HomeMy WebLinkAboutMINUTES - 03211989 - 1.54 COUNTY OF CONTRA COSTA
RESOLUTION NO. 89/-I?Y
RESOLUTION OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE
ACCEPTANCE OF TRANSFERS OF ALLOCATION, THE ISSUANCE, SALE AND
DELIVERY OF COUNTY OF CONTRA COSTA 1989 HOME MORTGAGE REVENUE
BONDS, AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE,
BOND PURCHASE CONTRACT, ORIGINATION, SERVICING AND
ADMINISTRATION AGREEMENT, DEVELOPER AGREEMENT, COOPERATIVE
AGREEMENTS AND OFFICIAL STATEMENT, ADOPTING RULES AND
REGULATIONS, ESTABLISHING MEDIAN HOUSEHOLD INCOME, APPROVING A
FEASIBILITY STUDY, APPROVING THE ISSUANCE OF BONDS AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER
RELATED DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of
the Health and Safety Code of the State of California (the
"Act" ) authorizes counties to incur indebtedness for the
purpose of financing home mortgages authorized by the Act, and
the Act provides a complete, additional and alternative method
for doing the things authorized thereby;
WHEREAS, the Board of Supervisors (the "Board" ) of
the County of Contra Costa (the "County" ) hereby finds and
declares that it is necessary, essential and a public purpose
for the County to finance home mortgages pursuant to the Act,
in order to increase the housing supply in the County for
persons and families within the income limitations established
by the Act;
WHEREAS, this Board has, by Ordinance No. 82-5,
adopted on January 5, 1982, adopted a home mortgage finance
program (the "Program" ) for such purpose, and has determined
to borrow money for such purpose by the issuance of revenue
bonds as authorized by the Act;
WHEREAS, certain cities within the County have
agreed or may agree with the County, pursuant to the Act, to
cooperate in the Program and have agreed or may agree that the
County shall exercise powers to finance home mortgages
pursuant to the Act with respect to property located in the
geographic boundaries of such cities;
WHEREAS, the County and the cities of Antioch and
Hercules have applied to the State of California Debt Limit
Allocation Committee ( "CDLAC" ) for allocations to issue
qualified mortgage bonds in accordance with Section 146 of the
Internal Revenue Code of 1986, as amended (the "Code" ) and
Chapter 11.8 of Division l . of Title 2 of the California
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Government Code and have applied for allocations from CDLAC in
amounts equal to $19, 600, 000, $20, 000, 000 and $4, 100, 000,
respectively, and the city of Pittsburg received such
allocation from the State of California Mortgage Bond and Tax
Credit Allocation Committee ( "MBTCAC" ) in 1987 in an amount
equal to $20, 000, 000 and elected to carry forward such
allocation;
WHEREAS, the cities of Antioch and Hercules have
advised CDLAC of their intention to transfer their allocations
to the County and the city of Pittsburg has advised CDLAC of
its intention to transfer a portion of its 1987 carry forward
election to the County so that a single issue of bonds may be
undertaken;
WHEREAS, the County desires to accept the transfer
of allocations from the cities of Antioch, Hercules and
Pittsburg;
WHEREAS, qualified lending institutions which
transact business in the County have been permitted the
opportunity to participate in the Program on an equitable
basis with other participating lending institutions;
WHEREAS, this Board hereby finds and determines that
the Program complies with the land use element and the housing
element required to be included in the general plan of the
County by Section 65302 of the California Government Code;
WHEREAS, this Board hereby finds and declares that
this Resolution is being adopted pursuant to the powers
granted by the Act;
WHEREAS, the Code requires that, prior to issuance,
mortgage revenue bonds be approved by the applicable elected
representatives of the governmental unit issuing such bonds,
after a public hearing held following reasonable public notice;
WHEREAS, there was published in the Contra Costa
Times, a newspaper of general circulation in the County, on
March 6, 1989 and March 13, 1989, in the Antioch Ledger on
March 6, 1989 and March 13, 1989, and in the West County Times
on March 10, 1989 and March 13, 1989, a notice that a public
hearing regarding the issuance of bonds by the County would- be
held by the Deputy Director-Redevelopment on March 20, 1989;
WHEREAS, the Deputy Director-Redevelopment has held
the public hearing described above;
WHEREAS, this Board is the applicable elected
representative of the County; and
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WHEREAS, all conditions, things and acts required to
exist, to have happened and to have been performed precedent
to and in the issuance of the Bonds (hereinafter defined) and
implementation of the Program as contemplated by this
resolution and the documents referred to herein exist, have
happened and have been performed in due time, form and manner
as required by the laws of the State of California, including
the Act;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
1. The Board does hereby find and declare that the
above recitals are true and correct.
