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ARA1991-12RESOLUTION NO. ARA91-12 A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY ADOPTING A MORTGAGE CREDIT CERTIFICATE PROGRAM IN COOPERATION WITH THE COUNTY OF ORANGE, AUTHORIZING AN APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN ALLOCATION FOR THE ISSUANCE OF MORTGAGE CREDIT CERTIFICATES AND THE TRANSFER OF SUCH ALLOCATION TO THE COUNTY OF ORANGE. WHEREAS, there is a shortage in the County of Orange (the "County") and in the City of Anaheim (the "City") of decent, safe and sanitary housing, particularly of housing affordable by first-time home buyers, and a consequent need to encoSrage the availability of homes affordable by such persons and otherwise to increase the housing supply in the City and in the County for such persons; and WHEREAS, the Board of Supervisors of the County has declared its intent to engage in a mortgage credit certificate program (the "Program") pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") to issue mortgage credit certificates pursuant to the Act to provide funds for the Program; and WHEREAS, the Redevelopment Agency has found and determined that it is in the best interest of the Redevelopment Agency to participate in the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act; and WHEREAS, the Redevelopment Agency desires to enter into a Cooperative Agreement with the County and the City to permit the operation of the Program in the City; and WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), limits the amount of mortgage credit certificates that may be issued in any calendar year by entities within a state and authorizes the governor or the legislature of such state to provide the method of allocation within such state; and WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of the State of California (the "Government Code") governs the allocation of the state ceiling (as that term is defined in the Code) among governmental units in the State of California (the "State") having the authority to issue mortgage credit certificates; and WHEREAS, the City has approved the filing by the Redevelopment Agency of the application to the Committee on behalf of the City and the transfer of any allocation of the state ceiling to the Redevelopment Agency pursuant to Section 50193 and Section 50197.5 of the Act; and WHEREAS, the Redevelopment Agency has determined to transfer to the County pursuant to Section 8869.85(d) of %he Government Code, the total amount, if any, of authority to issue mortgage credit certificates allocated from the state ceiling to the City and transferred by the City to the Redevelopment Agency; and WHEREAS, one percent of the amount of the allocation to be requested by the Redevelopment Agency is to be held in an escrow account pursuant to Section 8869.84 of the Government Code and the procedures of the California Debt Limit Allocation Committee ("CDLAC"); NOW, THEREFORE, the Anaheim Redevelopment Agency resolves as follows: Section 1. Each of the foregoing recitals is true and correct. Section 2. The Redevelopment Agency hereby agrees to participate in the Program for the purpose of increasing the housing supply in the County and in the City and consents to the operation of the Program by the County with respect to all property located within the geographical boundaries of the City, including the payment to the County of the Redevelopment Agency's proportionate share (based upon the number of participants in the Program) of administrative costs applicable to each allocation received from CDLAC, which share is estimated not to exceed $15,000. The Redevelopment Agency hereby finds that the operation of the Program outside of the various redevelopment project areas of the Redevelopment Agency will be of benefit to all of such redevelopment project areas. Section 3. The Cooperative Agreement among the County, the City and the Redevelopment Agency (the "Agreement"), a copy of which is attached hereto as Exhibit A, is hereby approved and the Chairman is hereby authorized and directed to execute and deliver the Agreement, for and in the name and on behalf of the Redevelopment Agency. The Chairman, with the advice and consent of the City Attorney, is authorized to approve any additions to or changes in the form of the Agreement deemed necessary or advisable, approval of such additions or changes to be conclusively evidenced by execution of the Agreement as so added to or changed by the Chairman. The Chairman, with the advice and consent of the City Attorney, is further authorized to enter into such additional agreements with the County, execute such other documents or take such other actions as they 06/25/91 6027u/2197/146 -2- may deem necessary or appropriate to carry out the purpose and intent of the Agreement or to cooperate in the implementation of the Program. Section 4. The Executive Director, or designated representative, is authorized, on behalf of the City, to submit an application, and such other documents as may be required, to CDLAC for an allocation in the amount of $5,000,000, for transfer to the County for application to the issuance of mortgage credit certificates by the County. Section 5. The Redevelopment Agency hereby authorizes the transfer to the County of all of the state ceiling allocated to the City by CDLAC and transferred to the Redevelopment Agency by the City. The Executive Director or designated representative, on behalf of the Redevelopment Agency, is authorized and directed to take such steps and execute such documents as are necessary to effect the transfer of suCh allocation to the County solely for application to the issuance of mortgage credit certificates, which are to be used to induce the origination of home mortgage loans to qualifying persons residing within the City and the County. Section 6. The Executive Director is authorized to cause the payment to the County of the Redevelopment Agency's proportionate share of administrative costs of the Program referred to in Item 2 above. Section 7. The officers and employees of the Redevelopment Agency are authorized and directed, jointly and severally, to do any and all things necessary or advisable in order to effectuate the purposes of this resolution or the issuance of the mortgage credit certificates by the County, and all actions previously taken by such officers and employees in connection with the application for the allocation authorized to be requested are ratified and approved. THE FOREGOING RESOLUTION is approved and adopted by the Anaheim Redevelopment Agency this qth day of July 1991. ATTEST: SECRETARY ANAHEIM REDEVELOPMENT AGENCY 06/25/91 6027U/2197/146 3 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ANAHEIM ) I, LEONORA N. $OHL, Secretary of the Anaheim Redevelopment Agency, do hereby certify that the foregoing Resolution No. ARAgl-12 was passed and adopted at a regular meeting of the Anaheim Redevelopment Agency held on the 9th day of July, 1991, by the following vote of the members thereof: AYES: AGENCY MEMBERS: Simpson, Daly, Ehrle and Hunter NOES: AGENCY MEMBERS: None ABSENT: AGENCY MEMBERS: Pickler AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency signed said Resolution No. ARA91-12 on the 10th day of July, 1991. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 10th day of July, 1991. SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY (SEAL)