HomeMy WebLinkAbout1990-04 CRA
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RESOII1I'ICN
90-4
A RESOII1I'ICN OF nIE a:HoIJNITY REIEVELOJMENT AGENcr
OF nIE CI'lY OF SAlmI. ANA AJ:DPl']B; A IDŒ ø:mGI\GE FINANCE
AND ø:mGI\GE æEDlT CERl'IFICATE mJGRAM IN
CXJOPERATICN WI'IH nIE OXJNIY OF aRAlm, AImœIZIN;
AN APPLICATICN 'ro nIE CALIFœNIA DEB!' LIMIT
ALIDCATICN CXI!MI'ITEE roR AN ALIDCATICN roR nIE
ISSUANCE OF ø:mGI\GE æEDlT CERl'IFICATES AND
nIE TRANSFER OF suæ: ALIDCATICN 'ro nIE OXJNIY OF ORANGE
WHERE'AS, there is a shortage in the camty of Oran;re (the "Ca.mty") am
in the City of santa Ana (the "City") of baJain;¡' affordable by first time hone
b.1yers, am a consequent need to ~ the availability of banes
affordable by such persaIS am ot:hendse to increase the baJain;¡' supply in the
City am in the camty for such persaIS; am
WHERE'AS, the BoaJ:à of SUpervisors of the camty has declared its intent
to ergage in a haDe mrt:gage finance am mrt:gage credit certificate program
(the "Program") pJrSUant to Part 5 of Division 31 of the Health am Safety
Code of the state of california (the "Act") am to issue mrt:gage credit
certificates pJrSUant to the Act to provide fums for the Program; am
WHERE'AS, the Cœm.mity Redeve1c:paent lv: erY:Jy of the City of santa Ana
(the "Agency") hereby f:in:1s am deteImines that the project areas of the
lv: erY:Jy will be benefited by the operation of the Program both within am
without the project areas of the lv: erY:Jy, l:ut within the boun:1aries of the
City; am
WHERE'AS, the City has foun:i am deteJ:mined that the project areas of the
lv: erY:Jy will be benefited by the operation of the Program both within am
without the project areas of the lv: erY:Jy, l:nt within the boun:1aries of the
City; am
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WHERE'AS, the Þqercy hereby fims am deteJ:mines that it is in the best
interest of the Agercy to participate in the Program am to 0Œ1SE!IIt to the
operation of the Program by the Ccunty within the qeogtaprlc bamdaries of the
project areas of the Þqercy am within the bamdaries of the city; am
WHERE'AS, the Agercy desires to enter into a Cooperative 1\greemeI1t with
the Ccunty to pemit the operation of the Program within the bamdaries of - the
City; am
WHEREAS, Section 146 of the Inten1a1 Revenue 0:Jde of 1986, as aJIIB )jed
(the "0:Jde"), limits the aJOOUIIt of JIDrtgage credit certificates that may be
issued in arr¡ calerœr year by entities within a state am authorizes the
gcvernor or the legislature of sud1 state to provide the method of allocation
within sud1 state; am
WHERE'AS, QIapt:er 11.8 of Division 1 of Title :2 of the Gcv'en1ment 0:Jde of
the state of Califonrla (the "Gavemment 0:Jde") govems the allocation of the
state oeilin;J (as that tenD. is defined in the 0:Jde) !I1IrJn¡ gcvemnental units
in the state of Califonrla (the "state") havin;J the authority to issue
JIDrtgage credit certificates; am
WHERE'AS, section 8869. 85 of the GaI1ernment: 0:Jde requires a local agency
to file an awlication for a portion of the state oeilin;J with or upon the
direction of the Califonrla Debt Limit Allocation Camnittee (the "Camnittee")
prior to the issuaooe of JJDrt.gage credit certificates; am
WHERE'AS, the Þqercy has determined to transfer to the Ccunty pn'SUaJ'lt to
Section 8869.85(d) of the Gcv'en1ment 0:Jde, the total aJOOUIIt, if arr¡, of
authority to issue JJDrt.gage credit certificates allocated to the Þqercy iran
the state oeilin;J; am
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WHEREAS , one percent of the amount of the allocation to be requested by
the 1!gercy is to be held in an acoount ~ to section 8869. 84 of the
GaIIernment Code am the Regulations of the Camnittee;
lDf, 'nIEREFœE , BE rr RESOWED BY 'mE CXHIJNI'I'Y REŒVEIDæENI' AGENcr OF
'mE CI'lY OF SANm. ANA AS FOI.Il:H3:
section 1.
