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TO: BOARD OF SUPERVISORS 11�/
FROM: Jim KennedyVI
Deputy Director - Redevelopment �fy�Jr�v (V�l��l�it(a
DATE: June 7, 1989 r " " )sta
SUBJECT: Mortgage Credit Certificates County
SPECIFIC REQUEST S) OR RECOW4ENDATIONS AND BACKGROUND AND JUSTIFICATION
RECONKMATIONS
Authorize the Chair to execute a cooperative agreement between the
County and the City of Pinole providing for the County to operate a
Mortage Credit Certificate program within the City.
REASONS FOR RECOMMENDATIONS/BACKGROUND
Mortgage Credit Certificates are, an alternative form of providing
first time homebuyers with a financial incentive to achieve home
ownership. They provide an option to single-family mortgage revenue
bonds. The County has been approached by BRIDGE Housing Corpor-
ation, a non-profit developer, and the City of Pinole to administer
a Morrtgage Credit Certificate relative to the Garrity Ridge De-
velopment in the City.
Existing staff and administrative structure utilized in implementing
the County' s single-family mortgage; revenue bond programs will be
available to administer a Mortgage Credit Certificate program. The
initial program will be of a small scale. Because of the small
scale, the County will be able to develop procedures and evaluate
the merits of the Mortgage Credit Certificate approach prior to
making a decision with respect to a larger scale program in 1990.
The County will be incuring a nominal cost with respect to the
retention of a consultant to assist in developing the Mortgage
Credit Certificate program. The cost of the consultant is $5,000.
50% of that cost will be paid for by BRIDGE Housing Corporation.
The County' s $2, 500 share will be paid from housing bond trust
funds, not from any County General funds.
CONTINUED ON ATTACHMENT: _YES SIGNATURE: Io;7/
_RECOMMENDATION OF EXECUTIVE DIRECTOR_RECOMMENDAT F AGE Y COMMI E
_APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON 110_APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
JX UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A
AYES: NOES: TRUE AND CORRECT COPY OF AN ACTION
ABSENT: ABSTAIN: TAKEN AND ENTERED ON THE MINUTES
OF THE REDEVELOPMENT AGENCY ON THE
DATE SHOWN.
cc: CAO ATTESTED l./
4{,(�� ;,,o , I q ff f
County Counsel PHT4L BATCHELOR,
City of Pinole AGENCY SECRETARY
Bridge Housing Corporation
Daniel Fred BY DEPUTY
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