HomeMy WebLinkAboutMINUTES - 05222007 - C.78 i
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TO: BOARD OF SUPERVISORS �£.seaz �� I
: .. Contra
FROM: Dennis Barry. AICP __.
Community Development Director ='- _- -- ='.`-
:� __ e __� �_ :Z,. Costa ,
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DATE: May 22. 2007 ��=='• County
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SUBJECT: Mortgage Credit Certificates C I
SPECIFIC REQUEST;_S1 OR RECOMMENDATION.Sl&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$3,869,268
in Private Activity Bond Authority for Mortgage Credit Certificates. j
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FISCAL IMPACT:
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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: j
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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 2,500 households. l
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 �
(CDLAC) for $3.869.268 million in Private Activity Bond Authority fo M rtgage Credit
Certificates is based on State allocation procedures.
CONi'INI.IED ON ATTACHMENT: _YES SIGNATURE: r �
/.ECOt IVENDATION OF COUNTY AD?MMSTRATOR -RECO t NION OF BOARD ` 1,9TTEE
__,�A?PROVE OTHER
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SIGNATUREtS?.
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ACT'CN OF BO. -D ON ,�IG�U a� / APPROVE AS RECOP.,t."ENDED v I�THER
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VOTE OF SUFERVISORS I HERESY CERTIFY THAT THIS IS A TRUE '
J ,!! ,, AND CORRECT COPY OF AN ACT'.ON TAKEN
JNANIt'OUS:;ABSENT�I/A�tX/ j AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE I
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
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ATTESTED aI
CONITACT: Jim Kenredy 335-7225 JO q'CULLEN!CLERK OF THE
CC: C3mmuni^;Develcpmen, BOARD OF SUPERVISORS AND
Radevelumert Agency COUNTY ADMINISTRATOR
Cough,Administrator j
Cour:.Course!
BY .D=PUTY
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G:CDBG-REDEV-cdbg Nccsing-Mortgage Credit Cert-ficateS.CDLAC Apps- .CC app 207 Ai A-rrcc2CD7.bos.dcc I
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