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HomeMy WebLinkAbout1996-01 CRA . . . RESOLUTION NO. 96- 1 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA ADOPTING A MORTGAGE CREDIT CERTIFICATE PROGRAM IN COOPERATION WITH THE COUNTY OF ORANGE, AUTHORIZING AN APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN ALLOCATION FOR THE ISSUANCE OF MORTGAGE CREDIT CERTIFICATES AND THE TRANSFER OF SUCH ALLOCATION TO THE COUNTY OF ORANGE WHEREAS, there is a shortage in the County of Orange (the "County") and in the City of Santa Ana (the"city") of decent, safe, and sanitary housing, particularly of housing affordable by first-time home buyers, and a consequent need to encourage the availability of homes affordable by such persons and otherwise to increase the housing supply in the City and in the County for such persons; and WHEREAS, the Board of supervisors of the County has declared its intent to engage in a mortgage credit certificate program (the "Program") pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") and to issue mortgage credit certificates pursuant to the Act to provide funds for the Program; and WHEREAS, the Community Redevelopment Agency of the City of Santa Ana (the "Agency") hereby finds and determines that the project areas of the Agency will be benefitted by the operation of the Program both within and without the project areas of the Agency, but within the boundaries of the City; and WHEREAS, the city has found and determined that the project areas of the Agency will be benefitted by the operation of the Program both within and without the project areas of the Agency, but within the boundaries of the city; and . . . WHEREAS, the Agency hereby finds and determines that it is in the best interest of the Agency to participate in the Program and to consent to the operation of the Program by the County within the geographic boundaries of the project areas of the Agency and within the boundaries of the city; and WHEREAS, the Agency desires to enter into a Cooperative Agreement with the County to permit the operation of the Program within the boundaries of the city; and WHEREAS, section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), limits the amount of mortgage credit certificates that may be issued in any calendar year by entities within a state and authorizes the governor or the legislature of such state to provide the method of allocation within such state; and WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of the State of California (the "Government Code:) governs the allocation of the state ceiling (as that term is defined in the Code) among governmental units in the State of California (the "State") having the authority to issue mortgage credit certificates; and WHEREAS, section 8869.85 if the Government Code requires a local agency to file an application for a portion of the state ceiling with or upon the direction of the California Debt Limit Allocation Committee ("CDLAC") prior to the issuance of mortgage credit certificates; and WHEREAS, the Agency desires that the County file an application with CDLAC on behalf of the Agency for an allocation . . . of authority to issue mortgage credit certificates and elects to transfer to the county pursuant to section 8869.85(d) of the Government Code, the total amount, if any, of authority allocated to the Agency; and WHEREAS, one percent of the amount of the allocation to be requested on behalf of the Agency is to be held in an account established by the Agency pursuant to section 8869,84 of the Government Code and the regulation of the CDLAC; NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: section 1. Each of the foregoing recitals is true and correct. section 2. The Agency hereby adopts the Program for the purpose of increasing the housing supply in the County and in the city and consents to the operation of the Program by the County with respect to all property located within the geographic boundaries of the city, including the payment to the County of the Agency's proportionate share (based upon the number of participants in the Program) of administration costs applicable to each allocation received from CDLAC, which share is estimated not to exceed $15,000. section 3. The Executive Director, or his designee, is authorized, on behalf of the Agency, to take such steps and execute such documents as necessary for the submission of an application to CDLAC on behalf of the Agency for an allocation in the amount of $5,000,000 for application to the issuance of mortgage credit certificates by the County. . . . section 4. An amount up to one percent (1%) of the requested allocation is hereby authorized to be placed into an account from housing set aside funds, and the Executive Director is authorized to certify to CDLAC that such amount is available. section 5. The Agency hereby authorizes the transfer to the County of all of the total principal amount, if any, of the authority to issue mortgage credit certificates allocated to the agency by CDLAC. The Executive Director or his designee, on behalf of the Agency, is authorized and directed to take such steps and execute such documents as are necessary to effect the transfer of such allocation to the County solely for application to the issuance of mortgage credit certificates which are to be used to induce the origination of home mortgage loans to qualifying persons who will reside within the City and the county. section 7. The Executive Director is authorized to cause the payment to the County of the Agency's proportionate share of administrative costs of the Programs referred to in Item 2 above. section 8. The officers and employees of the Agency are authorized and directed, jointly and severally, to do any and all things necessary or advisable in order to effectuate the purpose of this resolution of the issuance of the mortgage credit certificates by the County, and all actions previously taken by such officers and employees in connection with the application for the allocation to be requested are ratified and approved. section 9. This resolution shall take effect immediately upon its adoption by the Agency, and the Secretary of the Agency . . . shall certify the vote adopting this resolution. ADOPTED, this 20thday of , 1996 by the following February vote: AYES: MEMBERS: LUTZ, MCGUIGAN, MILLS, MORENO, PULIDO, RICHARDSON (Espinoza abstained) NOES: MEMBERS: ABSENT: MEMBERS: ATTEST: ~ !/t¡lnd ~ Executive Di ector APPROVED AS TO FORM: ~~~ Edward J.' 0 e, Agency Attorney