HomeMy WebLinkAboutMINUTES - 02261985 - T.1 THE`BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
February 26 , 1985 b the following vote:
Adopted this Order on y g
AYES: Supervisors Powers , Schroder , McPeak, Torlakson, Fanden.
NOES: None .
ABSENT: None .
,'�ABSTAIN: None.
SUBJECT: Public Hearing on Proposed Policy Report Relative to the Issuance'of Qualified
Mortgage Bonds & Mortgage Credit Certificates
In accordance with Section 103A(j)(5) of the Internal Revenue Code, the Board
this day held a noticed public hearing on a proposed Policy Report to be published by the
County containing a statement of the policies regarding housing, development, and low-
income housing assistance to be followed in issuing qualified mortgage bonds and
mortgage credit certificates.
No one appeared to express their views on the proposed Policy Report.
The hearing was declared closed, and the Board adopted Resolution 85/102,
authorizing the publication of the Policy Report.
1 hereby certify that this is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervis s op the date shown.
ATTESTED: GK'S
PHIL BATCHELOR, Clerk of�& Board
of Supervisors and County Administrator
By C/ , Deputy
Orig. Dept.: Planning Department
CC:County Counsel
County Administrator
RESOLUTION
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA AUTHORIZING THE PUBLICATION OF A POLICY
REPORT UNDER SECTION 103A. REGARDING A STATEMENT OF THE
POLICIES OF THE COUNTY OF CONTRA COSTA WITH RESPECT TO
HOUSING, DEVELOPMENT AND LOW-INCOME ,HOUSING ASSISTANCE
TO BE FOLLOWED IN ISSUING QUALIFIED MORTGAGE BONDS AND
MORTGAGE CREDIT CERTIFICATES AND THE ASSESSMENT OF THE
COMPLIANCE OF THE COUNTY OF CONTRA COSTA WITH THE INTENT
OF CONGRESS THAT SUCH BONDS AND CERTIFICATES BE ISSUED
TO THE GREATEST EXTENT FEASIBLE TO ASSIST LOWER INCOME
FAMILIES TO AFFORD HOME OWNERSHIP BEFORE ASSISTING
HIGHER INCOME FAMILIES.
WHEREAS, the County of Contra Costa (the "County" )
is authorized under Chapters 1-5 of Part 5 of Division 31 of
the Health and Safety Code of the State of California (the
"Law" ) to issue revenue bonds for the purpose of providing
home mortgages to low- or moderate-income families;
WHEREAS, pursuant to Section 103A(j ) of the
Internal Revenue Code of 1954, as amended (the "Code" ) , prior
to the issuance of its revenue bonds, the Board of
Supervisors of the County must publish (after a public
hearing following reasonable public notice) a Policy Report
Under Section 103A including a statement of the policies of
the County with respect to housing, development, and
low-income housing assistance to be followed in issuing
qualified mortgage bonds and mortgage credit certificates and
an assessment of the compliance of the County with the intent
of Congress that such bonds and certificates be issued to the
greatest extent feasible to assist lower income families to
afford home ownership before assisting higher income families
(the "Policy Report" ) ;
WHEREAS, this Board of Supervisors must deliver
such Policy Report to the Secretary of the United States
Treasury ( "Secretary" ) on or before March 11, 1985;
WHEREAS, a notice of public hearing with respect to
the proposed Policy Report was published at least fourteen
(14) days before the date set for such public hearing, in a
newspaper of general circulation in the County of Contra
Costa;
WHEREAS,. this Board of Supervisors held said public
hearing, at which time an opportunity was provided to present
arguments both for and against the publication of the Policy
Report and the nature of the contents of the Policy Report;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
1 . This Board of Supervisors does hereby find and
declare that the above recitals are true and correct.
2 . The proposed form of Policy Report presented
to this meeting of the Board of Supervisors is hereby
approved and adopted by the County. The Chairwoman of the
Board of Supervisors of the County of Contra Costa is hereby
authorized and directed to execute such Policy Report on
behalf of the Board of Supervisors, with such changes therein
as she may approve, such approval to be conclusively
evidenced by her execution of such Policy Report.
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040511-0022-188-5691s 02/13/85
3 . The appropriate officers of the County are
hereby authorized and directed to mail such Policy Report by
the United States Postal Service, certified mail, return
receipt requested, to the Secretary, to be postmarked on or
before March 11, 1985.
