HomeMy WebLinkAboutPCDC Resolution 93-10 08/16/1993• ~.
PCDC RESOLUTION
RESOLUTION NO. 93-10
A RESOLUTION AUTHORIZING PARTICIPATION IN THE SONOMA COUNTY
MORTGAGE CREDIT CERTIFICATE PROGRAM AND AUTHORIZING
APPLICATION FOR ALLOCATION OF MORTGAGE CREDIT CERTIFICATE
ISSUANCE AUTHORITY
17 WHEREAS, there is a continued need for affordable homeownership opportunities within
18 the City of Petaluma and the County of Sonoma, particularly for households at the lower
19 end of the purchasing spectrum; and
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21 WHEREAS, the Tax Reform Act of 1984 establishing the Mortgage Credit Certificate
22 Program (hereinafter referred to as the "MCC Program") as a means of assisting qualified
23 individuals with the acquisition of new and existing single family housing; and
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25 WHEREAS, Division 31, Part 1, Chapter 3.5, Article 4 of the California Health and Safety
26 Code Sections 50197 et seq (the "Act") authorizes "...a redevelopment agency, housing
27 authority, or other local entity, authorized by state law to issue qualified mortgage bonds..."
28 to create and participate in MCC Programs; and
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30 WHEREAS, the Sonoma County Community Development Commission (the
31 "COMMISSION") has heretofore determined to engage in an MCC Program pursuant to
32 the "Act" in order to assist individual home purchasers in the County to afford both new
33 and existing homes within the statutory limits as provided for in said Act; and
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35 WHEREAS, an application by the COMMISSION for an MCC Program allocation will be
36 submitted August 18, 1993 to the California Debt Limit Allocation Committee ("CDLAC")
37 and heard at its September 23, 1993 meeting; and
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39 WHEREAS, the Petaluma Community Development Commission (the "PCDC") requests
40 that the MCC allocation be available to eligible first time homebuyers within the corporate
41 limits of the City of Petaluma; and
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2 WHEREAS, the COMMISSION and the PCDC wish to cooperate with one another
3 pursuant to the "Act" in the exercise of their powers under the "Act" for the purposes of the
4 MCC Program; and
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6 WHEREAS, the Commission has the capacity to file an MCC application to CDLAC on
7 behalf of the PCDC and to administer an MCC Program.
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9 NOW, THEREFORE, BE IT RESOLVED by the Petaluma Community Development
10 Commission:
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12 Section 1: The designated representative of the Sonoma County Community Development
13 Commission is hereby authorized to make immediate application to CDLAC in the name
14 of the Petaluma Community Development Commission for a mortgage revenue bond
15 allocation in the amount of $10,000,000 to be converted for authority to issue mortgage
16 credit certificates in the amount of $2,500,000 (based upon the 4:1 conversion factor).
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18 Section 2: The Cooperative Agreement ("Agreement") dated as of August 16, 1993,
19 between the Commission and the PCDC, in the form presented to this meeting, is hereby
20 approved. and the Executive Director is hereby authorized and directed to execute and
21 deliver the Agreement for and in the name and on behalf of the PCDC. The Executive
22 Director, with the advice and consent of the General Counsel, is authorized to approve any
23 additions to or changes in the form of the Agreement deemed necessary or advisable,
24 approval of such additions or changes to be conclusively evidenced by the execution by the
25 Executive Director as so added to or changed. The Executive Director, with the advice and
26 consent of the General Counsel, is further authorized to enter into such additional
27 agreements with the Commission, execute such other documents, or take such other actions
28 as they may deem necessary or appropriate to carry out the purpose and intent of the
29 Agreement or to cooperate in the implementation of the Program.
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31 Section 3: This resolution shall take effect from and after its adoption.
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PCDC Reso. 93-10
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ADOPTED this 16th day of August 19 93 , by
the following vote:
C®MMISSI®NE~t
Nelson
Sobel
Hamilton
Barlas
Shea
Vice Chairman Read
Chairman Hilligoss
AYE N® ABSENT
x
X
x
Y
ATTEST:
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ecor mg ecretary, atncia ernar
mortgage/bg-7
PCDC Reso. 93-10
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