HomeMy WebLinkAboutMINUTES - 11032009 - C.65RECOMMENDATION(S):
AUTHORIZE the Conservation and Development Director, or designee, to prepare and
submit the necessary applications and certifications to the California Debt Limit Allocation
Committee for $20,000,000 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. The
issuance of a Mortgage Credit Certificate does not involve the issuance of any debt by the
County, therefore there is no pledge of revenue by the County, or any party contracting with
the County.
BACKGROUND:
Contra Costa County began operation of a Mortgage Credit Certificate (MCC) Program in
June 1991. Mortgage Credit Certificates are an alternative means of assisting low and
moderate income first-time homebuyers in achieving home ownership. The Contra Costa
County Mortgage
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 11/03/2009 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Susan A. Bonilla, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Jim Kennedy
335-7225
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board
of Supervisors on the date shown.
ATTESTED: November 3, 2009
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.65
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:November 3, 2009
Contra
Costa
County
Subject:Mortgage Credit Certificates
BACKGROUND: (CONT'D)
Credit Certificate Program has provided assistance to over 2,500 households. 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 100 to 200 basis points
(1% - 2%). The County’s application to the California Debt Limit Allocation Committee
(CDLAC) for $20 million in Private Activity Bond Authority for Mortgage Credit
Certificates is based on State allocation procedures.
CONSEQUENCE OF NEGATIVE ACTION:
CHILDREN'S IMPACT STATEMENT: