HomeMy WebLinkAboutMINUTES - 11132012 - C.65RECOMMENDATION(S):
APPROVE and AUTHORIZE the Conservation and Development Director, or designee, to prepare and submit an
application and certification to the California Debt Limit Allocation Committee for an allocation of $7,059,414, in
Private Activity Bond Authority for conversion to Mortgage Credit Certificates, for the period January 2013 through
December 2015.
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
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 11/13/2012 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Kara Douglas
925-674-7880
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 13, 2012
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Carrie Del Bonta, Deputy
cc:
C. 65
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development
Date:November 13, 2012
Contra
Costa
County
Subject:Mortgage Credit Certificates
BACKGROUND: (CONT'D)
moderate income first-time homebuyers in achieving home ownership. The Contra Costa County Mortgage Credit
Certificate Program has provided assistance to over 3,500 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 $7,059,414 in Private Activity Bond Authority for Mortgage Credit Certificates is based on State
allocation procedures. This allocation will result in the issue of approximately 30 MCCs.
CONSEQUENCE OF NEGATIVE ACTION:
If this request is not approved, the $7,059,414 allocated for Contra Cost County will be returned to the State for use
elsewhere in the State.
CHILDREN'S IMPACT STATEMENT:
None.