HomeMy WebLinkAboutReso 97-57 - Authorizing Application to the Calif Debt Limit Allocation Committee for Mortgage Credit Cert Issuance Authority . +� _ -• � .
RESOLUTION NO. ����� �
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING APPLICATION TO THE CALIFORNIA DEBT LIMIT
ALLOCATION COMMITTEE FOR MORTGAGE CREDIT CERTIFICATE
ISSUANCE AUTHORITY
WHEREAS, there is a recognized need for affordable home ownership opportunities
within the City of Redding, particularly for households at the lower end of the purchasing
spectrum; and
WHEREAS, the issuance of Mortgage Credit Certificates IMCCs) to individual home
purchasers in other California jurisdictions has been shown to enhance the affordability
of both new and existing homes within the statutory limits; and
WHEREAS, the Mortgage Credit Certificates (MCC) Program is an element of the
mortgage bond allocation distributed to local agencies for private activity by the California
Debt Limit Allocation Committee (CDLAC) and does not restrict the City of Redding's
ability to issue bonds for municipal projects; and
WHEREAS, the Redding Redevelopment Agency has expressed its desire to
continue to administer a Mortgage Credit Certificate Program for the residents of the City
of Redding; and '
WHEREAS, Mortgage Credit Certificates are of comparable value to the subsidy
provided by Mortgage Revenue Bonds with very few associated costs; and
NOW, THEREFORE, BE/T RESOLVED by the City Council of the City of Redding �
that the City Manager is hereby authorized to make application to the California Debt �
Limit Allocation Committee (CDLAC) in the name of the City of Redding for a mortgage '
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bond allocation in the amount of 5746,551 to be traded for authority to issue Mortgage �
Credit Certificates in a face amount of 5186,638 (based upon the 4:1 trade-in value of
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bond allocation) with the Redding Redevelopment Agency designated as the Agency
responsible for implementation of this program within the City of Redding.
/ HEREBY CERT/FY that the foregoing resolution was introduced and read at a
regular meeting of the City Council of the City of Redding on the l st day of
Anri1 1997, and was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: P. Anderson, R. Anderson, Murray and McGeorge
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Kehoe
ABSTAIN: COUNCIL MEMBERS: None
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City of d g
ATTEST:
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c. . C C��, �
�� CONNIE STROHM YER, City Clerk
FORM APPROVED:
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W. LEONARD WIN A , City Attorney
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