2 . The Chair of this Board, the County
Administrator, the Director of Community Development, the
Deputy Director-Redevelopment or the Senior Housing Planner
(the "Designated Officers" ) are hereby authorized and
directed, for and in the name and on behalf of the County, to
accept the transfer of the qualified mortgage bond allocation
made to the cities of Antioch and Hercules by CDLAC and such
portion of the qualified mortgage bond allocation carried
forward by the city of Pittsburg as such officer shall
determine.
3 . Pursuant to the Act and the Indenture
(hereinafter defined) , revenue bonds of the County, designated .
as "County of Contra Costa 1989 Home Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program) " in an aggregate
principal amount not to exceed $65, 000, 000 (the -"Bonds" ) are
hereby authorized to be issued. The Bonds shall be executed
by the manual or facsimile signature of the Chair of this
Board and the facsimile of the seal of the County shall be
reproduced thereon and attested by the manual or facsimile
signature of the County Administrator and Ex-Officio Clerk of
this Board, in the forms set forth in or otherwise in
accordance with the Indenture (hereinafter defined) . The
amounts made available by the issuance of the Bonds shall be
used to acquire mortgage-backed securities, backed by pools of
home mortgages (the "Home Mortgages" ) and guaranteed by the
Government National Mortgage Association ( "GNMA Securities" ) ,
pursuant to the Program, and for such other purposes as are
set forth in the Indenture.
4. The proposed form of indenture presented to
this meeting is hereby approved. The Designated Officers are
hereby authorized and directed, for and in the name and on
behalf of the, County, to execute and deliver an indenture in
substantially said form, with such additions thereto or
changes therein as the officer executing said indenture may
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require or approve, such approval to be conclusively evidenced
by the execution and delivery thereof. Security Pacific
National Bank, a national banking association, is hereby
designated as trustee under the indenture (the "Trustee" ) .
The date, maturity dates, interest rate or rates, interest
payment dates, denominations, form, registration privileges,
manner of execution, place of payment, terms of redemption and
other terms of the Bonds shall be as provided in said
indenture as finally executed (the "Indenture" ) ; provide
however, that the terms of the Bonds shall be such as to
result in a rate of interest on the Home Mortgages not to
exceed 9 . 50% per annum.
5. The proposed form of bond purchase contract,
between the County and PaineWebber Incorporated, Pacific
Securities, Inc. -and Grigsby Brandford Powell Inc. , as
representatives of the several underwriters (the
"Underwriters" ) , in substantially the form presented to this
meeting, and the sale of the Bonds pursuant thereto, is hereby
approved. Any one of the Designated Officers of the County is
hereby authorized and directed, for and in the name and on
behalf of the County, to accept the offer of the Underwriters
to purchase the Bonds contained in said bond purchase contract
(when such offers are made and if such offers are consistent
with Section 4 hereof) and to execute and deliver said bond
purchase contract in said form, and to approve any additions
to or changes in the form of said bond purchase contract
(consistent with the final Official Statement approved by the
Chair of the Board or other Designated Officer in accordance
with section 10 hereof) which such officer may deem necessary
or advisable, approval of such additions or changes to be
conclusively evidenced by such officer' s execution of said
bond purchase contract as so added to or changed.
6. The proposed form of origination, servicing and
administration agreement presented to this meeting is hereby
. approved. Any one of the Designated Officers of the County,
as issuer of the Bonds and as Administrator (as defined in
said a name
is hereby authorized and directed, for and in
the name and on behalf of the County, as issuer of the Bonds
and as Administrator, to execute and deliver an origination,
servicing and administration agreement with the lending
institutions identified in Exhibit A hereto, with such
additional lending institutions (and omitting such lending
institutions) as may be approved by the Designated Officers as
being in furtherance of the interests of the Program, in
substantially said form, with such additions thereto or
changes therein as the officer executing such origination,
servicing and administration agreement may require or approve,
such approval to be conclusively evidenced by the execution
and delivery thereof. If, in the opinion of the Designated
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Officers of the County, it is desirable to enter into
origination, servicing and administration agreements with
other qualified lenders, such officers shall enter into
agreements with such other qualified lenders. The final
selection of qualified lenders and the final allocation
thereto of the moneys to be made available by the sale of the
Bonds for the purchase of GNMA Securities shall be made on a
fair and equitable basis considering the factors set forth in
the Rules and Regulations (hereinafter described) and
considering the public purposes of the Program. The proper
officers of the County are hereby authorized and directed to
establish and maintain such account or accounts as may be
necessary to hold the commitment fees paid by the lenders.
