HomeMy WebLinkAboutMINUTES - 12131983 - 1.49 f- 7 y
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BOARD OF SUPERVISORS
RS_
FROM: Anthony A. Dehaesus Contra�
Director of Planning Costa
DATE: December 6, 1983 County
SUBJECT: Amending the 1982 Home Mortgage Finance Program Rules and Regulations
Establishing Eligibility Criteria for Mortgagors and Home Mortgages
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. Amend Section 6 of the Rules and Regulations Establishing Eligibility Criteria
for Mortgagors and Home Mortgages for the 1982 Contra Costa County Home
Mortgage Finance Program, as follows:
"Section 6. Average Area Purchase Price. For purposes of the
Program, the Average Area Purchase Price is $165,183 for
residences which have not been previously occupied, and
$135,394 for residences which have been previously occupied."
2. Find that the most accurate and comprehensive data on sales prices of
residences is contained in a study commissioned by the California Building
Industry Association.
3. Determine that the increase in the Average Area Sales Prices apply to the 1982
Home Mortgage Finance Program only, and that the increase in said sales prices
are being approved to maximize the opportunity for home mortgages to be
originated under the 1982 program during a six month extension period
(December 1, 1983 - June 1, 1984).
4. The effective date of the amendment is December 1, 1983.
BACKGROUND
Federal law requires that mortgage revenue bond programs contain sales price
maximums. The 1982 County Home Mortgage Finance Program is governed by a
maximum sales price which is 90% of the average area sales price. In establishing
average area sales prices an issuing entity has the option of using U.S. Treasury "safe
harbor" limits, or local data which is more comprehensive. In the event that local data
is used the issuing agency may have to defend those averages at a later time. Based
on the Boards action of February 1, 1983 the Average Area Purchase Prices for the
1982 program are as follows:
New Construction $135,800
Existing $126,364
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CONTINUED ON ATTACHMENT:�_YES SIGNATU
RECOMMENDATION OF COUNTY ADMINISTRATOR COM ENDATION OF BOARD COMMITTEE
5C APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
UNANIMOUS (ABSENT �--- ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVIS S ON THE DATE SHOWN. �i
CC: Planning Department ATTESTED /?U
J.R. OLSSON. COUNTY CLE K
AND EX OFFICIO CLERK OF THE BOARD
M382/7-83MBY - DEPUTY 21-1
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