4. The appropriate officers of the County are
hereby authorized and directed to publish or cause to be
published in a newspaper of general circulation a notice of
the availability of such Policy Report or such other notice
or other publication as shall be approved by regulations of
the Secretary. This Board of Supervisors hereby ratifies the
publication of the Notice of Public Hearing by its Chairwoman
on behalf of the Board of Supervisors of the County of Contra
Costa.
5 . It is the purpose and intent of this Board of
Supervisors that this resolution constitute approval of the
Policy Report by the applicable elected representative in
accordance with Section 103A(j ) of the Internal Revenue Code
of 1954, as amended.
6. This Resolution shall take effect immediately
upon its passage.
PASSED AND ADOPTED by the Board of Supervisors of
the County of Contra Costa on February 26, 1985 by the
following vote:
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040511-0022-188-5691s 02/13/85 L
AYES: Supervisors Powers , Schroder , McPeak, Torlakson,
Fanden
NAYES: None.
ABSENT None.
i
i
Nancy C. Fah n, Chairwoman
[SEAL]
Attest: Phil Batchelor , Clerk
of the Bodw4X
per isors
By �
DeputyClerk of the Board of Supervisors
RESOLUTION NO. 85/102
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040511-0022-188-5691s 02/13/85 I
CLERK'S CERTIFICATE
I , C. Matthews , Deputy Clerk of the Board of Supervisors
of the County of Contra Costa , hereby certify that the foregoing
is a full , true , and correct copy of a resolution duly adopted at
a regular meeting of the Board of Supervisors of said County duly
and regularly held at the regular meeting place thereof on the
26th day of February 1985 , of which meeting all of the members
of said Board of Supervisors had due notice and at which a
majority thereof were present; and that at said meeting said
resolution was adopted by the following vote:
AYES: Supervisors Powers , Schroder, McPeak, Torlakson, Fanden.
NOES: None.
ABSENT: None.
I further certify that I have carefully compared the same
with the original minutes of said meeting on file and of record
in my office; that the foregoing resolution is a full , true and
correct copy of the original resolution adopted at said meeting
and entered in said minutes; and that said resolution has not
been amended , modified or rescinded since the date of its adop-
tion , and the same is now in full force and effect .
WITNESS my hand and the seal of the County of Contra Costa
this 26th day of February , 1985.
Deputy Clerk
of the Board of Supervisors of
the County of Contra Costa,
State of California
CONTRA COSTA COUNTY
94-600050-9
EMPLOYEE IDENTIFICATION NUMBER
POLICY REPORT UNDER
SECTION 103A
OF THE INTERNAL REVENUE CODE
�e50Au rioN I'y0. Ss//oz .4nrw c HmFivi
A. GENERAL
On July 18, 1984, Congress enacted into law the Tax Reform Act of 1984. This Act
imposes certain requirements on issuers of qualified single family mortgage bonds and
mortgage credit certificates. One of these requirements is that issuers publish a
statement of their policies with respect to housing, development, and low-income housing
assistance and report on their compliance, for the one-year period preceding the date of
the report, with the intent of Congress that qualified mortgage bond issues and mortgage
credit certificates assist lower income families to afford home ownership before assisting
higher income families. In order to qualify for a federal tax exemption for interest on
qualified mortgage bonds to be issued in 1985, this statement must be published prior to
March 11, 1985. As Contra Costa County plans to issue qualified single family mortgage
bonds and/or mortgage credit certificates in 1985, the following report is being published
in order to comply with the requirements of the Tax Reform Act of 1984 and the
Regulations thereunder.
B. POLICIES AND GOALS
(1) Housing Policies and Goals.
The California State Legislature has found and declared, that
"there exists within the State of California a serious shortage of decent, safe, and
sanitary housing which is affordable to many persons in the state. This shortage
is exacerbated during periods of rising interest rates, particularly as high
interest rates have the effect of diminishing the number of otherwise credit-
worthy buyers from qualifying for private sector mortgagecapital sources. In
order to remedy this adverse effect on potential home buyers on the lower end of
the purchasing spectrum, it is necessary to implement a public program to
reduce the cost of mortgage financing _for the single-family purchases for those
persons.unable to compete for mortgage financing in the conventional mortgage
market." (California Health and Safety Code 52001)
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The California State Legislature has additionally found and declared that
"it is necessary and essential that counties and cities.be authorized to directly
and indirectly make long-term, low-interest loans to persons not presently
eligible for financing through private sector lending institutions to finance
construction, rehabilitation, and acquisition of homes in order to encourage
investment and upgrade local areas". . (California Health and Safety Code
52002)
Contra Costa County plans to issue qualified single family mortgage bonds and/or
mortgage credit certificates (the "Bonds/Certificates") in 1985 in furtherance of the
above-stated policies of the California State Legislature and in conformance to the
following policies and goals:
(i) Use of Proceeds.
