96-076 - Mortgage Credit Certificate Program

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RESOLUTION 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