HomeMy WebLinkAboutMINUTES - 05072013 - C.87RECOMMENDATION(S):
ADOPT Resolution No. 2013/211 authorizing the Director of the Department of Conservation and Development, or
her designee, to prepare and submit an application, certification, and $600 application fee to the California Debt
Limit Allocation Committee for an allocation of $8,000,000, in Private Activity Bond Authority for conversion to
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 on 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. MCCs are an
alternative means of assisting low and moderate income first-time homebuyers in achieving home ownership. The
County MCC program has provided assistance to over
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 05/07/2013 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: May 7, 2013
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C. 87
To:Board of Supervisors
From:Catherine Kutsuris, Conservation and Development Director
Date:May 7, 2013
Contra
Costa
County
Subject:Mortgage Credit Certificates: Application for $8,000,000 in Private Activity Bond Authority
BACKGROUND: (CONT'D)
3,500 households. Recipients of a MCC 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 $8,000,000 in Private Activity Bond Authority for
MCCs is based on State allocation procedures. Contra Costa County received an allocation in December, 2012 of
$7,059,414. Almost all of the allocation is exhausted. CDLAC allows applications for additional, or Bonus Pool
Allocation, funds when specific performance measures are met. The County meets all requirements for additional
funds. Therefore, staff recommends requesting an additional $8,000,000 in Bonus Pool Allocation funds. This
allocation will result in the issuance of approximately 40 MCCs.
CONSEQUENCE OF NEGATIVE ACTION:
If this request is not approved, an additional allocation of $8,000,000 for Contra Cost County will not be provided
and will remain with CDLAC for use elsewhere in the State.
CHILDREN'S IMPACT STATEMENT:
None.
ATTACHMENTS
Resolution No. 2013/211