7 . The proposed form of developer agreement
presented to this meeting is hereby approved. Any one of the
Designated Officers of the County is hereby authorized and
directed, for and in the name and on behalf of the County, to
execute and deliver a developer agreement with the developers
identified in Exhibit B hereto, with such additional
developers ( and omitting such developers) as may be approved
by the Designated Officers as being in furtherance of the
interests of the Program, in substantially said form, with
such additions thereto or changes therein as the officer
executing such developer agreement may require or approve,
such approval to be conclusively evidenced by the execution
and delivery thereof. The final selection of developers and
the final allocation thereto of the moneys to be made
available by the sale of the Bonds for the purchase of GNMA
Securities shall be made on a fair and equitable basis
considering the factors set forth in the Rules and Regulations
(hereinafter described) and considering the public purposes of
the Program. The proper officers of the County are hereby
authorized and directed to establish and maintain such account
or accounts as may be necessary to hold the commitment fees
paid by the developers.
8. The proposed form of cooperative agreement
between the County and such cities within the County as shall
offer to enter into cooperative agreements with the County is
hereby approved. The Designated Officers are hereby
authorized and directed, for and in the name or on behalf of
the County, to execute and deliver cooperative agreements with
such cities as such officers determine to be in furtherance of
the interests of the Program in substantially said form, with
such additions thereto or changes therein as are approved by
the Designated Officers, the approval of such officers to be
evidenced conclusively by the execution and delivery of such
agreements. The final selection of cities cooperating with
the County in connection with the Program, including the
addition of additional cities as cooperating cities, shall be
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made in consideration of the developers selected for
participation in the Program.
9 . The proposed form of official statement
relating to the Bonds presented to this meeting is hereby
approved. The Chair of this Board and each of the other
Designated Officers are hereby authorized and directed, at the
time of the sale of the Bonds, for and in the name and on
behalf of the County, to execute a final official statement in
substantially said forms, with such additions thereto or
changes therein as the executing officer may require or
approve, such approval to be conclusively evidenced by the
execution thereof. The Underwriters are hereby authorized to
distribute copies of said official statements, as finally
executed, to persons who may be interested in the purchase of
the Bonds and are directed to deliver such copies to all
actual purchasers of the Bonds. The Underwriters. are hereby
authorized to distribute the Preliminary Official Statement
relating to the Bonds.
10. The proposed form of compliance agent agreement
presented to this meeting is hereby approved. The County of
Alameda is hereby designated as compliance agent. The
Designated Officers are hereby authorized and directed, for
and in the name and on behalf of the County, to execute and
deliver a compliance agent agreement in substantially said
form, with such additions thereto or changes therein as the
officer executing said compliance agent agreement may require
or approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
11 . The Rules and Regulations Establishing
Eligibility Criteria for Lenders, in the form submitted to
this meeting, are hereby approved and adopted.
12 . The Rules and Regulations Establishing
Eligibility Criteria For Mortgagors And Home Mortgages, in the
form submitted to this meeting, are hereby approved and
adopted. Pursuant to said Rules and Regulations, this Board
of Supervisors hereby adopts the Federal Law Household Income
(Very Low Income Families) and the State Law Median Household
Income, as defined therein, subject to adjustment from time to
time by this Board by resolution or in accordance with said
Rules and Regulations referred to in this section 11 .
Based on the report of Spear Street Advisors, Inc. ,
this Board hereby finds and determines that the countywide
median household income is $48, 900.
13 . The Bonds, when executed by the County pursuant
to Section 3 hereof, shall be delivered to the Trustee for
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authentication. The Trustee is hereby requested and directed
to authenticate the Bonds by executing the Trustee' s
certificate of authentication and registration appearing
thereon, and to deliver the Bonds, when duly executed and
authenticated, to the Underwriters in accordance with written
instructions executed on behalf of the County by the Chair of
this Board or other Designated Officer, which instructions
said officer is hereby authorized and directed, for and in the
name and on behalf of the County, to execute and deliver to
the Trustee. Such instructions shall provide for the delivery
of the Bonds to the underwriters in accordance with the bond
purchase contract, upon payment of the purchase price thereof.,
14. The draft report entitled "Market Feasibility
Study, " prepared by Spear Street Advisors, Inc . , is hereby
approved and adopted.
