HomeMy WebLinkAboutMINUTES - 02231988 - 1.55 J fl G r
TO: BOARD OF SUPERVISORS -" 55
FROM: Harvey E. Bragdon Contra
Director of Community Development CJIJJIa
DATE: February 9, 1988 (�,�u*
SUBJECT: Legislation to Extend the Sunset Date for
0—0-
Single Family Mortgage Revenue Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Adopt position supporting H.R. 2640 and S. 1522, legislation to
extend the sunset date for single family mortgage revenue bonds to
December 31, 1992; and authorize the Chair to execute letters to
the County' s legislative delegation requesting they
support/co-sponsor the above bills, and letters of support to the
Chairman of the Housing and Senate tax writing committees.
BACKGROUND/REASONS FOR RECOMMENDATIONS .
Authority to issue single family mortgage revenue bonds expires on
December 31, 1988. H.R. 2640, introduced by Representative
Donnelly (D-MA) and cosponsored by a bipartisan group of 202
members of the House, and S. 1522, introduced by Senator Riegel
(D-MI ) and cosponsored by a bipartisan group of 36 senators, would
extend the authority to issue single family mortgage revenue bonds
for four years to December 31, 1992. None of the County' s
representatives have, as yet, signed on as a cosponsor of H.R.
2640. In> the Senate, only Senator Cranston is a cosponsor.
Single family mortgage revenue bonds are one of the few tools left
to provide home ownership to low and moderate income first time
homebuyers. The County has been a very active issuer of such
bonds. Of importance, the County has utilized this tool to
effectively assist the very low income as well.
4 .
4 _.,�
CONTINUED ON ATTACHMENT: YES SIGNA
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF O COMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED FEB 2 3 1988
Association of Local Housing Finance Agencies PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
BY � DEPU'T'Y
JK/mb
jk1/extsunst.dte