HomeMy WebLinkAboutMINUTES - 08171993 - 1.44 � l
Contra
Costa
J` County
TO: BOARD OF SUPERVISORS r coli
FROM: Harvey E. Bragdon
Director of Community Development
DATE: August 17, 1993
SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Director of Community Development or his Designee to
prepare and submit the necessary applications and certifications to
the California Debt Limit Allocation Committee for up to $60 million
in Private Activity Bond Authority for Mortgage Credit Certificates.
FISCAL IMPACT
None. No General Fund monies are involved. All costs associated with
the issuance and administration of this program are paid by fees
assessed of program participants.
BACKGROUNDIREASONS FOR RECOMMENDATIONS
The extension of the Mortgage Credit Certificate program is currently
moving through Congress as part of the tax package. The length of the
extensions are different in the House and proposed Senate versions;
however, the expected extension will be for a two-year period
retroactive to the June 30, 1992 sunset date of the program. In
anticipation of the extension, the California Debt Limit Allocation
Committee is currently accepting applications for 1993 pro rams.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMrNDATION F BOARD CO ITTEE
APPROVE OTHER
i
SIGNATURE(S) :
ACTION OF BOARD ON August 17 , 1993 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS= IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Source: Kelly Calhoun
646-4208
cc: Community Development ATTESTED August 17 , 1993
CAO PHIL BATCHELOR, CLERK OF
Redevelopment Agency THE BOARD OF SUPERVISORS
1KC/jb/mcc.bos AND COUNTY ADMINISTRATOR
BY ° , DEPUTY
Contra Costa County has been operating a Countywide Mortgage Credit
Certificate (MCC) program since June 1991, and has only a limited
amount of authority remaining to issue additional MCCs. Mortgage
Credit Certificates are an alternative means of assisting low and
moderate income first-time homebuyers in achieving home ownership.
Recipients of a Mortgage Credit Certificate are eligible for an
income tax credit from ,the federal government that effectively
reduces their net mortgage payment by 200 basis points (2%) .
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