HomeMy WebLinkAbout14-015 CC Resolution1
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RESOLUTION NO. 14 -15
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 16, 2014.
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.
Resos 14 -15
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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 25th day of February, 2014.
ATTEST:
Gwyn R. FOres,'CMC
Acting City Clerk
[SEAL]
Resos 14 -15
Maryann Edwards, Mayor
n
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Gwyn R. Flores, CMC, Acting City Clerk of the City of Temecula, do hereby
certify that the foregoing Resolution No. 14 -15 was duly and regularly adopted by the City
Council of the City of Temecula at a meeting thereof held on the 25th day of February,
2014, by the following vote:
AYES: 5 COUNCIL MEMBERS: Comerchero, Naggar, Roberts,
Washington, Edwards
NOES: 0 COUNCIL MEMBERS: None
ABSENT:
0
COUNCIL MEMBERS:
None
ABSTAIN:
0
COUNCIL MEMBERS:
None
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Gwyn R. Flores, CMC
Acting City Clerk