HomeMy WebLinkAboutMINUTES - 10081991 - 1.41 1-041
TO: BOARD OF SUPERVISORS Contra
FROM: HARVEY E. BRAGDON
Costa
DIRECTOR OF COMMUNITY DEVELOPMENT .. County
DATE: October 8, 1991
SUBJECT: HOME MORTGAGE FINANCE PROGRAM AND MORTGAGE CREDIT CERTIFICATE PROGRAM
SPECIFIC REQUESTS) OR RECOMMENDATIONS) &. BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve and authorize the Chairperson of the Board of . Supervisors
to execute Cooperative Agreements with the following cities for
.participation in the County's Home Mortgage Finance Program and
Mortgage Credit Certificate Program:
Antioch Hercules Pittsburg
Brentwood Lafayette Pleasant Hill
Clayton. Martinez Richmond
' Concord Moraga San Pablo
Danville Orinda San Ramon
E1 Cerrito Pinole Walnut Creek
FISCAL IMPACT
None. No General Fund monies are involved.
BACKGROUND1REASONS FOR RECOMMENDATIONS
On June 18, 1991, the Board of Supervisors authorized the Deputy
Director ' - Redevelopment to submit to the California Debt Limit
Allocation Committee. a request to convert private activity bond
authority from Single Family Bonds to Mortgage Credit Certificates.
On June 19, 1991, the California Debt Limit Allocation Committee
approved a Mortgage Credit Certificate (MCC) Program for Contra
Costa County.
CONTINUED ON ATTACHMENT: XX YES SIGNATURE
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND TI OF BO D COMMITT
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED X OTHER ,
VOTE OF SUPERVISORS .
C__ 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 ONTHE
I ,DATE GSHOWN.
Orig: Community Development Department ATTESTED
cc: County Administrator's Office_ PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COU TY ADMINISTRATOR
BY DEPUTY ,
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Home Mortgage Finance Program and Mortgage Credit Certificate Program
Continued - Page Two
The County's allocation for Mortgage Credit Certificates is
approximately $31.9 million. This will allow approximately 195 low
and moderate income first-time homebuyers to achieve home
ownership. The County's Mortgage Credit Certificate Program is
anticipated to be operational by October 28, 1991. By approval of
this Cooperative Agreement the program will be able to operate
throughout the unincorporated County and all cities. The Agreement
also provides for the County to be able to operate future Home
Mortgage Finance programs countywide.
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