HomeMy WebLinkAboutResolution - 3407 STATE OF CALIFORNIA ) RESOLUTION NO. 3407
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 March, 2012 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 61" day of December, 2011 by the following vote
AYES: Bartel, Di Memmo, Ledezma, Miller, Kotyuk
NAYS: None
ABSENT: None
ABSTAIN: None
City of San Jacinto
T-
Andrew F/Kot uk, Mayor
ATTEST
Richard Miller, City Clerk
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