HomeMy WebLinkAboutCC Reso No 2014-001 Mortgage Credit CertRESOLUTION NO, 2014 -001
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, APPROVING PARTICIPATION 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
July 16, 2014 or thereabouts; and
WHEREAS, the City of Lake Elsinore 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.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
City Council Resolution No. 2014 -001
Page 2 of 2
SECTION 1. The City of Lake Elsinore agrees to participate in the MCC Program
administered by the EDA in connection with mortgage loans that EDA will make available
for the acquisition of new and existing single - family housing in Riverside County.
SECTION 2. The City of Lake Elsinore agrees 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.
SECTION 3. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED, and ADOPTED this 14th day of January, 2014.
ATTEST
Na asha Johnspfi Md
U*�� J�O/ Virginia o
, City Clerk
Ug:j :Z0PI :17VS1191 iUJA
Leibold, City Attorney
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. 2014 -001 was adopted by the City Council of the City of Lake Elsinore,
California, at a regular meeting held on the 14 day of January 2014, and that the same
was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
Council Member Tisdale, Council Member Magee, Mayor Pro Tern Manos
and Mayor Johnson
None
Council Member Hickman
None