HomeMy WebLinkAboutMINUTES - 01072014 - C.62RECOMMENDATION(S):
ADOPT Resolution No. 2014/2 authorizing the Director of the Department of Conservation and Development, or
designee, to prepare and submit an application, certification, and $600 application fee to the California Debt Limit
Allocation Committee for an allocation of $7,067,129, 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
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 01/07/2014 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: January 7, 2014
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C. 62
To:Board of Supervisors
From:Catherine Kutsuris, Conservation and Development Director
Date:January 7, 2014
Contra
Costa
County
Subject:Mortgage Credit Certificates: Application for $7,067,129 in Private Activity Bond Authority
BACKGROUND: (CONT'D)
low and moderate income first-time homebuyers in achieving home ownership. The County MCC program has
provided assistance to over 3,600 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 $7,067,129 in Private
Activity Bond Authority for MCCs is based on State allocation procedures. Contra Costa County received an
allocation in July, 2013 of $7,067,129. Almost all of the allocation is exhausted. This allocation will result in the
issuance of approximately 30 MCCs.
CONSEQUENCE OF NEGATIVE ACTION:
If this request is not approved, the allocation of $7,067,129 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. 2014/2