HomeMy WebLinkAboutMINUTES - 02242004 - C86 TO: BOARD OF SUPERVISORSuontra
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FROM: Dennis Barry, AICD
Community Development Director Costa
DATE: February 24, 2004 County
SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S)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
$10,470,317 million in Private Activity Bond Authority for Mortgage Credit Certificates.
FISCAL IMPACT-
None.
MPA T-lone. No General Fuad monies are involved. All costs associated with the issuance and
administration of this program are paid by fees assessed of program participants.
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 (CDLA ) for
$1054¢70;317 million in Private Activity Bond Authority for Mortgage Credit Certificates is based
on State allocation procedures.
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CONTINUED ON ATTACHMENT: YES SIGNATURE:
ECb3Pd MEN'OAT ON OF COUN—Y ADMINISTRATOR R COMIMENi 9 N OF SOAR TEE
s-�-'APPROVE OTHER � 1
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SIGNATURE(S)-
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ACTION C3F 5 . � 2 a, 2 4 APPROVE AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS E HERESY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION'TAKEN
UNANIMOUS{ASSENT_ 3 AND ENTERED ON T HE MINUTES OF:q THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ASSTA€N:
ATTESTED FebrMrY 24, 2004
CONTACT: Jim Kennedy 335-9255 JOHN SWEETEN,CLERK OF THE
CC: Community Deve4ment BOARD OF SUPERVISORS AND
RedeaeIopment Agency COUNTY ADMINISTRATOR
County Administrator
County Counsei
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