The proceeds of the Bonds/Certificates will be used to finance the acquisition of
residences and qualified rehabilitation loans, and will not be available to finance
home improvement loans.
(ii) Targeting of Proceeds to Housing Type.
The proceeds of the Bond s/Certif icates.will be targeted to new housing, existing
housing, and perhaps "to the purchase/rehabilitation of existing homes. These
housing types are being targeted because they represent the broad spectrum of
homes that are generally affordable to families of low and moderate income.
(iii) Determination of Need for Targeting.
The need to target by housing type is determined pursuant to Section 52020 of
the California Health and Safety Code, which requires that 60 percent of the
proceeds of a bond issue be used to assist in the financing of new or substantially
rehabilitated homes. According to. the Association of Bay Area Government
Housig Needs Report there is a need to accommodate over 58,000 additional
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households in the County during the ten year period 1980-1990. The provision of
the bond/certificate proceeds facilitates and induces this necessary new
construction. Some priority with respect to the remaining 40 percent is provided
to existing homes in order to enhance the affordability of homes generally
available under the program, and to broaden the choice of prospective buyers.
(iv) Method of Targeting Proceeds.
Bond/Certificate proceeds are- targeted via a County controlled allocation
process which takes into account unit type, unit price and affordability,
geographic location, and the presence of other mechanisms designed to reduce
unit prices. .,Priority is provided to housing priced under $100,000, or less than
2/3 of the safe harbor sales price limit. The units selected are from a portfolio
of projects provided by builders/developers in response to a solicitation. The
County makes provision for existing and substantially rehabilitated homes in the
absence of an identified builder/developer.
(v) Other Pertinent Information.
It has been the experience of the County that irrespective of the above,
approximately 80% of the proceeds are used by households earning less than
120% of the County median.
(vi) Relationship of Development and Low Income Housing Assistance Policies.
Programs using the proceeds of Bonds/Certificates in the County are
implemented in a manner which addresses the needs of first time homebuyers
subject to income restrictions. All mortgage funds are restricted to households
meeting income restrictions established in the California Health & Safety Code
(Sections 52020 and 50189) in order to assist low and moderate income
households. Approximately 2/3 of the Bond Certificate proceeds are reserved
for households with incomes at less than 120% of the County median.
Historically 80% of the proceeds are used by mortgagors earning less than 120%
of median. .Proceeds of the Bonds/Certificates are targeted to geographic areas
Page 4
and neighborhoods where home prices are affordable to persons of low and
moderate income. In order to. provide first time homebuyers with a variety of
choices some geographic dispersion is done, consistent with affordability. Given
the nature of the County's housing markets, new single family detached homes
are most affordable in the East County, while new condominiums are most
affordable in the Central and West County. Consumer choice and affordability is
further enhanced by the provision of Bonds/Certificates proceeds for existing
homes. Historically, 60% of all units financed are priced at least 33% below the
maximum allowed under federal law.
(2) Development Policies and Goals
The California State Legislature has found and declared that .
"there exists within the State of California a serious shortage of decent, safe, and
sanitary housing which is affordable to many persons in the state. This shortgage
is exacerbated during periods of rising interest rates, particularly as high
interest rates have the effect of diminishing the number of otherwise credit-
worthy buyers from qualifying for private sector mortgage capital sources. In
order to remedy this adverse effect on potential home buyers on the lower end of
the purchasing spectrum, it is necessary to implement a public program to
reduce the cost of mortgage financing for the single-family purchases for those
persons unable to compete for mortgage financing in the conventional mortgage
market." (California Health and Safety Code §52001)
The California State Legislature has additionally found and declared that
"it is necessary and essential that counties and cities be authorized to directly and
indirectly make long-term, low-interest loans to persons not presently eligible
for financing through private sector lending institutions to finance construction,
rehabilitation, and acquisition of homes in order to encourage investment and
upgrade local areas." (California Health and Safety Code §52002)
Page 5
Contra Costa County plans to issue qualified single family mortgage bonds and/or
mortgage credit certificates (the 'Bonds/Certificates") in 1985 in furtherance of the
above-stated policies of the California State Legislature and in conformance to the
following policies and goals:
(i) Targeting of Proceeds to Areas.
