HomeMy WebLinkAboutCC Reso No 1989-47RESOLUTION NO. 89-47
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE, CALIFORNIA~ EXPRESSING ITS
OPPOSITION TO THE RECENT NATIONAL LEAGUE OF
CITIES' POSITION ON THE HOME MORTGAGE
INTEREST DEDUCTION.
WHEREAS, the home ownership is of primary importance
in promoting neighborhood stability, and enhancing
' Na~ticipatio,-, in community affairs; and
WHEREAS, an important factor which makes owning and
maintaining a home possible for many Americans is the ability
to deduct interest which is paid on home mortgages; and
WHEREAS, the original intent of the home mortgage
interest deduction, which was to encourage home ownership,
home improvement, and neighborhood stability, is still valid
today; and
WHEREAS, the National League oP Cities has recently
adopted a Priorities Statement for the 1990 federal budget and
programs, which identifies as a potential revenue enhancement
option three modifications to the home mortgage interest
deduction; and
WHEREAS, it is this City Council's belief that any
modifications to the home mortgage interest deduction which
would limit the total amount of interest allowed to be
deducted would have a devastating impact on the residents of
Lake Elsinore, for the following reasons:
It would discourage home ownership and improvement by
removing the tax benefits of investing in one's home.
In discouraging home ownership and improvement, it
would damage the stability of the City~s
neighborhoods by encouraging the renting of homes and~
attracting a more transient population with fewer
roots in the community.
It would have a disproportionate impact on the
resident5 of Lake Elsinore, Southern California, and
other high-cost housing areas, since the value of
mortgages and the total amount of interest paid is
greater than other areas of the country..
It could have the effect of limiting the construction
of new housing in Southern California, as fewer
people would be qualified to purchase homes. In
turn, this would exacerbate the already severe
housing shortage which exists in the area and
contribute to the imbalance of jobs and housing, and
would worsen secondary effects such as traffic
congestion and air pollution.
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Lake Elsinore expresses its firm opposition to
any modifications to the home mortgage interest deduction; and
BE IT FURTHER RESOLVED, that the City Council of the
City of Lake Elsinore calls upon the Executive Board of the
--
I National League of Cities to amend its Priorities Statement to
eliminate all reference to modifications of the home mortgage
interest deduction as a potential revenue enhancement tool;
and
BE IT FURTHER RESOLVED, that the City Council of the
City of Lake Elsinore calls upon the leadership of the
Riverside County Division of the National League of Cities to
adopt a similar position in opposition to any modification of
the home mortgage interest deduction; and
BE IT FURTHER RESOLVED, that a copy of this
resolution be distributed to the mayors of all cities in
Riverside County, and that they be encouraged to express their
opposition to the League's position as it relates to the home
_,.., mortgage interest deduction.
PASSED, APPROVED AND ADOPTED on this 12th day of
September, 1989, by the following vote:
AYES: COUNCILMEMBER: BUCK, DOMIP!GUEZ, STARKEY, t~!ASHBURN, 4!INKLER
NOES: COUNCILMEMBER: NONE
ABSENT: COUNCILMEMBER: NONE
ABSTENTIONS: COUNCILMEMBER
`Z'rP~+'~ Si :
~•
VlC I L. KASAD, CITY CLERK
APPROVED AS TO FORM AND LEGALITY:
HN HAR ER, C T TTORNEY
CITY OF LAKE ELSINORE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
2, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
City Council of the City of Lake Elsinore at a regular meeting of
said Council,on the 12th day of September, 1989, and that it was so
adopted by'the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY
WASHBURN, WINKLER
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
, F,~~7"1~IA1: COUNCILMEMBERS: NONE
• r (\ i~C9-~YU.AX
CKI LYNN S.~D, CITY CLERK
CITY OF LA E ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a£ull, true and
correct copy of Resolution No, 89-47 of said Council, and that the
same has not been amended or repealed.
DATED: ~E~t:.emher 13, 1989
, ~
C~'F~~^NE SAD, CITY CL RK -
CITY OF LAK ELSINORE"
(SEAL~