HomeMy WebLinkAboutMINUTES - 04031990 - 1.8 (2) 1-080 m
TO: BOARD OF SUPERVISORS o
FROM: Jim Kennedy ,. VIJI Itra
Deputy Director - Redevelopment lJlh>la
• " County
DATE: March 27 , 1990 ``�'-,;�o-�;''
ST.
SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S) OR RECOMMENDATIONS AND BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Chair to execute a cooperative agreement between the
County and the City of Pittsburg providing for the County to operate
a Mortgage Credit Certificate program within the City.
FISCAL IMPACT
County costs associated with operating the Mortgage Credit
Certificate Program will be covered by a fee charged to
participating mortgagors.
REASONS FOR RECOMIlfENDATIONS/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 offering assistance to mortgagors in the moderate income
ranges. The County has approached the City of Pittsburg to
administer a Mortgage Credit Certificate Program for operation
within the City' s jurisdiction. A Resolution and Cooperative
Agreement (copies attached) adopted by the Pittsburg City Council on
March 19, 1990 confirms their official participation in the Program.
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 later in
. 1990 . This initial pilot program is limited to the City of
Pittsburg because the authority to issue the Mortgage Credit
Certificates was initially granted to the City, who is now
transferring this authority to the County. %
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDA/TTON OF A IENCY CO TTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON APR 3 1990 APPROVED AS RECOMMENDED X_OTHER
VOTE OF COMMISSIONERS
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
APR 3 1990
County Counsel PHIL BATCHELOR,
City of Pittsburg AGENCY SECRETARY
Daniel Fred
BY 0�/� ,DEPUTY
ra37/jb/credcert.bos