15 . Caine Gressel Midgley Slater Inc . is hereby
designated as financial advisor for the. County and Spear
Street Advisors, Inc. is hereby designated feasibility
consultant for the County with respect to the issuance of the
Bonds.
16. This Board appoints the County to act as
Administrator of the Program, and directs the Community
Development Department of the County to administer the Program
on behalf of the County pursuant to Section 52020(e) of the
California Health and Safety Code.
17 . As the applicable elected representative of the
County, this Board, for purposes of Section 147(f) of the
Internal Revenue Code of 1986, as amended, hereby approves the
issuance of the Bonds in an aggregate amount not to exceed
$60, 000, 000.
18. The payment by the County of up to $40, 000 for
an allocation under the home financing program financed by the
Bonds to provide financing for the purchase of homes is hereby
approved. The appropriate officers of the County are hereby
authorized to take such action as is necessary or desirable to
obtain such allocation or allocations.
19 . All actions heretofore taken by the officers
and agents of the County with respect to the establishment of
the Program and the sale and issuance of the Bonds are hereby
approved, confirmed and ratified. The Chair of this Board,
the County Administrator, the Director of Community
Development, the Deputy Director-Redevelopment and the Senior
Housing Planner are hereby authorized and directed, for and in
the name and on behalf of the County, to do any and all things
and take any and all actions and execute and deliver any and
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all certificates, agreements and other documents, including
but not limited to those described in the Indenture, the bond
purchase contract and the other documents herein approved,
which they, or any of them, may deem necessary or advisable in
order to consummate the lawful issuance and delivery of the
Bonds in accordance with this resolution and resolutions
heretofore adopted by the County and in order to carry out the
Program.
20. The Administrator is hereby authorized to
approve on behalf of the County the reallocation of any and
all moneys under the Origination, Service and Administration
Agreement to Lenders and under the Developer Agreement to
Developers, in accordance with the provisions of such
agreements.
21 . This resolution shall take effect immediately
upon its adoption.
ADOPTED this 21st day of March, 1989, by the
following votes:
AYES: Supervisors Powers, Fanden, McPeak,
Schroder, Torlakson.
NOES: None.
ABSENT: None .
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Chair of the Board of Supervisors
ATTEST:
Phil Batchelor, County Administrator
and-;Cl,erk of the Board of Supervisors
By: _ �
Deputy
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CLERK' S CERTIFICATE
= Jeanne 0. Maglio
I, Deputy Clerk of the Board of
,
Supervisors of the County of Contra Costa, hereby certify as
follows:
The foregoing is a full, true and correct copy of a
resolution duly adopted at a regular meeting of the members of
the Board of Supervisors of the County of Contra Costa duly,
regularly and legally held at the regular meeting place
thereof on March 21, 1989, of which meeting all of said
members had due notice and at which at least a majority
thereof were present;
At said meeting said resolution was adopted by the
following vote:
Ayes: Supervisors Powers , Fanden, McPeak,
Schroder, Torlakson.
Noes: None .
Absent: None .
The foregoing is a full, true and correct copy of
the original resolution adopted at said meeting and entered in
said minutes; and
Said resolution has not been amended, modified or
rescinded since the date of its adoption, and the same is now
in full force and effect.
a
Dated: March 21 1989.
Phil Batchelor, County
Administrator and Clerk of the
Board of Supervisors
[SEAL]
By:
Deputy
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EXHIBIT A
Qualified Lenders
Cypress Financial Corporation
First California Mortgage Co.
IMCO Realty Services, Inc.
International Mortgage Company
Lindsey & Company, Inc ./IMCO Realty Services, Inc.
Norwest Mortgage, Inc./GMAC Mortgage Corporation
of Iowa
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EXHIBIT B
Preliminary Developer Allocations
Preliminary
Developer Allocation Developments
Albert D. Seeno 1,000,000 Meadow Creek, Antioch
Oak Hills, Pittsburgh
Amlee Corporation 3,000,000 Turtle Creek, Concord
Citation Homes 1,000,000 Shelbourne, Antioch
Jerry Feagley 280,000 Road 20, San Pablo
Garrow & Cardinale 2,000,000 Gateway, Oakley
Homestead Land 2,000,000 Deer Park Villas, Antioch
Kaufman & Broad 25,000,000 Calif. Gables, Antioch
Parachini, Antioch
Skyranch, Antioch
Williamson Ranch, Antioch
Calif. Harvest, Brntwd.
