HomeMy WebLinkAboutMINUTES - 06021992 - 1.118 1 . 118
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. Contra
TO: BOARD OF SUPERVISORS Costa
CountyFROM: Harvey E. Bragdon c�r;� '�
Director of Community Development
DATE: June 2 , 1992
SUBJECT: Mortgage Credit Certificates/Single Family Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
(1) Amend Board Order of March 10, 1992 and authorize the Deputy
Director - Redevelopment to prepare and submit necessary applications
and certifications to the California Debt Limit Allocation Committee
for up to $50 million in private activity bond authority for Mortgage
Credit Certificates; and (2) authorize the payment of up to $40, 000
from Housing Bond Trust Fund 810900-0830 in connection with the
issuance of Single-Family Bonds by the Delta Counties Home Mortgage
Finance Authority.
FISCAL IMPACT
No General Funds are involved. The payment of Housing Bond Trust
funds will be returned as $10 million in specified loans under the
program are originated.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On March 10, 1992, the Board authorized the Director of Community
Development to submit applications to the State Treasurer for bath
Mortgage Credit Certificates and Single Family Bonds. Both programs
assist first time homebuyers to purchase homes. The County was
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
J
RECOMMENDATION OF COUNTY ADMINISTRATOR RECO DATION 0 BOARD CO TEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED >< OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
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.
orig:Community Development
cc: CAO ATTESTED
County Counsel PHIV BATCHELOR, CLERK OF
Auditor-Controller TH BOARD OF SUPERVISORS
via Community ,Development AND COUNTY ADMINISTRATOR
- Delta Counties HMFA
- Orrick, Herrington & Sutcliffe BY DEPUTY
- Imco Realty Services
SRA24/jb/mccsfbnd.bos
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successful in its applications. Because of current conditions in
the bond and investment markets the County, through the Delta
Counties Home Mortgage Finance Authority, may not be able to
complete the sale of Single Family Bonds as planned. Therefore,
the State is permitting, should we not be able to issue bonds, to
convert the authority for bonds to Mortgage Credit Certificates.
This requires an increase to our Mortgage Credit Certificate
application. It is the intent, conditions permitting, to issue
bonds.
The issuance of Single Family Bonds will include a lender
commitment of up to $10 million for spot loans in Contra Costa
County. Current market conditions may require that the County
contribute up to $40, 000 of the required $260-300, 000 commitment
fee to make these loans possible. The County's contribution would
be repaid as loans are originated.