HomeMy WebLinkAboutResolution - 3493 STATE OF CALIFORNIA ) RESOLUTION NO. 3493
COUNTY OF RIVERSIDE ) ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE CITY OF SAN JACINTO, CALIFORNIA
PARTICIPATING 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 Debit
Limit Allocation Committee ("CDLAC") for a mortgage credit certificate allocation in July
16, 2014 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 County's MCC program; and
WHEREAS, the City agrees to cooperate with the County of Riverside to undertake the
MCC program within the 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:
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;
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 at a regular meeting of the City of San Jacinto,
City Council on the 21th day of January, 2014 by the following vote:
AYES: Bartel, Kotyuk, Miller, Ruiz
NAYS: None
ABSENT: Ledezma
ABSTAIN: None
City of San Jacinto
Cryst Ruiz, Mayor Pro Ter
ATTEST:
Richard Miller, City Clerk