HomeMy WebLinkAbout22279 - RESOLUTIONS - 7/9/2008 RESOLUTION NO. 22279
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING
PARTICIPATION IN THE RIVERSIDE COUNTY
MORTGAGE CERTIFICATE 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 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
i
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:
Resolution No. 22279
Page 2
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 91h day of July, 2008.
David H. Ready, Cit anager
- 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. 22279 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 9'h day of July, 2008, by
the following vote:
AYES: Councilmember Hutcheson, Councilmember Mills, and Mayor Pro Tem
Foat.
NOES: None.
ABSENT: Councilmember Weigel and Mayor Pougnet.
ABSTAIN: None.
es Thompson, City Clerk
ity of Palm Springs, California O711 iaJ�°p