HomeMy WebLinkAboutResolution - 3182 STATE OF CALIFORNIA ) RESOLUTION NO. 3182
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO, CALIFORNIA,
ELECTING TO PARTICIPATE WITH THE COUNTY OF RIVERSIDE MORTGAGE CREDIT
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 2 of the California
Health and Safety Code sections 50197.1, et seq, local issuers are authorized to issue
Mortgage Credit Certificates ("Certificates") and administer the MCC Program; and
WHEREAS, the Board of Supervisors of the County of Riverside adopted Resolution No
87-564 on December 22, 1987 establishing a MCC Program within the County of Riverside; 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 Certificates allocation in July 28, 2008 or
thereabouts; and
WHEREAS, the City of San Jacinto ("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 San
Jacinto as a participating unit of general government under the 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 BE IT RESOLVED, by the City Council of the City of San Jacinto
as follows:
SECTION 1. The City of San Jacinto 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;
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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 San
Jacinto, California, on the 19t" day of June, 2008 by the following vote
AYES: Carlson, Mansperger, Stubblefield, Ayres
NAYS: None
ABSENT: Ritchie
ABSTAIN: None
City of San Jacinto
Ji ATTEST yres, M or
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rothy Ch uinard, City Clerk
APPROVED AS TO FORM:
BEST, BEST & KRIEGER LLP
J re . Ba-ffinger,4Clty Attorney
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF SAN JACINTO )
1, Dorothy L. Chouinard, City Clerk of the City of San Jacinto, California, and Ex-
Officio Clerk of the City Council, DO HEREBY CERTIFY that the foregoing Resolution
No. 3182 was adopted by the City Council at a regular meeting held on the 19th day of
June, 2008, by a 4-0 vote.
Witness my hand and official seal this 19th day of June, 2008.
--7 ku&wd
Dorothy L. C uinard, City Clerk
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