Approximately $1 million or 2% of the proceeds of the Bonds/Certificates must
be targeted to specific "targeted areas residences" as that term. is defined in
Section 103 A of the Internal Revenue Code of 1954, as amended (the "Code") or
areas of chronic economic distress pursuant to Section 103A. Approximately 5%
of mortgage loans have historically been reserved for the financing of properties
located in "targeted areas" as that term is used in the Code. In addition, the
County may further target other lower income communities by providing, on a
priority basis, funds for the purchase and/or purchase/rehabilitation of existing
and new homes located in predominantly lower income communities.
(ii) Targeted Areas Description.
The expected service area of the County program .includes two "targeted areas"
pursuant to Section 103A. The first such target area is Census Tract 3141 in the
unincorporated West Pittsburg community, a community in which 67% of the
households have an income below 80% of the median income for the County, and
17% below the poverty income level.. The second "targeted area", a portion of
the City of Martinez, is characterized by an older housing stock and a population
which has approximately 60% of its households with incomes at or below 80% of
median. Additional. areas in which targeting may occur is in neighborhoods
where comprehensive revitalization' is being" undertaken through Community
Development Programs and other programs designed to benefit low and moderate
income persons.
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(iii) Selection of Targeted Areas.
Section 103A "targeted areas" have been targeted by federal tax law. Additional
targeting of funds to neighborhood, which do not have Section 103A "targeted
area" status may be done based on the presence of a predominantly lower income
population, and other indicators of distress, including those used to designate
neighborhoods eligible for Community Development Block Grant programs.
(iv) Use of Targeted Proceeds.
The proceeds of the bonds/certificates which will be targeted to the areas
described in (ii) above will be used to finance the purchase and/or rehabilitation
of existing housing and new construction.
(v) Other Pertinent Information.
Where possible, the County intends to use bond/certificate proceeds in conjunc-
tion with developments utilizing public land, other local resources, density
bonuses, or other means of reducing housing prices.
(vi) Relationship to Housing and Low Income Housing Assistance Policies.
Programs using the proceeds of Bonds/Certificates in the County are
implemented in a manner which addresses the needs of first time homebuyers
subject to income restrictions. All mortgage funds are restricted to households
meeting income restrictions established in the California Health & Safety Code
(Sections 52020 and 50189) in order to assist low and moderate income
households. Approximately 2/3 of the Bond Certificate proceeds are reserved
for households with incomes at less than 120% of the County median.
Historically 80% of the proceeds are used by mortgagors earning less than 120%
of median. Proceeds of the Bonds/Certificates are targeted to geographic areas
and neighborhoods where home prices are affordable to persons of low and
moderate income. In order to provide. first time homebuyers with a variety of
choices some geographic dispersion is done, consistent with affordability. Given
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the nature of the County's housing markets, new single family detached homes
are most affordable in the East County, while new, condominiums are most
affordable in'the Central and West County. Consumer choice and affordability is
further enhanced by the provision of Bonds/Certificates proceeds for existing
homes. Historically, 60% of all units financed are priced at least 33% below the
maximum allowed under federal law.
B. (3) Low-Income Housing Assistance Policies and Goals.
To insure that qualified mortgage bond issues assist lower income families to afford
home ownership, California law provides that a city or county that administers a
home financing program must establish criteria for qualification of persons and
families for participation in such program. . The criteria for the County programs
include a maximum household income for entitlement funds, which maximum shall
not exceed one hundred fifty percent of Countywide median household income for
mortgagors who will be the first occupant of a home, one hundred twenty percent of
the median household income for mortgagors who will not be the first occupant of a
home. In addition, to obtain a supplementary allocation of qualified mortgage bonds
from the California Mortgage Bond Allocation Committee, proceeds of qualified
mortgage bonds issued with such supplementary allocation must be used to provide
mortgages to.persons and families whose incomes do not exceed one hundred twenty
percent of median household income for mortgagors who will be the first occupant of
a home and median household income for mortgagors who will not be the first
occupant. Approximately 2/3 of the proceeds of the County's proposed 1985 issuance
of bonds/certificates will consist of supplementary funds.
