HomeMy WebLinkAboutReso 91-337 - Authorize application to the Calif 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 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
WHEREAS, Congress has extended the MCC Program through the end of
1991.
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
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 designated as the Agency responsible for implementation
of this program within the City of Redding.
J
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 the20th day of
August 1991, and was duly adopted at said meeting by the following
vote:
AYES: COUNCIL MEMBERS: Arness, Buff=, Fulton, Moss & Dahl
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
MIKE DAHL, Mayor
City of Redding
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
Q
R NDALL A. HATS, g1ty Attorney
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