HomeMy WebLinkAbout92-089 - Approving the Operation of a Mortgage Credit Certificate ProgramREL:mb 10/9/92
RESOLUTION NO. 92-089
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
SANT~A/~A OUTSIDE THE PROJECT AREAS OF THE
'AGENc~ ~,~ ~,
WHEREAS, the Co~%munity 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 home buyers 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 (1%) 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 finds and determines that the
project areas of the Agency will be benefitted by the operation of
the Program both within and outside the project areas, but within
the boundaries of the City.
604
Section 3. This Resolution shall take effect immediately
upon its adoption by the City Council, and the City Clerk shall
certify the vote adopting this Resolution.
ADOPTED this 19th day of October
, 1992.
ATTEST:
r~ice C. Guy
C~lerk of the CiuncS/
COUNCILMEMBERS:
Young Yes
Pulido Yes
Acosta Yes
Griset Yes
McGuigan Yes
Norton Yes
Richardson Yes
APPROVED AS TO FORM:
City Attorney
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~. -0 o°9 to be the original resolution adopted by the City Council of the
City of Santa Ana on /0 - ! ~' - q,,7.., .
Date: ~ j/7~ t ./?'B 2
/// Clerk of the CounCil
City of Santa Ana