HomeMy WebLinkAboutReso 92-166 - Authorize application to the Calif Debt Limit Allocation Committee for Mortgage Credit Cert Issuance Authority RESOLUTION NO. 1 'G�
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
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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
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WHEREAS, Congress has extended the MCC Program through June of 1992.
NOW, THEREFORE, BE IT 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
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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
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Redevelopment Agency designated as the Agency responsible for implementation
of this program within the City of Redding.
I HEREBY CERTIFY that the foregoing resolution was introduced and read
at a regular meeting of the City Council of the City of Redding on the 21st day of
April 1992, and was duly adopted at said meeting by the following
vote:
AYES: COUNCIL MEMBERS: Anderson, Arness, Dahl, Kehoe & Moss
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
Mayor - Charlie Moss o
Cify of Redding
ATTEST:
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CONNIE STROHMAYER, My Clerk
FORM APPROVED:
RAt4DALL A. HAYS, qty Attorney
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