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HomeMy WebLinkAbout2001-01 CRA , " ~"",-,"" ,," .- . RESOLUTION NO. 2001 - 01 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 BE IT RESOLVED BY THE COMMUNTIY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The Community Redevelopment Agency of the City of Santa Ana hereby finds, determines and declares as follows: . A. There is a shortage of decent, safe and sanitary housing in the County of Orange ("County") and in the City of Santa Ana ("City"), 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. B. The Board of Supervisors of the County has declared its intent to engage in a mortgage credit certificate program ("Program") pursuant to Chapter 3.5 of Part 1 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. C. The Community Redevelopment Agency of the City of Santa Ana (the "Agency") hereby finds and determines that the project areas of the Agency will benefit by the operation of the Program both within and outside the project areas of the Agency, but within the boundaries of the City. D. The City has found and determined that the project areas of the Agency will benefit by the operation of the Program both within and outside the project areas of the Agency. but within the boundaries of the City. E. 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. . F. 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. . G. Section 146 ofthe 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. H. 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. I. Section 8869.85 of 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. . J. 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. 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 $15,000.00. 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. 4. The Agency hereby authorizes the transfer to the County of all of the total principal amount, if any, and 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 st~ps and execute such documents as are necessary to effect the transfer of such allocation to the County solely for application for 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. . 5. The Executive Director is authorized to cause the payment to the County of the Agency's proportionate share of administrative costs of the Program referred to in Paragraph 2, above. . 6. 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 for 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. 7. 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 20th day of February ,2001. ATTEST: . J¡( - Executive Director I Secretary MEMBERS: Pulido McGuigan Alvarez Bist Christy Franklin Solorio ~ Absent ~ ~ Abstention ~ ~ . APPROVED AS TO FORM: Joseph W. Fletcher Agency Counsel BY:~~ laura Sheedy Deputy Counsel