HomeMy WebLinkAboutCC 3 HOME MTG PROG 09-16-91CONSENT CALENDAR NO. 3
9-16-91
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DATE: SEPTEMBER 16, 1991 r s
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: COMMUNITY' DEVELOPMENT DEPARTMENT
SUB JE CT: COOPERATIVE AGREEMENT WITH ORANGE COUNTY FOR A HOME MORTGAGE
FINANCE PROGRAM
RECOMMENDATION
Adopt Resolution No. 91-113 and the accompanying Cooperative
Agreement between the City of Tustin and the County of Orange for
participation in a Home Mortgage Finance Program.
DISCUSSION
The County of Orange has operated -a mortgage revenue bond financing
program for newly constructed single family and multi -family
housing units in the County since 1980. Mortgage revenue bonds
provide an alternative method of financing low-interest fixed rate
mortgages for new and existing single family and multi -family
housing units.
Orange County is currently working with Akins Development and the
Irvine Company on three housing projects in Tustin. On their
behalf, Orange County has applied to the State of California Debt
Limit Allocation Committee for low interest mortgages. Before
those monies can be utilized for this purpose, a cooperative
agreement must be in effect between the City and Orange County.
The City Attorney's office has reviewed the attached cooperative
agreement and has determined that participation in the County's
Program would be administered at no cost to the City.
CONCLUSION
Mortgage Revenue Bond Financing programs are one method by which a
municipal agency can increase the affordability of home purchasing
to qualified buyers.
, C n
Beth Schoemann
Associate Planner
Attachments: Resolution No. 91-113
Cooperative Agreement
BS:kd\homfinc.mem
Christine Shinglet
Assistant City Manager
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RESOLUTION NO. 91-113
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF TUSTIN, CALIFORNIA,
ADOPTING A HOME MORTGAGE FINANCE
PROGRAM IN COOPERATION WITH THE
COUNTY OF ORANGE
WHEREAS , there is a shortage in the County of Orange
(the "County") and in the City of Tustin (the "City") of
decent, safe and sanitary housing, particularly of
housing affordable by persons in the lower end of the
purchasing spectrum, and a consequent need to encourage
the construction, purchase and rehabilitation of homes
affordable by such persons and otherwise to increase the
housing supply in the City and in the County for such
persons; and
WHEREAS, the Board of Supervisors of the County has
resolved to engage in a home mortgage finance program
(the "Program") pursuant to Part 5 of. Division 31 of the
Health and Safety Code of the State of California, to
make or acquire directly or indirectly, long term loans
to finance the construction and acquisition of homes in
the County, all as provided for in said Act; and
WHEREAS, this City Council finds and determines that
it is in the best interest of the City to adopt the
Program and to consent to the implementation of the
Program by the County within the geographic boundaries of
the City pursuant to the Act;
NOW THEREFORE, BE IT RESOLVED by the City Council of
the City of Tustin as follows:
SECTION 1. The City hereby adopts the Program for
the purpose of increasing the housing supply in the
County and in the City and consents to the implementation
of the Program by the County with respect to all property
located within the geographic boundaries of the City
pursuant to the Act.
SECTION 2. The agreement, dated as of September 16,
1991, between the County and the City (the "Cooperative
Agreement"), in substantially the form submitted to this
meeting, is hereby approved; and the proper officers of
the City are hereby authorized and directed to execute
and deliver the same, for and in the name and on behalf
of the City, and to approve any additions to or changes
in said form thereof which they deem necessary to be
conclusively evidenced by their execution of the
Cooperative Agreement as so added to or changed. The
proper officers of the City are further authorized to
Resolution No. 91-113
Page 2
enter into such additional agreements with the County,
execute such other documents and take such other actions
as they may deem necessary or appropriate to carry out
the purpose and intent of the Cooperative Agreement or to
cooperate in the implementation of the Program.
SECTION 3. This Resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED at a regular meeting of the
Tustin City Council, held on the 16th day of September,
1991.
Charles E. Puckett, Mayor
Mary E. Wynn, City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
CERTIFICATION FOR RESOLUTION NO. 91-113
MARY E. WYNN, City Clerk and ex -officio Clerk of the City
Council of the City of Tustin, California, does hereby
certify that the whole number of the members of the City
Council of the City of Tustin is five; that the above and
foregoing Resolution No. 91-113 was duly and regularly
introduced, passed and adopted at a regular meeting of
the City Council held on the 16th day of September, 1991,
by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
Mary E. Wynn, City Clerk