HomeMy WebLinkAboutCC Reso No 2008-073
RESOLUTION NO. 2008-73
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 28,2008, 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
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.
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NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of
Lake Elsinore, California, as follows:
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 the local
newspaper at least twice a year.
PASSED, APPROVED, and ADOPTED by the City Council of the City of
Lake Elsinore, California, on the 8th day of July, 2008.
dJiiAYOR
CITY OF LAKE ELSINORE
ATTEST:
.L~
VIAN M. MUNSON
CITY CLERK
APPROVED AS TO FORM:
~~
BARBARA ZEID LEIBOLD
CITY ATTORNEY
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, VIVIAN M. MUNSON, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2008-73 was ado~ted by the City Council of the City of
Lake Elsinore at a regular meeting held on the 8t day of June 2008, and that the same
was adopted by the following vote:
AYES: Mayor Daryl Hickman, Mayor Pro Tern Genie Kelley,
Councilmembers Thomas Buckley, Robert E. Magee and
Robert Schiffner
NOES: None
ABSTAIN: None
ABSENT: None
VIVIAN M. MUNSO
CITY CLERK
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