The County plans to issue qualified single family mortgage bonds.(and/or) mortgage
credit certificates (the "Bonds/Certificate") in 1985 in furtherance of the above
stated policies of the California State Legislature and in conformance to .the
following policies and goals:
Page 8
(i) Targeting of Proceeds According to Income.
Price and affordability are priority considerations in the selection of units to be
financed with the proceeds of bonds/certificates. Consistent with state law
(California . Health and Safety Code §52020 and 50189), the proceeds are
restricted to households meeting targeted low and moderate income require-
ments. Approximately 2/3 of the proceeds are supplementary funds pursuant to
the California Health and Safety Code and therefore will be set aside for persons
earning less than 120% of the County median income. Only 1/3 of the proceeds
are entitlement funds pursuant to the California Health and Safety code and
therefore may be used for persons earning between 120% and 150% of the
County median income. Approximately. $2 million of the proceeds of the
Bonds/Cer.tificates will be targeted to low-income families, approximately $5
million of the proceeds of the Bonds/Certificates will be targeted to moderate
income families and approximately $10 million of the Bonds/Certificates will be
targeted to median income families. "Low-income families" means families
earning 50% or less of median income; "moderate income families" means
families earning between 50% and 80% of median income. Median income for
the Oakland Primary Metropolitan Statistical Area (Alameda and Contra Costa
Counties) was determined by the Secretary of Housing and Urban Development
and means $32,000 as of May 11, 1984.
(ii) Method of Targeting Proceeds.
The County's process of allocating bond/certificate proceeds takes into account
the unit type, unit price and affordability, geographic location, and presence of
other mechanisms to reduce price and/or improve affordability. Unit price and
affordability is the primary criteria for the allocation of proceeds. Proceeds
from .the Bonds/Certificates can only be used by mortgagors who satisfy the
income limits contained in the California Health and Safety Code. In addition,
the County may make provision for the financing of the purchase and/or
rehabilitation of existing homes located in communities where low and moderate
income persons predominate.
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(iii) Other. Pertinent Information.
Where possible, the County intends to use bond/certificate proceeds in conjunc-
tion with developments utilizing public lands, other local resources, density
bonuses, and other means of reducing housing prices.
(iv) Relationship to Development and Housing Policies.
Programs using the proceeds of Bonds/Certificates in the County are
implemented in a manner which addresses the needs of first time homebuyers
subject to income restrictions. All mortgage funds are restricted to households
meeting income restrictions established in the California Health & Safety Code
(Sections 52020 and 50189) in order to assist low and moderate income
households. Approximately 2/3 of the Bond Certificate proceeds are reserved
for households with incomes at less than 120% of the County median.
Historically 80% of the proceeds are used by mortgagors earning less than 120%
of median. . Proceeds of the Bonds/Certificates are targeted to geographic areas
and neighborhoods where home prices are affordable to persons of .low and
moderate income. In order to provide first time homebuyers with a variety of
choices some geographic dispersion is done, consistent with affordability. Given
the nature of the County's housing markets, new single family detached homes
are most affordable in the East County, while new condominiums are most
affordable in the Central and West County. Consumer choice and affordability is
further enhanced by the provision of Bonds/Certificates proceeds for existing
homes. Historically, 60% of all units financed are priced at least 33% below the
maximum allowed under federal law.
C. COMPLIANCE WITH PREVIOUS REPORT
The County has not published a Policy Report under Section 103A prior to this Policy
Report. All future Policy Reports will cover the twelve-month period ending September
30, and will assess the County's compliance with its Policy Report published in the
previous year.
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D. COMPLIANCE WITH INTENT OF CONGRESS
On August 22, 1984, the Contra Costa Home Mortgage Finance Authority, a joint powers
agency between the County and the City of Antioch, issued $57,562,608.11 of Single-
Family Mortgage Revenue Bonds. The County issued $62.4 million in mortgage revenue
bonds in 1982, and $37.1 million in mortgage revenue bonds in 1983. The County took the
.steps outlined below with respect to the distribution of bond proceeds in order to assist
lower income households:
1. All mortgage funds were restricted to households meeting income restrictions
established in California Health and Safety Code Sections 52020 and 50189 in order to
assist low and moderate income persons. The median income for the County, as
established for the 1984 Program, is $39,205, therefore income limits are $47,046 for
supplemental funds, $58,808 for entitlement funds. Approximately two-thirds of the
funds are supplemental. Bond/Certificate proceeds are targeted via an allocation
process which takes into account unit type, price and affordability, geographic
location, and the presence of other mechanisms designed to reduce unit prices.
