99-004 - Approving the Operation of a Mortage Credit Certificate Program

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RESOLUTION.~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.