HomeMy WebLinkAboutMINUTES - 10162007 - C.88 TO: BOARD OF SUPERVISORS Contra
FROM: Dennis Barry, AICP _
Community Development Director �` o.;r,H� Costa
DATE: October 16, 2007 °°SQA -=-=� `� Courity
SUBJECT: Mortgage Credit Certificates C
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 $6,933,497
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. The
issuance of a Mortgage Credit Certificate does not involve the issuance of any debt by the
County, therefore there is no pledge of revenue by the County, or.any party contracting with
the County.
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 2,500 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 100 to 200 basis
points (1% - 2%). The County's application to the California Debt Limit Allocation Committee
(CDLAC) for $6,933,497 million in Private Activity Bond Authority for ortgage Credit
Certificates is based on State allocation procedures.
CONTI UED ON ATTACHMENT: _YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMM N OF BOARD MMITTEE
APPROVE OTHER
-ell
SIGNATURE(S):
---------------------------- - ------- ---- ------------------------------------------------- ---
---------f------------------
ACTION OF BOA D APPROVE AS RECOMMENDED
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED
CONTACT: Jim Kennedy 335-7225 JOHN CULLEN,CLERK OF THE
CC: Community Development BOARD OF SUPERVISORS AND
Redevelopment Agency COUNTY,ADMINISTRATOR
County Administrator
County Counsel
BY DEPUTY
G:\CDBG-REDEV\cdbg\Housing\Mortgage Credit Certificates\CDLAC Apps\MCC App 2008\Att A-mcc2008.bos.doc