97-003 - Approving Operation of a Mortgage Credit Certificate Program

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RESOLUTION 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.