the Health am. Safety Code of the state of California
(the "Act") am. to issue mortgage credit certificates pursuant to the Act to
provide funds for the Program; am.
WHEREAS, the Cammunity Redevelopment 1\qency of the City of Santa Ana
(the "Agency") hereby fims am. deteDnines that the project areas of the
Agency will be benefitted by the operation of the Program both within am.
without the project areas of the 1\gerc:¡, but within the boundaries of the
City; am.
WHEREAS, the city has found am. determined that the project areas of the
Agency will be benefitted by the operation of the Program both within am.
without the project areas of the Agency, but within the boundaries of the
city; am.
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WHEREAS, the Þqency hereby fims am. deteDnines that it is in the best
interest of the Agency to participate in the Program am. to oonsent to the
operation of the Program by the County within the geographic bouIx:1aries of the
project areas of the Agency am. within the bouIx:1aries of the City; am.
WHEREAS, the Þqency desires to enter into a Cooperative Agreement with
the County to permit the operation of the Program within the bourrlaries of the
City; am.
WHEREAS, section l46 of the Inten1al Revenue Cede of 1986, as amen1ed
(the "Cede"), limits the æoount of mortgage credit certificates that may be
issued in arrÿ calen:lar year by entities within a state ani authorizes the
goveJ:nOr or the legislature of such state to provide the method of allocation
within such state; am.
WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Cede of
the state of California (the "GoITemment Cede") governs the allocation of the
state ceilm; (as that term is defined in the Cede) among govem¡rental units
in the state of California (the "state") havm; the authority to issue
mortgage credit certificates; am.
WHEREAS, Section 8869.85 of the Government Cede requires a local agency
to file an application for a portion of the state ceilm; with or upon the
direction of the California Debt Limit Allocation Committee ("CDIAC") prior to
the issuance of IIOrtgage credit certificates; am.
WHEREAS, the Agency has determined to transfer to the County ~ to
section 8869.85(d) of the GoITemment Cede, the total æoount, if arrÿ, of
authority to issue mortgage credit certificates allocated to the Agency from
the state ceilm;; am.
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WHEREAS, one percent of the amount of the allocation to be requested by
the Agency is to be held in an account p,¡rsuant to section 8869.84 of the
Government Code am. the Regulations of the Committee;
NOW, 'IHEREFORE, BE IT RESOLVED BY '!HE cnHJNITY REDEVEIDBŒNT AGENCY OF
THE CITY OF SANTA ANA AS FO~ :
Section l.
Each of the foregom; recitals is true am. correct.
section 2. '!he Agency hereby adepts the Program for the purpose of
increasm; the holism; supply in the County am. in the City am. consents to
the operation of the Program by the County with respect to all property
located within the geographical l:xJurDaries of the City, including the payment
to the County of the Agency's proportionate share (based upon the mnnber of
participants in the Program) of administration costs applicable to each
allocation received frail CDIAC, which costs are estimated not to exceed
$15,000.
section 3. '!he Cooperative 1Igreement between the County am. the 1\qency
(the "1Igreement"), a CIJfIY of which is attached hereto as Exhibit A, is hereby
approved am. the C1Jairman of the 1\qency is hereby authorized am. directed to
execute am. deliver the 1Igreement, for am. in the name am. on behalf of the
Agency. '!he Chairman is authorized to ~ any additions to or charges in
the foI1ll of the 1Igreement deemed necessary or advisable, approval of such
additions or charges to be conclusively evidenced by execution of the
1Igreement as so added to or charged by the Chairman. '!he Chairman is further
authorized to enter into such additional agreements with the County, execute
such other documents or take such other actions as they may deem necessary or
appropriate to cany out the purpose am. intent of the 1Igreement or to
cooperate in the :i111ple.mentation of the Program.
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section 4. 'Ihe Executive Director, or his designee, is authorized, on
behalf of the Agency, to submit an application, am. such other documents as
may be required, to CDIAC f= an allocation in the aJOCIUI1t of $5,000,000., for
a¡:plication to the issuance of mortgage credit certificates by the County.
section 5. An ëIIIKJl1I1t up to one percent (1%) of the requested allocation
is hereby authorized to be placed into an acc:::cmrt: fran holism; set aside
funds, am. the Executive Director is authorized to certify to CDIAC that such
aJOCIUI1t is available.
section 6. 'Ihe 1\qency hereby authorizes the transfer to the Coonty of
all of the principal ëIIIKJl1I1t, if aIr:I, of mortgage credit certificates allocated
to the Þqency by CDIAC. 'Ihe Executive Director = his designee, on behalf of
the Þqency, is authorized am. directed to take such steps am. execute such
documents as are necessary to effect the transfer of such allocation to the
County solely for application to the issuance of mortgage credit certificates,
the proceeds of which are to be used to :imuce the origination of home
mortgage loans to qualifym; persons who will reside within the City am. the
County .
Section 7. 'Ihe Executive Director is authorized to cause the payment to
the County of the Þqency's proportionate share of administrative costs of the
Program referred to in Item 2 above.
Section 8. 'Ihe officers am. enployees of the Þqency are authorized am.
directed, jointly am. severally, to do aIr:I am. all thin;s necessary or
advisable in order to effectuate the pw:poses of this resolution = the
issuance of the mortgage credit certificates by the County, am. all actions
previously taken by such officers am. enployees in connection with the
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application for the allocation authorized to be requested are ratified and
approved.
section 9. '!his resolution shall take effect innnediately upon its
adoption by the Agency, am. the Secretary of the 1\qency shall certify the vote
adoptin;J this resolution.
AOOPI'ED, this 18th day of
June
, 1991 by the followin:J vote:
AYES:
MEMBERS: ACOSTA, GRISET, NORTON, MCGUIGAN
NOES:
MEMBERS :
ABSENT :
MEMBERS PULIDO, RICHARDSON, YOUNG
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ATTEST :
Jir~~ }¿~
~ve D r
APPROVED AS 'IO FORM :
L~ Agency A~