Ead1 of the foregoin¡ recitals is true am correct.
section 2. '!he 1!gercy hereby adqJts the Program for the purpose of
increasin¡ the haJsin¡ SUWly in the <hmty am in the City am cansents to
the operation of the Program by the <hmty with respect to all prq¡erty
located within the geograprlcall:x:Rm:laries of the City.
Section 3. '!he Cooperative Agreement between the <hmty am the 1!gercy
(the "Agreement"), a copy of 1o4U.ch is attached hereto as Exhibit A, is hereby
aw=ved am the Q1airman of the 1!gercy is hereby authorized am directed to
execute am deliver the Agreement, for am in the name am on behalf of the
1!gercy. '!he Q1airman is authorized to a¡::prove any additions to or à1aIx;Jes in
the fom of the Agreement deemed necessary or advisable , ~ of such
additions or à1aIx;Jes to be conclusively evidenced by execution of the
l\greE!IIIet It as so added to or chan;Jed by the Q1airman . '!he Q1airman is further
authorized to enter into such additional agreements with the <hmty, execute
such ather documents or take such ather actions as they may deem necessary or
a¡:pxpriate to carry cut the purpose am intent of the Agreement or to
cooperate in the inplementation of the Program.
section 4. '!he Executive Director, or his designee, is authorized, on
behalf of the 1!gercy, to subnit an 8R>1ication, am such ather documents as
may be required, to the Camnittee for an allocation in the amount of
$5,000,000., for 8R>1ication to the issuance of mrt:gaqe credit certificates
by the <hmty.
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SectiŒl 5. An aIIDmt up to CI1e percent (1%) of the requested allocation
is hereby authorized to be placed into an aOXIUl'lt frail hcusin;J set aside
:fI.1ms, and the Executive Director is authorized to certify to the Qmnittee
that such aIIDmt is available.
SectiŒl 6. '!he 1!gerJ::y hereby authorizes the transfer to the Coonty of
all of the principal aIIDmt, if any, of JOOrtgage credit certificates allocated
to the 1!gerJ::y by the Camnittee. '!he Executive Director or his designee, on
behalf of the 1!gerJ::y, is authorized and directed to take such steps and
execute such documents as are necessary to effect the transfer of such
allocaticn to the - Coonty solely for i!RÙicaticn to the issuance of JOOrtgage
credit certificates, the proceeds of which are to be used to imuce the
oriqinatiŒl of haDe JOOrtgage loans to qualifyin;J persa1S who will reside
wi thin the City and the Coonty.
Section 7. '!he officers and eDployees of the 1!gerJ::y are authorized and
directed, jointly and severally, to de any and all t:1ù.rçs necessary or
advisable in order to effectuate the pw:poses of this resolution or the
issuance of the JOOrtgage credit certificates by the Coonty, and all actions
previoosly taken by such officers and eDployees in connectiŒl with the
i!RÙication for the allocatiŒl authorized to be requested are ratified and
a¡:prcved .
Section 8. '!his resolution shall take effect bmediate1y upon its
adcptiŒl by the 1!gerJ::y, and the Secreta:ty of the 1!gerJ::y shall certify the vote
adqItinq this resolutiŒl.
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AOOPl'ED, this 20thday of
AYES:
NOES:
ABSENl' :
ATl'EST :
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Cynthia J. Nelson, Executive
Director/Recording Secretary
APPKI\TED AS 'ro FORM:
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MARCH
, 1990 by the followinJ vote:
MEMBERS: ACOSTA, GRISET, MCGUIGAN, PULIDO
MEMBERS :
MEMBERS MAY, NORTON, YOUNG
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