HomeMy WebLinkAbout08-079 CC ResolutionRESOLUTION NO.08-79
' 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 hereby finds determines and declares as follows:
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 be applying to the California Debt
Limit Allocation Committee ("CDLAC") for a mortgage credit certificate allocation in July
28, 2008 or thereabouts.
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.
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Section 2. The City of Temecula hereby gives notice of its election to participate in
the Riverside County MCC Program.
Section 3. The City of Temecula agrees to:
A 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.
B. To 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 lease twice a year.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Temecula this 12~h day of August, 2008.
ATTEST:
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Mi hael . N ggar,
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' STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk of the City of Temecula, do hereby certify that
the foregoing Resolution No. 08-79 was duly and regularly adopted by the City Council of
the City of Temecula at a meeting thereof held on the 12`h day of August, 2008, by the
following vote:
AYES: 4 COUNCIL MEMBERS: Comerchero, Edwards, Naggar,
Washington
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Roberts
ABSTAIN: 0 COUNCIL MEMBERS: None
' ( ~ Susan .Jones, MMC
City Clerk
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