HomeMy WebLinkAboutMINUTES - 03231999 - C95 CA6
` Centra
Costa
TO: BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICP Courty
Community Development Director
DATE: March 23, 1999
SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
REQQMMENDATIQNS
AUTHORIZE the Deputy Director-Redevelopment to prepare and submit the necessary
applications and certifications to the California Debt Limit Allocation Committee for up to $6
million in Private Activity Bond Authority for Mortgage Credit Certificates.
FI CAL IMPACT
None, No General Fuad monies are involved. All casts associated with the issuance and
administration of this program are paid by fees assessed of program participants.
BACKGROUND/REASON-S FOR RECOMMENDATION,$
Contra Costa County began operation of a Mortgage Credit Certificate (MCC) Program in
June of 1991. Mortgage Credit Certificates are an alternative means of assisting love and
moderate income first-time homebuyers in achieving home ownership. The Contra Costa
County Mortgage Credit Certificate Program has provided assistance to over 1,600
households. Recipients of a Mortgage Credit Certificate are eligible for an income tax credit
from the federal government that effectively reduces their net mortgage payment by 200 basis
points (2%). The County's application to the California Debt Limit Allocation Committee
(CDLAC)for up to $6 million in Private Activity Bond Authority for Mortgage Credit Certificates
is_based on State Allocation procedures.
CONTINUED ON ATTACHMENT: YES SIGNATURE.
RECOMMENDATION OF COUNTY ADMINISTRATOR ECOM DATION OF BOARD
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON-111"A C9_ 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.
Source: Jim Kennedy
335-1266
cc: Community Development ATTESTED f
Redevelopment Agency PHIL BATCHELOR, CLERK OF
County Administrator THE BOARD OF SUPERVISORS
County Counsel AND COUNTY ADMINISTRATOR
BY , DEPUTY
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