HomeMy WebLinkAbout97-056 - Mortgage Credit Certificate Program385
RESOLUTION 97- 056
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA APPROVING THE OPERATION
OF A MORTGAGE CREDIT CERTIFICATE PROGRA/~
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 Aha (the "Agency") has (Jetermined 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 deEermined 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 Agency has decided to apply for an allocation
from the California Debt Limit Allocation Committee ("CDLAC")
for authority to issue mortgagee credit certificates, which
allocation, when and if ~eceived, the Agency intends to transfer
to the County; and
WHEREAS, the Agency desires 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. Each of the foregoing recitals is true and
correct.
Section 2. The CiE~ hereby approves the filing of an
application with CDLAC or~ ~ehalf of the Agency for an allocation
of authority to issue molu(iag~ credit certificates in an amount
not to exceed $5,000,00(i~ Lhe Eransfer of such allocation, when
and if received ~y the (:cunty, ~o~ the operation of the Program
by the Agency.
Section 3. The City hereby finds and determines that the
project areas of the Age}~oy will be benefited by the operation
of the Program both witt~n ~n~i outside the project areas, but
within the boundaries o~ ~he ;~ty.
387
RESOLUTION 97-056
PAGE 2
Section 4. 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 1st day of December
the following vote:
, 1997 by
AYES:
NOES:
Franklin, Lutz, McGuigan, Moreno,
Pulido, Richardson
None
ABSENT: None
ABSTAIN: Espinoza
ATTEST:
CJ~council
APPROVED AS TO FORM:
Joseph W. Fletcher
City Attorney
H:Actions~97cc~mcc97res
388
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution No.
~ '7--O,5~, to be the original resolution adopted by the City Council of the City of Santa Ana
on /02- ~'/-- f' 7
Date:
v/6f Santa Ana