HomeMy WebLinkAbout049-94RESOLUTION NO. 49-94
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF DANVILLE
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
I. HOME MORTGAGE FINANCE PROGRAM
WHEREAS, there is a shortage in the County of Contra Costa (the "County") and in the
Town of Danville (the "Town") of decent, safe, and sanitary housing, particularly 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
otherwise to increase the housing supply in the County and in the Town for such
persons; and
WHERFAS, 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
WHE~S, the County intends to issue bonds pursuant to the Act to provide funds for
the County's home mortgage finance program - Mortgage Credit Certificate (MCC)
CProgram"), if the County determines that such programs are deemed to be beneficial;
and
WHEREAS, the Council 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;
II. MORTGAGE CREDIT CERTIFICATE PROGRAM
WHERF~S, there is a continued need for affordable homeownership opportunities within
the "gown and the County particularly for household at the lower end of the purchasing
spectrum; and
WHEREAS; the Tax Reform Act of 1984 established the Mortgage Credit Certificate
Program (hereinafter referred to as the "MCC Program") as a means of assisting qualified
individuals with the acquisition of new and existing single family housing; and
WHEKEAS; Division 31, Part 1, Chapter 35, Article 4 of the California Health and Safety
Code Sections 50197 et seq (the "Act") authorizes Counties, Cities, and Redevelopment
Agencies to create and participate in MCC Programs; and
WHEREAS; the County intends to request additional MCC Program allocations from the
California Debt Limit Allocation Committee (CDLAC) to continue operation of its existing
PAGE I RESOLUTION NO. 49-94
MCC Program; and
WHERF~S; the Town requests that the MCC allocation be available to eligible first time
homebuyers within the corporate limits of the Town; and
WHEREAS; the County and Town wish to cooperate with one another pursuant to the
"Act" in the exercise of their powers under the "Act" for purposes of the MCC Program;
and
WHE~S; the County has successfully administered an MCC Program since 1991, in
which over 700 individuals and families have been assisted in the purchase of new and
existing homes in the County; now, therefore, be it
RESOLVED, by the Town Council of the Town of Danville that the Town Council 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
in the City, and consents to the operation of said Programs by the County with respect to
all property located within the geographical boundaries of the Town; and be it
FURTHER RESOLVED, The Cooperative Agreement, dated as of
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 executed 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 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; and be it
FURTHER RESOLVED, this resolution shall take effect from and after its adoption.
APPROVED by the Danville Town Council at a Regular Meeting held on Tuesday, April
19, 1994, by the following vote:
AYES: Ritchey, Greenberg, Doyle,
NOES: None
ABSTAINED: None
ABSENT: None
Shimansky, Waldo
MAYOR
APPROVED AS TO FORM:
ATTEST:
/' CITY' ATTORNEY
acmz21
CITY CLERK
PAGE 2 RESOLUTION NO. 49-94