HomeMy WebLinkAboutCC Reso No 2011-069 City Council Reso RESOLUTION NO. 2011- 069
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE CALIFORNIA, PARTICIPATING
WITH THE COUNTY OF RIVERSIDE MORTGAGE CREDIT
CERTIFICATE (MCC) 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 Program; 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 in March, 2012 or thereabouts; 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 County's MCC
program; and
WHEREAS, the City agrees to cooperate with the County of Riverside to
undertake the MCC program within 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. 2011 -069
Page 2
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of
Lake Elsinore as follows:
The City of Lake Elsinore agrees
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;
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 13th day of December, 2011.
L- * 1 ( —J D r
BRIA ISDALE, MAYOR
— CITY OF LAKE ELSINORE
ATTEST:
• ,di i.
VIRGIN BL• 0M
CITY CLERK
APPR•' ED AS TO Fe •V :
BA''S7• RA ZEI i LEIBOLD
CITY ATTOR I Y
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia J. Bloom, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2011 -069 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 13 day of December 2011, and
that the same was adopted by the following vote:
AYES: Council Member Melendez, Mayor Pro Tem Magee, Council
Member Hickman, Council Member Weber and
Mayor Tisdale
NOES: None
ABSENT: None
ABSTAIN: None
A. 1/
Virginia . BI•`f _ —
City Clerk