HomeMy WebLinkAbout1996-04 CRA
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RESOLUTION NO. 96-4
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA ADOPTING A
MORTGAGE CREDIT CERTIFICATE PROGRAM IN
COOPERATION WITH THE COUNTY OF ORANGE, AUTHORIZING
AN APPLICATION TO THE CALIFORNIA DEBT LIMIT
ALLOCATION COMMITTEE FOR AN ALLOCATION FOR THE
ISSUANCE OF MORTGAGE CREDIT CERTIFICATES AND
THE TRANSFER OF SUCH ALLOCATION TO THE COUNTY OF ORANGE
WHEREAS, there is a shortage in the County of Orange (the
"County") and in the city of Santa Ana (the"City") of decent, safe,
and sanitary housing, particularly of housing affordable by first-
time
and
consequent
need
to
the
buyers,
a
encourage
home
availability of homes affordable by such persons and otherwise to
increase the housing supply in the City and in the county for such
persons; and
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 31 of the Health and
Safety Code of the State of California (the "Act") and to issue
mortgage credit certificates pursuant to the Act to provide funds
for the Program; and
WHEREAS, the Community Redevelopment Agency of the City of
Santa Ana (the "Agency") hereby finds and determines that the
project areas of the Agency will be benefitted by the operation of
the Program both wi thin and without the proj ect areas of the
Agency, but within the boundaries of the city; and
WHEREAS, the City has found and determined that the project
areas of the Agency will be benefitted by the operation of the
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Program both within and without the project areas of the Agency,
but within the boundaries of the city; and
WHEREAS, the Agency hereby finds and determines that it is in
the best interest of the Agency to participate in the Program and
to consent to the operation of the Program by the County within the
geographic boundaries of the project areas of the Agency and within
the boundaries of the city; and
WHEREAS,
the Agency desires to enter into a Cooperative
Agreement with the County to permit the operation of the Program
within the boundaries of the city; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as
amended
"Code"),
limits
amount
mortgage
credit
the
of
(the
certificates that may be issued in any calendar year by entities
within a state and authorizes the governor or the legislature of
such state to provide the method of allocation within such state;
and
WHEREAS ,
Chapter 11. 8
of Division 1
of Title
of the
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Government Code of the State of California (the "Government Code:)
governs the allocation of the state ceiling
(as that term is
defined in the Code) among governmental units in the State of
California (the "State") having the authority to issue mortgage
credit certificates; and
WHEREAS, Sec~ion 8869.85 if the Government Code requires a
local agency to file an application for a portion of the state
ceiling with or upon the direction of the California Debt Limit
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Allocation Committee ("CDLAC") prior to the issuance of mortgage
credit certificates; and
WHEREAS,
the
desires
County
file
an
the
that
Agency
application with CDLAC on behalf of the Agency for an allocation of
authority to issue mortgage credit certificates and elects to
transfer to the County pursuant to Section 8869.85(d)
of the
Government Code, the total amount, if any, of authority allocated
to the Agency; and
WHEREAS, one percent of the amount of the allocation to be
requested on behalf of the Agency is to be held in an account
established by the Agency pursuant to section 8869,84 of the
Government Code and the regulation of the CDLAC;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
section 1.
Each of the foregoing recitals is true and
correct.
section 2.
The Agency hereby adopts the Program for the
purpose of increasing the housing supply in the County and in the
city and consents to the operation of the Program by the county
with
property
located
within
geographic
the
respect
to
all
boundaries of the City, including the payment to the County of the
Agency's proportionate share (based upon the number of participants
in
administration
applicable
each
the
Program)
of
costs
to
allocation received from CDLAC, which share is estimated not to
exceed $15,000.
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Section 3.
The Executive Director,
or his designee,
is
authorized, on behalf of the Agency, to take such steps and execute
such documents as necessary for the submission of an application to
CDLAC on behalf of the Agency for an allocation in the amount of
$5,000,000 for application to the issuance of mortgage credit
certificates by the County.
section 4.
An amount up to one percent (1%) of the requested
allocation is hereby authorized to be placed into an account from
housing set aside funds, and the Executive Director is authorized
to certify to CDLAC that such amount is available.
Section 5.
The Agency hereby authorizes the transfer to the
County of all of the total principal amount,
if any,
of the
authority to issue mortgage credit certificates allocated to the
agency by CDLAC.
The Executive Director or his designee, on behalf
of the Agency, is authorized and directed to take such steps and
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 which are to be used to
induce the origination of home mortgage loans to qualifying persons
who will reside within the City and the County.
section 7.
The Executive Director is authorized to cause the
payment to the County of the Agency's proportionate share of
administrative costs of the Programs referred to in Item 2 above.
section 8.
The officers and employees of the Agency are
authorized and directed, jointly and severally, to do any and all
things necessary or advisable in order to effectuate the purpose of
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this resolution of the issuance of the mortgage credit certificates
by the County, and all actions previously taken by such officers
and employees in connection with the application for the allocation
to be requested are ratified and approved.
section 9. This resolution shall take effect immediately upon
its adoption by the Agency, and the Secretary of the Agency shall
certify the vote adopting this resolution.
ADOPTED, this 5th day of
August
, 1996 by the following
vote:
AYES:
MEMBERS: Lutz, McGuigan, Mills, Moreno,
Pulido, (Espinoza abstained)
MEMBERS:
NOES:
ABSENT:
MEMBERS: Richardson
ATTEST:
an/]¿¿ tii!?¿~ffi-
Exécutive rector
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APPROVED AS TO FORM:
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Agency Attorney
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