HomeMy WebLinkAboutPCDC Resolution 94-10 09/07/1994PETALUMA COMMUNITYDEhELOPMENT COMMISSION
RESOL UTION N0.9 4-10
RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT REGARDING
THE CONTINUED USE OF MORTGAGE CREDIT CERTIFICATES WITHIN THE
CITY OF PETALUMA AND THE CONTINUED ADMINISTRATION OF THE
PROGRAM BY THE SONOMA COUNTY COMMUNITY DEVELOPMENT
COMMISSION
WHEREAS there is a continued need for affordable homeownership opportunities within
the County of Sonoma, particularly for households at the lower end of the purchasing
spectrum; and
WHEREAS the Sonoma County Community Development Commission (the "County") has
determined to engage in a Mortgage Credit Certificate program ("MCC Program")
pursuant to the California Health and Safety Code 50196 et seq. (the "Act") in order to
assist individual home purchasers throughout the county to afford both new and existing
homes within the statutory limits as provided for in said Act; and
WHEREAS the issuance of MCCs to individual home purchasers within the City of
Petaluma and throughout Sonoma County has been shown to enhance affordability; and
WHEREAS a request by the County for an additional countywide MCC Program
allocation will be heard by the California Debt Limit Allocation Committee ("CDLAC");
and
WHEREAS the Petaluma Community development Commission ("PCDC") requests that
this additional MCC allocation from CDLAC and any subsequent allocations be available
to eligible first time homebuyers within the Petaluma city limits and that the County and
PCDC wish to continue to cooperate for the purposes of the MCC program; and
WHEREAS pursuant to Section 34209 of the California Health and Safety Code, the
County is authorized to operate within the jurisdiction of the City of Petaluma with the
consent of the City.
NOW THEREFORE BE IT RESOLVED that the Cooperative Agreement (the
"Agreement"), dated as of September 7 1994 between PCDC and the County is
approved and the Executive erector is authorized to execute the agreement. With the
review of the PCDC attorney, the Executive Director is further authorized to enter into
such additional agreements with the County, deemed necessary or appropriate to carry out
the purpose and intent of the Agreement or to cooperate in the implementation of the
Program.
Commissioner A~~e No Absent
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94-10
Barlas
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