2. In order to assure that units with sale prices affordable to persons earning.less than
120% of the area median were made available to lower income persons before being
sold to higher income persons program funds were set aside for persons earning 120%
or less of the area median income; approximately 65% of the aggregate mortgages
included in the 1984 program, 55% in the 1983.program, and 65% in the 1982 program
were so set aside. Most developers participating in the bond programs are required to
reserve nearly all of their allocation for persons earning 120% or less of the area
median income. Homebuyers are required to be first time homebuyers, except in
"targeted areas", as required by the .Code. Additionally the homes are subject to
sales price limits as required by the Code.
3. One of the major criteria for the selection of developments for the County's single-
family mortgage revenue bond programs is to give priority to developerswith low
sale prices. Due to the high demand for mortgage money, 60% of the units to be
financed in the 1984 Program were at least 33% below the maximum sale price
permitted under the law, 80% in the 1983 program, and 75% in the 1982 Program.
Page 11
4. Five percent of mortgage loans were reserved for properties located in target
residential areas populated by lower-income families in each of the three programs.
5. The restrictions on sale prices of units, below the maximum permitted under the law,
plus provision for developer buydown of the mortgage interest rate will further
enable lower-income homebuyers to qualify.
On April 20, i983, the County issued Home Mortgage Revenue Bonds in the aggregate
principal amount of $37,100,000 (the 111983 Bonds") and on May 13, 1982, the County
issued Home Mortgage. Revenue Bond in the aggregate principal amount of $62,400,000
(the "1982 Bonds") in an effort to assist lower-income families to afford home ownership.
As of February 26, 1985, $7 million of the 1983 Bond proceeds and none of the 1982 Bond
proceeds remained available for use. The following information is provided with respect
to the 1982 and 1983 Bonds:
1. All mortgage funds were restricted to households meeting income restrictions
established in California Health and Safety Code Sections 52020 and 50189 in order to
assist low and moderate income persons. The median income at the time of issuance
was $36,930 for the 1982 Bonds and $36,760 for the 1983 Bonds, therefore income
limits were $44,316 for supplemental funds and $55,395 for entitlement funds, under
the 1982 Bonds, and income limits were $44,112 for supplemental funds and $55,140
for entitlement funds under the 1.983 Bonds. Two-thirds of the funds are supple-
mental.
2. In order to assure that units with sale prices affordable to persons earning less than
120% of the area median were made available to lower income persons before being
sold to higher income persons, approximately 65% of the aggregate mortgages
included in the 1984 program, 55% in the 1983 program, and 65% in the 1982 program
were set aside for persons earning 120% or less of the area median income. Most
developers participating in the bond programs are required to reserve nearly all of
their allocation for persons earning 120% or less of the area median income.
3. One of the major criteria for the selection of developments for the County's single-
family. mortgage revenue bond programs is to give priority to developers with low
Page 12
sale prices. Due to the high demand for mortgage money, 60% of the units to be
financed. in. the 1984 Program were at least 33% below the maximum sale price
permitted under the law, 80% in the 1983 program, and 75% :n the 1982 Program.
4. Five percent of mortgage loans were reserved for properties located in target
residential areas populated by lower-income families in each of the three programs.
5. The restrictions on sale prices of units, below the maximum permitted under the law,
plus provision for developer buydown of the mortgage interest rate will further
enable lower-income homebuyers to qualify.
Conclusion
As income restrictions have applied to each of the County's single family housing bond
issues, and for other reasons discussed in this Policy Report, the County has complied
during the twelve-month period ending September 30, 1984, with the intent of Congress
that the County use its authority to issue qualified mortgage bonds to the greatest extent
feasible to assist lower-income families to afford home ownership before assisting higher
income families.
E. SUMMARY OF HEARING COMMENTS
A public hearing on the proposed Policy Report was duly noticed and held on February 26,
1985. The following comments were received:
No one appeared to corment.
Page 13
This report is submitted by the undersigned elected representative of the County.
BOARD OF SUPERVISORS
CONTRA COSTA COUNTY
X
Nancy C. Fanden
Chairwoman
(SEAL)
ATTEST:
Phil Batchelor
County Administrator & Ex-officio Clerk
of the Board of Supervisors
By:
Deputy
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