HomeMy WebLinkAbout22831 RESOLUTION NO. 22831
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING THE CITY
OF PALM SPRINGS' PARTICIPATION IN THE COUNTY
OF RIVERSIDE ECONOMIC DEVELOPMENT AGENCY'S
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
on November 24, 2010 or thereabouts; and
WHEREAS, the City of Palm Springs ("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
Palm Springs 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.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE
AS FOLLOWS:
SECTION 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.
SECTION 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.
ADOPTED THIS 17th DAY OF NOVEMBER, 2010.
David H. Ready, City er
ATTEST:
mes Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 22830 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on the 17th day of November,
2010, by the following vote:
AYES: Councilmember Foat, Councilmember Mills, Councilmember Weigel,
Mayor Pro Tern Hutcheson, and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
mes Thompson, City Clerk
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