HomeMy WebLinkAboutCC Reso 2016-02 1 RESOLUTION NO. 2016-02
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CATHEDRAL CITY,
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CALIFORNIA, PARTICIPATING WITH THE COUNTY OF RIVERSIDE MORTGAGE
4 CREDIT CERTIFICATE (MCC) PROGRAM
5 WHEREAS, the Tax Reform Act of 1986 established the Mortgage Credit Certificate
6 Program ("MCC Program") as a means of assisting qualified individuals with the acquisition of
7 new and existing single family housing; and
8 WHEREAS, pursuant to Division 31, Part 1, Chapter 3.5, Article 3.4 of the California
9 Health and Safety Code Sections 50197 et seq, local issuers are authorized to issue Mortgage
10 Credit Certificates ("Certificates") and administer MCC Program; and
11 WHEREAS, the Board of Supervisors of the County of Riverside adopted Resolution No
12 87-564 on December 22, 1987 establishing a Mortgage Credit Certificate Program; and
13 WHEREAS, the Board of Supervisors of the County of Riverside has authorized the
14 Riverside County Economic Development Agency ("EDA") to administer the MCC Program
15 pursuant to the applicable federal, state and local policies and procedures, and to enter into
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those agreements necessary for efficient administration of the MCC Program; and
17 WHEREAS, the County of Riverside ("County") will be applying to the California Debt
18 Limit Allocation Committee ("CDLAC") for a mortgage credit certificate allocation in March 16,
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2016 or thereabouts; and
20 WHEREAS, the City of Cathedral City ("City") wishes to participate in the MCC Program
21 administered by the EDA in connection with mortgage loans it will make available for the
22 acquisition of new and existing single-family housing in Riverside County; and
23 WHEREAS, the adoption of this resolution is necessary to include the City of Cathedral
24 City as a participating unit of general government under County's MCC program; and
25 WHEREAS, the City agrees to cooperate with the County of Riverside to undertake the
26 MCC program within City jurisdiction to assist persons or households of limited income to
27 purchase new and existing single family residences located in the city; and
28 WHEREAS, the City by adopting this Resolution, hereby gives notice of its election to
MORTGAGE CREDIT CERTIFICATE
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1 participate in the Riverside County MCC program.
2 NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Cathedral City
3 as follows:
4 The City of Cathedral City agrees
5 1. to participate in the MCC Program administered by the EDA in connection
6 with mortgage loans it will make available for the acquisition of new and
7 existing single-family housing in Riverside County;
8 2. to assist the County of Riverside to market the MCC Program within the city's
9 jurisdictional boundary by publishing a general public notice in the local
10 newspaper at least twice a year.
11 PASSED, APPROVED, and ADOPTED by the City Council of the City of Cathedral City,
12 California, on the 13th day of January 2016 by the following vote, to wit:
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14 AYES: Council Members Aguilar, Carnevale,
Kaplan; LMayor Pro Tem Pettis and Mayor Henry
15 NOES: None
16 ABSENT: None
17 ABSTAIN: None
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20 Stan Henry, Mayor
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22 •I . - . .
23 ATTEST: Gary F. owell, City lerk
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MORTGAGE CREDIT CERTIFICATE
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