HomeMy WebLinkAboutMINUTES - 07112006 - C.38 TO: BOARD OF SUPERVISORS L'` Contra
FROM: Dennis Barry, AICP — ••
Community Development Director Costa
DATE: July 11, 2006 ---- -r�`$~` County
COUI4
SUBJECT: Mortgage Credit Certificates C ��
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 $6,933,497
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 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 2,500 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 100 to 200 basis points (1% - 2%).
The County's application to the California Debt Limit Allocation Committee for $6,933,497 in
Private Activity Bond Authority for Mortgage Credit Certificates is based on State allocation
procedures.
CONTINUED ON ATTACHMENT: _YES SIGNATURE:
__,._�ECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
----------------------- --- ------ ---
---- -- -- - ----------------------------------------- -----------------------------------------------
ACTION OF BOA D N �TUII.�f t aa)W APPROVE AS RECOMMENDED� OTHER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT Y)C*V— ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED �l o�lJlKo
CONTACT: Jim Kennedy 335-7225 JOHN CUL N,CLERK OF THE
CC: Community Development BOARD OF SUPERVISORS AND
Redevelopment Agency COUNTY ADMINISTRATOR
County Administrator
County Counsel
BYl �6 .� DEPUTY
JKAhb/012002-mcc2005.bos