HomeMy WebLinkAboutMINUTES - 07232002 - C81 TO: BOARD OF SUPERVISORS
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FROM: Dennis Barry, AICP k, . Costa
Community Development Director ;
DATE: July 23, 2002 County
SUBJECT: Mortgage Credit Certificates - Extra Credit Teacher Home Purchaser 4?t
Program
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
AUTHORIZE the Deputy Director -- Redevelopment to prepare and submit the necessary
applications and certifications to the California Debt Limit Allocation Committee for up to $10
million in Private Activity Bond Authority for Mortgage Credit Certificates to be used in the
Extra Credit Teacher Home Purchase Program.
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.
BACKGROUND:
The Extra Credit Teacher Home Purchase Program assists teachers and principals serving in
low performing schools to become first time homeowners. Eligible participants receive a
Mortgage Credit Certificate, and are thereby eligible for an income tax credit from the federal
government that effectively reduces their net mortgage payment by 200 basis points (2%).
The County's application to the California Debt Limit Allocation Committee (CDLAC) for up to
$10 million in Private Activity Bond Authority for Mortgage Credit Certificates is based on State
allocation procedures.
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CONTINUED ON ATTACHMENT. YES SIGNATURE:
COMMENDATION OF COUNTY ADMINISTRATOR RECOMMOF 8oARD M
ENITTEE Ej
_.APPROVE OTHER //
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SIGNATURE(S):
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ACTION OF SOA N July 23, 2 APPROVE AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS ATRUE
X AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT _ Z } AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT-ABSTAIN:
ATTESTED�Jlubr 23, 2002
CONTACT: Jim Kennedy 335-1255 JOHN SWEETEN,CLERK OF THE
CC: Community Development BOARD OF SUPERVISORS AND
Redevelopment Agency COUNTY ADMINISTRATOR
County Administrator
County Counsel
BY 9r EPUTY
JKJhb/0 t 2002-,T ccec!2002.bos