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Home My WebLink AboutMINUTES - 02091993 - 1.23 -- ° . Contra Costaa:. TO: BOARD OF SUPERVISORS County TA'C UMC . .`� FROM: Harvey E. Bragdon Director of Community Development DATE: February 91 1993 SUBJECT: Permanent Authorization of Single Family Revenue Bonds (HR 462) SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS Support HR 462, legislation to permanently authorize Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates, and authorize the Chair to sign letters to County's legislative delegation. FISCAL IMPACT None. BACKGROUND/REASONS FOR RECOMMENDATIONS Contra Costa County has affirmatively addressed its low and moderate income housing responsibilities through, among other things, the issuance of Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates. Over $400, 000, 000 in mortgage assistance has been provided to first time homebuyers by Contra Costa County. The authorization to issue Single Family Bonds and Mortgage Credit Certificates expired in 1992. HR 462 would permanently authorize the issuance of such bonds. The programs would have been permanently extended under the provision of HR 11, The Revenue Act of 1992 . However, that legislation was vetoed by former President Bush. CONTINUED ON ATTACHMENT: YES SIGNATURE: J RECOMMENDATION OF COUNTY ADMINISTRATOR RECA NDATION O BOARD CO ITTEE 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. Jim Kennedy 646-4076 cc: Community Development FEB Q 1993 County Administrator. ATTESTED County Counsel PHIL BATCHELOR, CLERK OF via Community Development THE BOARD OF SUPERVISORS ALHFA AND COUNTY ADMINISTRATOR sra7/hr462.bos BY , DEPUTY r 1 The Board of Supervisors ConCerrk'oftheh tra Board 1 `1 �.1 and County Administration BuildingCoc}� County Administrator Costa 651 Pine St., Room 106 (510)646-2371 Martinez, California 94553 Count V Tom Powers.1st District J Jeff Smith,2nd District Gayle Bishop,3rd District ,�;!� _ �• Sunne Wright McPeak 4th District Tom Torlakson,5th District _ < o: z February 9 1993 Congressman George Miller 2228 Rayburn Building Washington DC 20515 Dear Congressm Mill Re: HR 462 My purpose in writing to you is to request your support of legislation which would permanently extend the authorization for Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates (HR 462). We have made this request numerous times in the past. Your office has been very supportive, and voted to approve HR 11, The Revenue Act of 1992, that would have permanently extended these programs. Unfortunately, former President Bush vetoed the legislation the day after he lost the election. Contra Costa County has provided over $400,000,000 in below market rate mortgages for first time homebuyers through the Single Family Bond and Mortgage Credit Certificate programs. These programs have had a significant positive effect in terms of facilitating homeownership by people who could otherwise not afford it. Our Board of Supervisors believes strongly in affirmatively addressing the broad spectrum of affordable housing responsibilities. Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates play a major role in that affordable housing strategy. The Board of Supervisors feels justifiably proud in our accomplishments in utilizing, in a responsible manner, Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates. We would like to continue to do so and, to that end, we ask your support and urgently request your co-sponsorship of HR 462. Sincerely, �vry 1, Tom Torlakson, Chair Board of Supervisors TP:IK:lh cc: Community Development Association of Local Housing Finance Agencies sra7/miDer2.hr f , The Board of Supervisors 1 e Contra Crrk'ofheh VVBoard �.t and County Administration Building � CounryAdministrator OC�t/) 651 Pine St., Room 106 Costa (510)646-237, Martinez, California 94553 County Tom Powers,1st District Jeff Smith,2nd District fes. :.- per Gayle Bishop,3rd District �\ Sunne tltMght McPesk 4th District Tom Torlakson,5th District February 9 1993 " Congressman Ronald Dellums 2136 Rayburn Building Washington DC 20 15 Dear Congressm ellums: Re: HR 462 My purpose in writing to you is to request your support of legislation which would permanently extend the authorization for Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates (HR 462). We have made this request numerous times in the past. Your office has been very supportive, and voted to approve HR 11, The Revenue Act of 1992, that would have permanently extended these programs. Unfortunately, former President Bush vetoed the legislation the day after he lost the election. Contra Costa County has provided over $400,000,000 in below market rate mortgages for first time homebuyers through the Single Family Bond and Mortgage Credit Certificate programs. These programs have had a significant positive effect in terms of facilitating homeownership by people who could otherwise not afford it. Our Board of Supervisors believes strongly in affirmatively addressing the broad spectrum of affordable housing responsibilities. Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates play a major role in that affordable housing strategy. The Board of Supervisors feels justifiably proud in our accomplishments in utilizing, in a responsible manner, Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates. We would like to continue to do so and, to that end, we ask your support and urgently request your co-sponsorship of HR 462. Sincerely, l Tom Torlakson, Chair Board of Supervisors TP:IK:m Ice: Community Development Association of Local Housing Finance Agencies sa7/ddlums2.hr P The Board of Supervisor's Contra Clerhkil of theBatchelor Board and County Administration Building County Administrator 651 Pine*St,, Room.106 Costa (510)646-2371 Martinez, California 94553-1290 County Torn Powers,1st District Nancy C.Fanden,2nd District Robert I.Schroder,3rd District Sunne Wright McPeak,4th District Tom Tortakson,6th District February 9, 1993 OV- Congressman William Baker 1724 Longworth Building Washington DC 20515-0510 Dear Congressma!aer: Re: HR 462 My purpose in writing to you is to request your support of legislation which would permanently extend the authorization for Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates (HR 462). We have made this request numerous times in the past. HR 11, The Revenue Act of 1992, would have permanently extended these programs. Unfortunately, former President Bush vetoed the legislation the day after the election. Contra Costa County has provided over $400,000,000 in below market rate mortgages for first time homebuyers through the Single Family Bond and Mortgage Credit Certificate programs. These programs have had a significant positive effect in terms of facilitating homeownership by people who could otherwise not afford it. Our Board of Supervisors believes strongly in affirmatively addressing the broad spectrum of affordable housing responsibilities. Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates play a major role in that affordable housing strategy. The Board of Supervisors feels justifiably proud in our accomplishments in utilizing, in a responsible manner, Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates. We would like to continue to do so and, to that end, we ask your support and urgently request your co-sponsorship of HR 462. Sincerely, Tom Torlakson, Chair Board of Supervisors TT:IK:lb cc: Community Development Association of local Housing Finance Agencies sra7/baker2.hr N, The Board of Supervisors Contra CPhk of tthehBoard Costa and County Administration BuildingCounty Administrator 651 Pine St., Room 106 (510)646-2371 Martinez, California 94553 County Tom Powers,1st District Jeff Smith,2nd District t Gayle Bishop,3rd District •,.y^_ _ �. Sunne Wright McPeak 4th District Tom Torlskson,5th District Feb 9 1993 February rot-, Senator Barbara Boxer 112 Hart Senate Office Building Washington DC 0510 Dear Senator xer: Re: HR 462 My purpose in writing to you is to request your support of legislation which would permanently extend the authorization for Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates (HR 462). We have made this request numerous times in the past. HR 11, The Revenue Act of 1992, would have permanently extended these programs. Unfortunately, former President Bush vetoed the legislation the day after he lost the election. Contra Costa County has provided over $400 million in below market rate mortgages for first time homebuyers through the Single Family Bond and Mortgage Credit Certificate programs. These programs have had a significant positive effect in terms of facilitating homeownership by people who could otherwise not afford it. Our Board of Supervisors believes strongly in affirmatively addressing the broad spectrum of affordable housing responsibilities. Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates play a major role in that affordable housing strategy. The Board of Supervisors feels justifiably proud in our accomplishments in utilizing, in a responsible manner, Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates. We would like to continue to do so and, to that end, we ask your support of HR 462, or any companion legislation on the Senate side. Sincerely, Tom Torlakson, Chair Board of Supervisors Tr:nc:lb cc: Community Development Association of Local Housing Finance Agencies srs7/bo%er2.ltr The Board of Supervisors Contra ClerkofthehBoa�d and County Administration BuildingCOSta County Administrator 651 Pine St., Room 106 (510)646-2371 Martinez, California 94553 County Tom Powers.1st District Jeff Smith,2nd District Gayle Bishop,3rd District Sunne Wright McPeak 4th District Tom Torlskson,5th District s ..4 February f 9 1993 "'J -i'cb �`fv Senator Diane Feinstein U. S. Senate Washington DQ 20510 Dear Senator instein: Re: HR 462 My purpose in writing to you is to request your support of legislation which would permanently extend the authorization for Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates (HR 462). We have made this request numerous times in the past. HR 11, The Revenue Act of 1992, would have permanently extended these programs. Unfortunately, former President Bush vetoed the legislation the day after he lost the election. Contra Costa County has provided over $400 million in below market rate mortgages for first time homebuyers through the Single Family Bond and Mortgage Credit Certificate programs. These programs have had a significant positive effect in terms of facilitating homeownership by people who could otherwise not afford it. Our Board of Supervisors believes strongly in affirmatively addressing the broad spectrum of affordable housing responsibilities. Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates play a major role in that affordable housing strategy. The Board of Supervisors feels justifiably proud in our accomplishments in utilizing, in a responsible manner, Single Family Mortgage Revenue Bonds and Mortgage Credit Certificates. We would like to continue to do so and, to that end, we ask your support of HR 462, or any companion legislation on the Senate side. Sincerely, Tom Torlakson, Chair Board of Supervisors MIKA cc: Community Development Association of Local Housing Finance Agencies sra7/1'einste2:1tr