HomeMy WebLinkAboutCC Reso No 2009-38
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RESOLUTION NO. 2009-38
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
r- procedures, and to enter into those agreements necessary for efficient administration of
Il the MCC Program; and
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WHEREAS, the County of Riverside ("County") will be applying to the
California Debt Limit Allocation Committee ("CDLAC") for a mortgage credit certificate
allocation on July 24, 2009, or October 16, 2009, 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
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 provide specific marketing and
advisory assistance to 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.
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CC Resolution No. 2009-38
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NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of
Lake Elsinore, California, as follows:
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The City of Lake Elsinore, California, 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; and
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 a local
newspaper at least twice a year or otherwise advertising the MCC program by
posting MCC program information on the City's official website.
PASSED, APPROVED, and ADOPTED by the City Council of the City of
'I Lake Elsinore, California, on the 14th day of July, 2009.
ZERT E. MA MAYOR
CITY OF LAKE SINORE
i ATTEST:
EBORA THOMSEN
bITY CLERK'
A'P_OROVED AS TO FORM:
BARBARA ZEID LEIBOLD
CITY ATTORNEY
Fill
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CC Resolution No. 2009-38
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j STATE OF CALIFORNIA SS
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE
I, DEBORA THOMSEN, CMC, City Clerk of the City of Lake Elsinore, California,
hereby certify that Resolution No. 2009-38 was adopted by the City Council of the City
of Lake Elsinore at a regular meeting held on the 14th day of July 2009, and that the
same was adopted by the following vote:
AYES: Mayor Robert E. Magee, Mayor Pro Tem Melissa Melendez,
Councilmember Amy Bhutta, Councilmember Thomas Buckley,
Councilmember Daryl Hickman
NOES: None
ABSTAIN: None
ABSENT: None
EBORA THOMSEN `
CITY CLERK
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