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Mortgage Credit Certificate Program <br />June 1, 2009 <br />Page 2 <br />In order for the Agency to participate, the City must adopt a resolution <br />making a finding that operation of the Program both within and outside of <br />the Merged Redevelopment Project Area will benefit the project area. The <br />Agency must adopt a resolution making the same finding, adopting the <br />Program, and authorizing execution of a Cooperative Agreement with the <br />County of Orange. Under the terms of the Agreement, the Agency will be <br />required to pay a proportionate share of the administrative cost of the <br />Program. Its share will be based on the number of MCCs issued for homes <br />located within the City of Santa Ana. The County estimates that the cost <br />to the Agency will not exceed $15,000 and may be much lower. <br />FISCAL IMPACT <br />There is no fiscal impact to the City of Santa Ana associated with this <br />action. <br />C <br />Cynthia J. lson <br />Deputy City Manager for <br />Development Services <br />Community Development Agency <br />CJN /SLB /TG /kg <br />55A -2 <br />