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RESOLUTION NO. RDA 01-3
A RESOLUTION OF THE TUSTIN COMMUNITY
REDEVELOPMENT AGENCY, ADOPTING A MORTGAGE CREDIT
CERTIFICATE PROGRAM IN COOPERATION WITH THE COUNTY
OF ORANGE
The Tustin Community Redevelopment Agency does hereby resolve as follows:
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 first-time home buyers, and a consequent need to
encourage the availability of homes affordable by such persons and
otherwise to increase the housing supply in the City and in the County for
such persons.
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The Board of Supervisors of the County has established a mortgage credit
certificate program (the "Program") pursuant to Part 5 of Division 31 of the
Health and Safety Code of the State of California (the "Act") for the purpose
of issuing mortgage credit certificates pursuant to the Act.
The City and Redevelopment Agency have previously found and
determined that it is in the best interest of the City to participate in the
Program and to consent to the operation of the Program by the County
within the geographic boundaries of the City pursuant to the Act.
The City has previously entered into a Cooperative Agreement with the
County to permit the operation of the Program within the boundaries of the
City.
Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code"), limits the amount of mortgage credit certificates that may be issued
in any calendar year by entities within a state and authorizes the governor
or the legislature of such state to provide the method of allocation within
such state.
Chapter 11.8 of Division I of Title 2 of the Government Code of the State of
Califomia (the "Government Code") governs the allocation of the state
ceiling (as that term is defined in the Code) among governmental units in
the State of California (the "State") having the authority to issue mortgage
credit certificates.
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Section 8869.85 of the Government Code requires a local agency to file an
application for a portion of the state ceiling with or upon the direction of the
California Debt Limit Allocation Committee ("CDLAC") prior to the issuance
of mortgage credit certificates.
The Redevelopment Agency desires that the County file an application with
CDLAC on behalf of the City for an allocation of authority to issue mortgage
credit certificates and elects to transfer to the County pursuant to Section
8869.85(d) of the Govemment Code, the total amount, if any, of such
authority allocated to the City.
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Resolution No. RDA 01-3
Page 2
One percent of the amount of the allocation to be requested on behalf of
the County is to be held in an account established by the County pursuant
to Section 8869.84 of the Government Code and the Regulations of the
CDLAC.
NOW, THEREFORE, the Tustin Community Redevelopment Agency resolves
as follows:
Section 1. Each of the foregoing recitals is true and correct.
Section 2. The Executive Director, or his designee, is authorized, on behalf of
the City and Redevelopment Agency, to take such steps and execute such
documents as are necessary for the submission of an application by the County of
Orange to CDLAC on behalf of the participating cities and unincorporated areas in
the County for an allocation in the amount of $100,000,000 for application to the
issuance of mortgage credit certificates by the County.
Section 3. The Redevelopment Agency agrees to pay to the County the City's
proportionate share (based upon the number of City of Tustin participants in the
Program) of administration costs applicable to the allocation received from CDLAC,
which share is estimated not to exceed $6,000.
Section 4. The Redevelopment Agency hereby authorizes the transfer to the
County of the Total principal amount, if any, of the authority to issue mortgage credit
certificates allocated to the City by CDLAC. The Executive Director or his designee,
on behalf of the Agency, is authorized and directed to take such steps and execute
such documents as are necessary to effect the transfer of such allocation to the
County solely for application to the issuance of mortgage credit certificates, which are
to be used to induce the origination of home mortgage loans to qualifying persons.
Section 5. The officers and employees of the Redevelopment Agency are
authorized and directed, jointly and severally, to do any and all things necessary or
advisable in order to effectuate the purposes of this resolution or the issuance of the
mortgage credit certificates by the County, and all actions previously taken by such
officers and employees in connection with the application for the allocation authorized
to be requested are ratified and approved.
Section 6. This resolution shall take effect immediately upon its adoption by
the Tustin Community Redevelopment Agency, and the City Clerk shall certify the
vote adopting this resolution.
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Resolution No. RDA 01-3
Page 3
PASSED AND ADOPTED at a regular meeting of the Tustin Community
Redevelopment Agency held on the 20TH day of February, 2001.
PAMELA STOKER
Recording Secretary
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF TUSTIN )
SS
I, Pamela Stoker, Recording Secretary and ex-officio Recording Secretary of
the Community Redevelopment Agency of the City of Tustin, California, do
hereby certify that the whole number of the members of the Community
Redevelopment Agency of the City of Tustin is five; that the above and
foregoing Resolution No. RDA 01-3 was duly passed and adopted at a
regular meeting of the Tustin Community Redevelopment Agency, held on
the 20TM
day of February 2001, by the following vote:
AGENCYMEMBER AYES:
AGENCYMEMBER NOES:
AGENCYMEMBER ABSTAINED:
AGENCYMEMBER ABSENT:
PAMELA STOKER
RECORDING SECRETARY
Worley,
None
None
None
Thomas, Bone, Doyle, Kawashima
rda\ccresos:2001 MCC.doc
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