Calif. Beacon, Oakley
Calif. Season, Pittsburg
McBail Company 2,500,000 Almondridge, Antioch
Shea Homes 3,000,000 Bay Pointe, Hercules
Sub Total Developers $39,780,000
Scattered Site/Resale 10,000,000
County Allocation 2,000,000
TOTAL MRTG. ALLOCATION $51,780,000
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TO: BOARD OF SUPERVISORS 1-054
54
FROM: Harvey E. Bragdon
Director of Community Development
r
DATE: March 7 , 1989 Contra
SUBJECT: 1989 Contra Costa County Home Mortgage Revenue BondS@
CNJIa
Cour:ty
SPECIFIC REQUEST S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Adopt resolution authorizing the acceptance of transfers of
mortgage bond allocations from certain cities, the issuance, sale,
and delivery of Contra Costa County 1989 Issue A Home Mortgage
Revenue Bonds, and authorizing the execution and delivery of
program documents related thereto.
BACKGROUND/REASONS FOR RECOMMENDATIONS
�J
The County is authorized to issue housing revenue bonds to assist
first time homebuyers pursuant to the Internal Revenue code, the
California Health and Safety Code, and by Ordinance 82-5, adopted
by the Board of Supervisors on January 5,1982.
The 1989-A is an issuance of new bonds subject to requirements of
the 1986 Tax Reform Act. A summary of actions of the Board is ;
attached hereto as Appendix A.
The home mortgage finance program is intended to provide below
market rate financing to low and moderate income first time home
buyers. The program implements Policy 4a of the County' s adopted
Housing Element. A copy of program parameters, allocations to
developers, and participating lenders is attached hereto as
Appendix B, C, and D.
CONTINUED ON ATTACHMENT: X YES SIGNATUR 4. 0
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT ON OF IVARD COMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED __>< OTHER_
r,
VOTE OF SUPERVISORS
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 ON THE DATE SHOWN.
f
cc: Community Development ATTESTED MAR 21 1989
County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller AND COUNTY ADMINISTRATOR
Treasurer Tax Collector �/
via Community Development BY C. DEPUTY
- PaineWebber, Inc
JK:cg - Orrick, Herrington & Sutcliffe
cjkl/ccchmrb.bos
-Brown & Wood
FINANCIAL IMPACT
The County will be reimbursed for expenses incurred in the issuance
process and for ongoing administrative expenses. The resolution
does provide for the County, from its Housing Bond Trust funds, to
pay certain commitment fees in order to facilitate mortgage
allocations for non-profit organizations and for existing (resale)
properties, if necessary. The County will cover such expenses if
the program and/or program participants are unable to cover them.
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Appendix A
Summary of Recommended Actions Documents and actions to be approved
or authorized are as follows:
1. Accept transfer of qualified mortgage bond allocation from the
cities of Antioch, Hercules and Pittsburg;
2. Issuance, Sale, and Delivery of 1989 Issue A County of Contra
Costa Home Mortgage Revenue Bonds:
3 . The form of Indenture between the County and Security Pacific
National Bank as Trustee;
4. The form of the Bond Purchase Contract between the County and
underwriters (Paine Webber, Inc. , Grigsby Brandford Powell,
Inc. , and Pacific Securities, Inc. )
5 . A form of the Origination Service and Administration Agreement
between the County, the Trustee, and Lenders;
6. The form of Developer Agreement between the County and
developers;
7 . The Cooperation Agreements between the County and
participating cities;
8. The form of the Official Statement;
9. The Rules and Regulations Establishing Eligibility Criteria
for Lenders;
10 . The Rules and Regulations Establishing Eligibility Criteria
for Mortgagors and Home Mortgages;
11. A Feasibility Report prepared by Spear Street Advisors;
12 . Designation of Alameda County as Compliance Agent;
13 . Designation of the County as Administrator;
14 . Authorize the County to pay commitment_ ,fees relative to an
allocation of mortgage proceeds for existing/resale and
scattered site homes; and
15 . Other actions as necessary.
