HomeMy WebLinkAboutMINUTES - 03101992 - 1.47 TO: BOARD OF SUPERVISORS Contra
FROM: Harvey E. Bragdon
Director of Community Development °' ; Costa
�� �°° County
DATE: March 10, 1992
SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Director of Community Development and the Deputy
Director-Redevelopment to prepare and submit necessary applications
and certifications to the California Debt Limit Allocation Committee
for up to $40 million in private activity bond authority for Mortgage
Credit Certificates.
FISCAL IMPACT
None. No General Fund dollars are involved. All costs associated with
the issuance and administration of this program are paid by fees
assessed of program participants.
BACKGROUND/REASONS FOR RECOMMENDATIONS .
The Federal Government has placed a limit on the volume of "private
activity bonds" (single and multi-family bonds, Mortgage Credit
Certificates, Industrial Development Bonds, etc. ) which may be sold
in each state. In California the task of apportioning this limit
among issuers is assigned to the California Debt Limit Allocation
Committee, a unit' of the State Treasurer's Office..
The County has a Mortgage Credit Certificate program that operates
countywide. Available Certificates are being used rapidly. Mortgage
Credit Certificates are an alternative means of assisting low and
moderate income first time home buyers in achieving home ownership.
Recipients of a Mortgage Credit Certificate are eligible for an income
tax credit that effectively- reduces their net mortgage payment by 200
basis points (2%) .
CONTINUED ON ATTACHMENT: YES SIGNATURE:
.RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOD COMMI EE
APPROVE G OTHER
SIGNATURE(S) :
ACTION OF BOARD ON MR-1 0 1992 APPROVED AS RECOMMENDED OTHER _
VOTE OF SUPERVISORS'
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT- 2 ) 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.
cc: Community Development MAR 10 1992
- ATTESTED
PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
A19D ADMINISTRATOR
SRA23/sfmrev1.bos
BY , DEPUTY