HomeMy WebLinkAboutCC Reso No 2010-069RESOLUTION NO. 2010- 069
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, AUTHORIZING THE PARTICIPATION OF
THE CITY IN THE COUNTY OF RIVERSIDE MORTGAGE CREDIT
CERTIFICATE PROGRAM
WHEREAS, the Tax Reform Act of 1986 established the Mortgage Credit
Certificate Program ("MCC Program") as a means of assisting qualified individuals with
the acquisition of new and existing single family housing; and
WHEREAS, pursuant to Division 31, Part 1, Chapter 3.5, Article 3.4 of the
California Health and Safety Code Sections 50197 et seq, local issuers are authorized
to issue Mortgage Credit Certificates ("Certificates") and administer MCC Programs;
and
WHEREAS, the Board of Supervisors of the County of Riverside adopted
Resolution No 87-564 on December 22, 1987 establishing a Mortgage Credit Certificate
Program; and
WHEREAS, the Board of Supervisors of the County of Riverside has authorized
the Riverside County Economic Development Agency ("EDA") to administer the MCC
Program pursuant to the applicable federal, state and local policies and procedures,
and to enter into those agreements necessary for efficient administration of the MCC
Program; and
WHEREAS, the County of Riverside ("County") will be applying to the California
Debt Limit Allocation Committee ("CDLAC") for a mortgage credit certificate allocation
on or before April, 2011; and
WHEREAS, the City of Lake Elsinore ("City") wishes to participate in the MCC
Program administered by the EDA in connection with mortgage loans it will make
available for the acquisition of new and existing single-family housing in Riverside
County; and
WHEREAS, the adoption of this resolution is necessary to include the City of
Lake Elsinore as a participating unit of general government under the County's MCC
program.
WHEREAS, the City agrees to cooperate with the County of Riverside to
undertake the MCC program within the City jurisdiction to assist persons or households
of limited income to purchase new and existing single family residences located in the
city; and
WHEREAS, the City, by adopting this Resolution, hereby gives notice of its
election to participate in the Riverside County MCC program.
Resolution No. 2010-069
Page 2
THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DOES
HEREBY RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. to participate in the MCC Program administered by the EDA in
connection with mortgage loans it will make available for the acquisition of new and
existing single-family housing in Riverside County;
SECTION 2. to assist the County of Riverside to market the MCC Program
within the city's jurisdictional boundary by publishing a general public notice in the local
newspaper at least twice a year.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
of the City of Lake Elsinore, California, this 14th day of December, 2010.
M LISSA A. MELEND Z, MAYOR
CITY OF LAKE ELSINORE
A
CITY CLERK
APP VEDAS T FO M:
B SARA ZE LEI OLD
CITY ATTORNEY
Resolution No. 2010-069
Page 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF LAKE ELSINORE )
I, CAROL COWLEY, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2010-069 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 14th day of December 2010, and
that the same was adopted by the following vote:
AYES: COUNCIL MEMBERS: HICKMAN, MAGEE, TISDALE, MAYOR PRO
TEM BHUTTA, AND MAYOR MELENDEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE