HomeMy WebLinkAboutMINUTES - 06052001 - C.160 TO: BOARD OF SUPERVISORS Contra
FROM: Dennis Barry, AICP
il
Community Development Director n`. �IAfA Costa
2,
DATE: June 5, 2001 °STA cpu>y� County
SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
AUTHORIZE the Deputy Director — Redevelopment to prepare and submit the necessary
applications and certifications to the California Debt Limit Allocation Committee for up to $7
million in Private Activity Bond Authority for Mortgage Credit Certificates.
FISCAL IMPACT:
None. No General Fund monies are involved. All costs associated with the issuance and
administration of this program are paid by fees assessed of program participants.
BACKGROUND:
Contra Costa County began operation of a Mortgage Credit Certificate (MCC) Program in June
1991. Mortgage Credit Certificates are an alternative means of assisting low and moderate
income first-time homebuyers in achieving home ownership. The Contra Costa County
Mortgage Credit Certificate Program has provided assistance to over 1,700 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 $7 million in Private Activity Bond Authority for Mortgage Credit Certificates is based on
State allocation procedures.
CONTINUED ON ATTACHMENT: YES SIGNATURE: jawll /
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEN 7�ATINOF BOA COMMITTEE
—APPROVE OTHER
I
2
SIGNATURE(S):
ACTION OF BO D N APPROVE AS RECOMMENDED OTHER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
X
UNANIMOUS(ABSENT None ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED June.5, 2001
CONTACT: Jim Kennedy 335-1255 JOHN SWEETEN,CLERK OF THE
CC: Community Development BOARD OF SUPERVISORS AND
Redevelopment Agency COUNTY ADMINISTRATOR
County Administrator
County Counsel
BY DEPUTY
J K:Ihb1012001-=0001.bos