HomeMy WebLinkAboutMINUTES - 06181991 - 1.65 contra
Costa
TO: BOARD OF SUPERVISORS County
FROM: Harvey E. Bragdon
Director of Community Development
DATE: June 18, 1991
SUBJECT: Mortgage Credit Certificate Program
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Deputy Director - Redevelopment to submit to the
California Debt Limit Allocation Committee a request to convert
private activity bond authority for Single Family Bonds to Mortgage
Credit Certificates.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In late 1990 the County secured an allocation of private activity bond
authority on a ,carry-forward basis from the California Debt Limit
Allocation Committee. The intent was to use the authority to issue
Single Family Bonds in 1991. The bond proceeds would be used to
finance below-market interest rate mortgages for moderate income,
first-time homebuyers.
Subsequent to securement of the private activity bond authority in
1990, the developer interest in proceeding evaporated. With the
consent of the California Debt Limit Allocation Committee, the
authority can be converted to Mortgage Credit Certificates (MCC) .
MCC's are an alternative to bonds to provide first-time homebuyers
with financial assistance. The assistance is in the form of a tax
credit, rather than a below-market rate mortgage.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
- J C%l.it/LLr
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAOF BO D COMMITT
APPROVE OTHER
7
SIGNATURE(S) :
ACTION OF BOARD ON JUN I f' 1141 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY .THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: N S: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development JUN 18 W1
ATTESTED
PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
.SRA16/jb/mccprog.bos BY �� DEPUTY