HomeMy WebLinkAboutCC RES 2018-24RESOLUTION NO. 2018- 24
A RESOLUTION OF THE CITY OF PALM DESERT AUTHORIZING
THE PARTICIPATION IN THE COUNTY OF RIVERSIDE MORTGAGE
CREDIT CERTIFICATE (MCC) PROGRAM
THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES,
RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Tax Reform Act of 1986 established the Mortgage
Credit Certificate Program ("MCC Program") as a means of assisting qualified home
buyer with the acquisition of new and existing single family housing.
Section 2. Pursuant to Division 31, Part 1, Chapter 3.5, Article 3.4 of
the California Health and Safety Code Sections 50197 et. Seq., local issuers are
authorized to issue Mortgage Credit Certificates ("Certificates") and administer MCC
Program.
Section 3. The Board of Supervisors of the County of Riverside
adopted Resolution 87-564 on December 22, 1987 establishing a Mortgage Credit
Certificate Program.
Section 4. The Board of Supervisors of the County of Riverside has
authorized Riverside County Economic Development Agency ("EDA") to administer
the MCC Program pursuant to the applicable federal, state, and local policies and
procedures, and to enter into those agreements necessary for efficient administration
of the MCC Program.
Section 5. The County of Riverside ("County") will be applying to the
California Debt Limit Allocation Committee ("CDLAC") for a mortgage credit certificate
allocation in July 2018 or thereabouts.
Section 6. The City of Palm Desert ("City") wishes to participate in
the MCC Program administered by EDA in connection with mortgage credit
certificates it will make available for the acquisition of new and existing single-family
housing in the County.
Section 7. The adoption of this resolution is necessary to include the
City as a participating unit of general government under County's MCC Program.
Section 8. The City agrees to cooperate with the County to undertake
the MCC program including marketing within City jurisdiction to assist persons or
households of limited income to purchase new and existing single family residences
located in the City.
RESOLUTION NO. 2018- 24
Section 9. The City by adopting this Resolution, hereby gives notice
of its election to participate in the County's MCC Program.
Section 10. The officers of the City are hereby authorized and
directed, jointly and severally, to execute and deliver any and all necessary
documents and instruments and to do all things which they may deem necessary or
proper in order to effectuate the purposes of this Resolution and the transaction
contemplated hereby; and any such actions previously taken by such officers are
hereby ratified, confirmed and approved.
PASSED, APPROVED and ADOPTED this 10th day of May 2018, by the
following vote to wit:
AYES:
HARNIK, KELLY, NESTANDE, WEBER, and JONATHAN
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Sabby than, —Mayor
ATTEST:
Ra helle D. Kfassenn CI Clerk
City of Palm Desert, California
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