HomeMy WebLinkAbout1997-01 CRA
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RESOLUTION NO. 97-1
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:.a~d determines that the
project areas of the Agency will be benefited by the operation of
the Program both wi thin and without the proj ect 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 benefited by the operation of the
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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
of Division
1 of Title 2
of the
11.8
Government Code
of the State
California
(the
"Government
of
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
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Allocation Committee ("CDLAC") prior to the issuance of mortgage
credit certificates; and
WHEREAS,
the
desires
County
file
an
the
that
Agency
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-half
of
one percent
of
amount
of
the
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,
IT
RESOLVED
BY
THE
COMMUNITY
BE
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
located
within
geographic
the
respect
to
all
property
boundaries of the city, including the payment to the county of
the
Agency's
proportionate
the
number
of
(based
share
upon
participants in the Program) of administration costs applicable
to each allocation received from CDLAC, which share is estimated
not to exceed $15,000.
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Section 3.
The Executive Director,
or his designee,
is
authorized,
to take
such steps and
on behalf of the Agency,
execute such documents as necessary
for the submission of an
application to CDLAC on behalf of the Agency for an allocation in
the
$5,000,000
for application to the
issuance
of
amount
of
mortgage credit certificates by the County.
section 4.
An amount up to one-half of one percent (.5%) of
the requested allocation is hereby authorized to be placed into
an
account
housing
aside
the
Executive
from
set
funds,
and
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 her 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
induce
origination
mortgage
loans
to
to
the
of
home
qualifying
will
reside
within
City
and
the
the
persons
who
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
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things necessary or advisable in order to effectuate the purpose
of
this
issuance
credit
of
the
mortgage
resolution
of
the
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 ~h day of
January
, 1997 by the following
vote:
AYES:
MEMBERS: FRANKLIN, LUTZ, MCGUIGAN, MORENO,
RICHARDSON (Espinoza abstained)
NOES:
MEMBERS:
ABSENT:
MEMBERS: PULIDO
ATTEST:
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Ex cutive D1rector
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