HomeMy WebLinkAbout173-91RESOLUTION 173-91
AUTHORIZING EXECUTION OF A COOPERATIVE AGREEMENT ADOPTING A
HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE
COUNTY OF CONTRA COSTA AND REGARDING THE USE OF MORTGAGE CREDIT
CERTIFICATES IN THE TOWN OF DANVILLE AND THE ADMINISTRATION OF
THE PROGRAM BY THE COUNTY OF CONTRA COSTA STAFF
WHERFAS, there is a shortage in the County of Contra Costa (the "County") and in the
Town of Danville (the "Town") of housing affordable by persons in the lower end of the
purchasing spectrum, and a consequent need to encourage the construction of homes
affordable by such persons and to increase the housing supply in the County and in the
Town for such persons; and
WHEREAS, the Board of Supervisors of the County has adopted an ordinance declaring
its intent to engage in a home mortgage finance program pursuant to Chapters 1-5 of Part
5 of Division 31 of the Health and Safety Code of the State of California (the "Act"); and
WHEREAS, the County intends to issue bonds pursuant to the Act to provide funds for
the County's home mortgage finance program (the "Program"); and
WHEREAS, the Town Council of.the Town of Danville finds and determines that it is in
the best interest of the Town to adopt the Program and to consent to the operation of the
Program by the County within the geographic boundaries of the Town pursuant to the
Act; and
XVHE~S, there is a continued need for affordable home ownership opportunities within
the Town and the County particularly for households at the lower end of the purchasing
spectrum; and
WHEREAS, the Tax Reform Act of 1984 established the Mortgage Credit Certificate
Program ("MCC Program") as a means of assisting qualified individuals with the
acquisition of new and existing single family housing; and
WHERFAS, Division 31, Part 1, Chapter 35, Article 4 of the California Health and Safety
Code Sections 50197 et seq (the "MCC Act") authorizes Counties, Cities, and
Redevelopment Agencies to create and participate in MCC Programs; and
WHERF_AS, the County has heretofore determined to engage in an MCC Program
pursuant to the MCC Act in order to assist individual home purchasers in the County to
afford both new and existing homes within the statutory limits as provided for in said Act;
and
PAGE 1 RESOLUTION NO. 173-91
WHEREAS, a request by the County for an MCC Program allocation was heard and
approved by the California Debt Limit Allocation Committee (CDLAC) at its June 19, 1991
meeting; and
WHEREAS, the Town requests that the MCC allocation be available to eligible first time
home buyers within the corporate limits of the Town; and
WHEREAS, the County and Town wish to cooperate with one another pursuant to the
MCC Act in the exercise of their powers under the MCC Act for the purposes of the MCC
Program; and
WHEREAS, the County has the capacity to administer an MCC Program.
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Danville, as
follows:
o
The Town hereby adopts the Home Mortgage Finance Program and the Mortgage
Credit Certificate program for the purpose of increasing the housing supply of
affordable housing in the County and the Town, and consents to the operation of
said programs by the County with respect to all property located within the
geographical boundaries of the Town.
.
The Cooperative Agreement, dated as of September 17, 1991, between the County
and the Town ("Agreement?), in the form presented to this meeting, is hereby
approved and the Mayor is hereby authorized and directed to execute and deliver
the Agreement, for and in the name and on behalf of the Town. The Mayor, with
the advice and consent of the City Attorney, is authorized to approve any additions
to or changes in the form of the Agreement deemed necessary or advisable,
approval of such additions or changes to be conclusively evidenced by the
execution by the Mayor of the Agreement as so added to or changed. The Mayor,
with the advice and consent of the City Attorney, is further authorized to enter into
such additional agreements with the County, execute such other documents, or
take such other actions as they may deem necessary or appropriate to carry out the
purposes and intent of the Agreement or to cooperate in the implementation of the
Program.
3. The resolution shall take effect from and after its adoption; and
PAGE 2 RESOLUTION NO. 173-91
BE IT FURTHER RESOLVED that the Mayor of the Town be hereby authorized and
directed to execute said agreement for and on behalf of the Town of Danville.
APPROVED by the Town Council of the Town of Danville at its regular meeting held on
September 17, 1991, by the following vote:
AYES: Greenberg, Ritchey,
NOES: None
ABSTAINED: None
ABSENT: Lane
Schlendorf, Shimansky
Mayor
APPROVED AS TO FORM:
orney
akgml.res
ATTEST:
City Clerk
PAGE 3 RESOLUTION NO. 173-91