HomeMy WebLinkAbout55A - RESO HOMEOWNERSHIP PRESERVATIONREQUEST FOR
COUNCIL ACTION
CITY COUNCIL MEETING DATE:
FEBRUARY 4, 2008
TITLE:
CLERK OF COUNCIL USE ONLY:
RESOLUTION IN SUPPORT OF THE UNITED STATES
PRESIDENT'S LEGISLATIVE PACKAGE ADDRESSING
HOMEOWNERSHIP PRESERVATION
.__~
CITY MANAGER
APPROVED
^ As Recommended
^ As Amended
^ Ordinance on 1S` Reading
^ Ordinance on 2"d Reading
^ Implementing Resolution
^ Set Public Hearing For
CONTINUED TO
FILE NUMBER
RECOMMENDED ACTION
Adopt a resolution in support of the United States President's
legislative package addressing homeownership preservation.
DISCUSSION
The preservation of homeownership has taken on additional significance
this past year as sub-prime mortgage lending has impacted homeowners
throughout the United States. Santa Ana has taken a leadership role in
Orange County to assure that our residents are able to access all
available information and resources to enable them to make informed
decisions regarding their home and sub-prime or adjustable rate home
mortgage.
Efforts underway to preserve homeownership in Santa Ana will also benefit
from a package of initiatives introduced by President George W. Bush
which include:
• Modernization of the Federal Housing Administration (FHA) to allow
greater numbers of households to access FHA mortgage insurance.
• Reform of the Internal Revenue Code, to exclude the forgiveness of
mortgage debt as taxable income and to allow cities and states to
issue tax-exempt mortgage bonds to allow the refinance of existing
loans.
• Appropriation of $180M to support mortgage counseling for households
at risk of losing their homes due to subprime mortgage loans.
• Reform of Government Sponsored Enterprises like Fannie Mae and
Freddie Mac to increase conforming loan limits and allow these
institutions to provide further liquidity in the mortgage markets.
The proposed resolution recognizes the impact of subprime mortgage
lending in our community and addresses Santa Ana's support of this
important package of federal initiatives.
55A-1
Resolution in Support of the
United States President's Legislative
Package Addressing Homeownership
Preservation
February 4, 2008
Page 2
FISCAL IMPACT
There is no fiscal impact associated with this action.
Stephen Harding
Deputy ty Manager for Development Services
Community Development Agency
SGH/SK/mlr
HH:\ACTION ITEMS\COONCIL\2008CC\020408 ResoSupportHomeownership.doc
55A-2
1 /28/08LES
RESOLUTION NO. 2008-XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA SUPPORTING THE LEGISLATIVE PACKAGE
ADDRESSING HOMEOWNERSHIP PRESERVATION
PROPOSED BY THE PRESIDENT OF THE UNITED
STATES
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. The impact of sub-prime mortgage lending has impacted homeowners
throughout the United States, making the preservation of homeownership
highly significant.
B. The City of Santa Ana has taken a leadership role in Orange County to
assure that our residents are able to access all available information and
resources to enable them to make informed decisions regarding their
home and their mortgage.
C. Efforts underway to preserve homeownership in Santa Ana will also
benefit from a package of initiatives introduced by the President of the
United States. This package includes the following:
1. Modernization of the Federal Housing Administration (FHA) to allow
greater numbers of households to access FHA mortgage insurance.
2. Reform of the Internal Revenue Code to exclude the forgiveness of
mortgage debt as taxable income and to allow cities and states to issue
tax-exempt mortgage bonds to allow the refinancing of existing loans.
3. Appropriation of $180,000,000 to support mortgage counseling for
households at risk of losing their homes due to sub-prime mortgage loans.
4. Reform of government sponsored enterprises such as Fannie Mae
and Freddie Mac to increase conforming loan limits and allow these
institutions to provide further liquidity in the mortgage markets.
55A-3 Resolution No. 2008-XXX
Page 1 of 3
1/28/08LES
Section 2. The City Council of the City of Santa Ana urges the Congress and the
President of the United States to adopt this legislative package addressing
homeownership preservation.
Section 3. The Clerk of the Council is directed to forward this Resolution to
appropriate federal elected officials.
Section 4. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
Resolution No. 2008-XXX
55A-4 Page 2 of 3
1/28/08LES
ADOPTED this day of
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By:
Lisa E. Storck
Assistant City Attorney
AYES:
NOES:
Councilmembers
Councilmembers
2008.
Miguel A. Pulido
Mayor
ABSTAIN: Councilmembers
NOT PRESENT: Councilmembers
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2008- to be the original resolution adopted by the City
Council of the City of Santa Ana on .
Date:
Clerk of the Council
City of Santa Ana
55A-5 Resolution No. 2008-XXX
Page 3 of 3
55A-6