HomeMy WebLinkAboutReso 94-096 - Authorize application to the California Debt Limit Allocation Committee for Mortgage Credit Certificate 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 homeownership
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 (MCCs) 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 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 bond allocation in the amount of $5,000,000 to be traded for authority to
issue Mortgage Credit Certificates in a face amount of $1,250,000 (based upon the
4:1 trade-in value of bond allocation) with the Redding Redevelopment Agency
r�
r
a
0 •
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 19th day of
April 1992, and was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: P. Anderson, Kenoe, McGeorge, Murray and R. Andersc
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
e �G W
ERT C. ANDERSON, Mayor
City of Redding
ATTEST:
CONNIE STROHMAYER, 6tlerk
FORM APPROVED:
RA DALL A. HA S, City Attorney
D:\dl\MCC-RES.CC