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BOARD OF SUPERVISORS ' �
TO: � Costa
FROM: Harvey E. Bragdon J County
Director of Community Development r� � �;,
DATE: January 10, 1995
SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Director of Community Development or his Designee to
prepare and submit the necessary applications and certifications to
the California Debt Limit Allocation Committee for up to $60 million
in Private Activity Bond Authority for 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 of program participants.
BACKGROUND/REASONS FOR RECOMMENDATIONS
Contra Costa County has been operating a Countywide Mortgage Credit
Certificate (MCC) program since June 1991, and has only a limited
amount of authority remaining to issue additional MCCs. Mortgage
Credit Certificates are an alternative means of assisting low and
moderate income first-time homebuyers in achieving home ownership.
The Contra Costa County Mortgage Credit Certificate Program has
provided assistance to approximately 1, 200 households since the
program's inception. 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 200 basis points
2°
CONTINUED ON ATTACH14ENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR REGIO NDATION F BOARD C0 EE
APPROVE OTHER
SIGNATURE(S) :
Ohl i
ACTION OF BOARD ON irm J6 VAPPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
/ I HEREBY CERTIFY THAT THIS IS A
.,/ 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.
Source: Kelly Calhoun
646-4208 * JAI 10 1995
cc: Community Development ATTESTED
CAO PHIL BATCHELOR, CLERK OF
Redevelopment Agency THE BOARD OF SUPERVISORS
1KC/jb/mcc.bos AND COUNTY ADMINISTRATOR
BY , DEPUTY