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ATTACHMENT 8
Summary of Program Parameters
Single-Family Mortgage Revenue Bond Program
1989 Issue A
Limits
Non-Targeted Federal
Areas Targeted Areas
I . Purchase Price Limitl
Maximum permitted by Federal Law.
Presently these limits are:
- Newly constructed housing $152,100 $185,900
- Existing housing $138,370 $169,730
II . Income Limits
Maximum permitted by Federal. and
State Law. Presently, these
limits are:
- Newly constructed housing
1 & 2 person household ;45.000 354 ,0003
3+ person household $51 ,750' ;58,68U '
- Existing Homes
1 & 2 person household '45,0000 $48,9UU�
3+ person household $48,900" 548,9009
(Note that: 50% of mortgages
for existing homes are
reserved for buyers with
incomes of $39,120* or less
irrespective of family size. )
III . Mortgagor Requirements At least 95% of the °Jo restrictions
mortgage must be
Utilized by first-
time homebuyers.
IV. Mortgage Loan Features Fixed-mate 30-year loans: interest rate
to be determined at time of bond sale.
Standard Lazard and FHA insurance (or
VA guarantee) will be required on all
loans.
*80% of County median income.
.
,
'
�
'
'
l. Maximum IRS limits based on Oakland PM3A "average area purchase price" of
$169`000 for newly constructed housing and of 8154,300 for existing
housing as determined by IRS, Department of the Treasury.
2, Calculated as "very low -income" limit of $22,500 multiplied by 2.0.
3' Calculated as "very low income" limit of $22,500 multiplied by 2.4.
4' Calculated as "Very low income" limit of $22,500 multiplied by 2'3.
5' Calculated federal limit of $63,000 ("very low income limit" of $22.500
multiplied by 2'8) is superseded by State of California Limit (120/cof
median income of $48,900 as adopted by the County based on most recent
Spear Street Advisors' estimate) .
�
|
6' Calculated as "very low income" limit of $22,500 multiplied by 2.0; I/2 �
of proceeds reserved for mortgagors with incomes of $38,128 or less'
7' Calculated federal limit of $54,000 / "very low income" limit of $22,500
multiplied by 2.4\ is superseded by State of California limit (I00% of
median income as adopted by the County based On most recent Spear Street
Advisors/ estimate) ; 1/2 of proceeds must be for mortgagors with incomes
of $39,120 or less.
8' Calculated federal limit of $51,750 ("very low income" limit of $22,500
multiplied by 2-3) is superseded by State of California limit (100% of
median income as adopted by County based on most recent Spear Street
Advisors' estimate); 1/2 of proceeds reserved for mortgagors with incomes
of $39,I20 or less (80% of median income of less) .
9. Calculated federal limit of $63,000 ("very low income" limit of $22,500
multiplied by 2.8) is superseded by State of California limit (100% of
median income as adopted by County based on most recent Spear Street
Advisors' estimate) ; 1/2 of proceeds reserved for mortgagors with incomes
of $�9,I20 or less (80% of median income or less) .
-
RA25/progpar'atb
�
�
Appendix C
Preliminary Mortgage Allocation
Preliminary
Participant Allocation Developments
Amlee Corporation 3 , 000 ,000 Turtle Creek, Concord
Citation Homes 1, 000,000 Shelbourne, Antioch
Feagley Development 280,000 Road 20, San Pablo
Garrow & Cardinale 2,000,000 Gateway, Oakley
Homestead Land 2,000,000 Deer Park, Antioch
Kaufman & Broad 25, 000,000 Calif. Beacon, Oakley
Calif. Gables, Anitoch
Calif. Harvest, Brentwood
Calif. Ridge, Antioch
Calif. Hill, Antioch
Calif. Season, Pittsburg
Calif. Terrace, Antioch
Williamson Ranch, Antioch
McBail Co. 2,500,000 Almondridge, Antioch
Seeno 1,000,000 Meadow Creek, Antioch
Shea Homes 3,000 ,000 Oak Hills, Pittsburg
Bay Pointe,_ Hercules
Sub Total Developers $39,780,000
Resale/Spot Loans 10,000,000
County Allocation 2 , 000,000
TOTAL •MRTG. ALLOCATION $51,780,000
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Appendix D
Qualified Lenders
ARCS Mortgage
Cypress Financial
Directors Mortgage
First California Mortgage
GMAC Mortgage
IMCO Realty Services
International Mortgage
Lindsay & Company
Norwest Pacific Mortgage
cjkl/ccchmrb.bos
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