HomeMy WebLinkAboutMINUTES - 01212003 - C56 TO: BOARD OF SUPERVISORS Contra
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FROM: Dennis Barry, AICP .- Costa
Community Development Director
DATE: January 21, 2003 ,,County
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SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUESTS)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
AUTHORIZE the Deputy Director •- Redevelopment to prepare and submit the necessary
applications and certifications to the California Debt Limit Allocation Committee for up to $15
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:
Contra Costa County began operation of a Mortgage Credit Certificate (MCC) Program in June
1991. 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 over 2,000 households.
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%). The County's application to the California Debt Limit Allocation Committee (CDLAC) for
up to $15 million in Private Activity Bond Authority for Mortgage Credit Certific tes 's based on
State allocation procedures.
' 11.FeCONTINUED ON ATTACHMENT: YES SIGNATU E
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COMA
OF COUNTY ADMINISTRATOR RECOMMEN Tt F BOARD CE1 I E
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SIGNATURE(S):
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ACTION OF BOAR— �jn_tr=3r21, ( APPROVE AS RECOMMENDED xx — OTHER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
XX UNANIMOUS(ABSENT Nene ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED January 21, 2003
CONTACT: Jim Kennedy 835-1255 JOHN SWEETEN,CLERK OF THE
CC: Community Development BOARD OF SUPERVISORS AND
Redevelopment Agency COUNTY ADMINISTRATOR
County Administrator
County Counsel
BY /e � ' � 4 -DEPUTY
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