HomeMy WebLinkAbout2020-21 CC Resolution RESOLUTION NO. 2020-21
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA APPROVING PARTICIPATION IN THE
RIVERSIDE COUNTY MORTGAGE CREDIT
CERTIFICATE (MCC) PROGRAM
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS
FOLLOWS:
Section 1. The City Council of the City of Temecula does hereby find, determine and
declare that:
A. 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.
B. 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.
C. The Board of Supervisors of the County of Riverside adopted Resolution No. 87-
564 on December 22, 1987 establishing a Mortgage Credit Certificate Program.
D. 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.
E. The County of Riverside ("County") will apply to the California Debt Limit
Allocation Committee ("CDLAC") for a mortgage credit certificate allocation on or about July
2018.
F. The City of Temecula ("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.
G. The adoption of this resolution is necessary to include the City of Temecula as a
participating unit of general government under County's MCC Program.
H. 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.
I. The City, by adopting this Resolution, hereby gives notice of its election to
participate in the Riverside County MCC Program.
Section 2. Now,therefore be it resolved,by the City Council of the City of Temecula
as follows:
A. The City of Temecula agrees to:
1. 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. Assist the County of Riverside to market the MCC Program with 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 Temecula
this 28th day of April, 2020.
James Stewart, Mayor
ATTE
Randi , ity Clerk
[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, City Clerk of the City of Temecula, do hereby certify that the foregoing
Resolution No. 2020-21 was duly and regularly adopted by the City Council of the City of
Temecula at a meeting thereof held on the 28`h day of April, 2020, by the following vote:
AYES: 5 COUNCIL MEMBERS: Edwards, Naggar, Rahn, Schwank,
Stewart
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
ABSTAIN: 0 COUNCIL MEMBERS: None
Randi Johl, City Clerk
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