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ARA1996-03RESOLUTION NO. ARA-96-3 A RESOLUTION OF THE ANAHEEVI REDEVELOPMENT AGENCY ADOPTING A MORTGAGE CREDIT CERTIFICATE PROGRAM IN COOPERATION WITH THE COUNTY OF ORANGE, AUTHORIZING AN APPLICATION BY THE COUNTY ON BEHALF OF THE AGENCY TO THE CALIFORNIa. DEBT LI~IIT ALLOCATION COM2~IITTEE FOR AN ALLOCATION OF AUTHORITY TO ISSUE 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,, particul~,rly of housing affordable by first-time home buyers, and a consequent need to encourage the availability of'homes affordable to 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 established 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") for the purpose of issuing mortgage credit certificates ("MCC") pursuant to the Act to provide funds for the Program; and WHEREAS, the City has found and determined that the project areas of the Agency will be benefited by the operation or'the Program both within and without the project areas of'the Agency, but within the boundases of the City; and WHEREAS, the Agency has previously t'ound and determined that it is in the best interest of' the Agency to participate in .:he Program and to consent to the operation of the Program by the County both within and without the boundaries of the project areas of the Agency, but within the boundaries of the City; and WHEREAS, the Agency' and the City have previously entered into a Cooperative Agreement with the County to permit the operation by the County of the Program within the boundaries of 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 i~ .8 oFDivision 1 oFTitle 2 of the Government Code of the State oc-a£a, res aha- 062596 of California (the "Oovernment 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, Section 8869.85 of the Government Code requires that a local agency file an application for a portion of the state ceiling with or upon the direction of the California Debt Limit Allocation Committee ("CDLAC") prior to the issuance of mortgage credit certificates; and WHEREAS, the Agency desires that the County file an application with CDLAC on behalf of the Agency for an allocation of authority to issue mortgage credit certificates and elects to transfer to the County pursuant to Section 8869.85(d) of the Government Code the total amount, if any, of such authority allocated to the Agency; and WHEREAS, one percent of'the amount of the allOcation(s) to be requested on behalf of the Agency is to be held in an account established by the Agency pursuant to Section 8869.84 of the Government Code and the regulations of CDLAC; NOW, THEREFORE, the 'Anaheim Redevelopment 'Agency resolves as follows: Section 1. Each of the foregoing recitals is true and correct. Section 2. The 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 boundaries of the City, including the payment to the County of the Agency's proportionate share (based upon the number of participants in the Program) of administrative costs applicable to the allocation received from CDLAC, which share is estimated not to exceed $1. 5,000 per allocation request. Section 3. The Executive Director, or designated representative, is authorized, on behalf of the Agency, to take such steps and execute such documents as may be necessary or advisable for the acceptance on behalf of the Agency of an MCC allocation in the amount of $1,046,751 corresponding to the first half of the 1996 calendar year, and ~vith respect to the filing of an application to CDLAC on behalf of the Agency for an allocation in the amount of $5,000,000 for the latter part of the same year for application to the issuance of mortgage credit certificates by the County. The Executive Director, or designated representative, shall assure that the principal amount of mortgage credit certificate authority will not be exceeded by requiring the County to certify that the amount of mortgage credit certificates issued by the County will not exceed the maximum allowable amount. Section 4. An amount not to exceed one percent (l%) of the requested allocation(s) is hereby authorized to be placed into an account, and the Executive Director, or designated representative, is authorized to certify to CDLAC that such amount is available. oc-ara, ce$ ,zip, O.-'. 5 062596 0934: leg: :o 2 Section $. The Agency hereby authorizes the transfer to the County of the total principal amount, if any, of the authority to issue mortgage credit certificates allocated to the Agency by CDLAC. The Executive Director, or designated representative, on behalf of the Agency, is authorized and directed to take such steps and execute such documents as may be necessary or advisable to effect the transfer of such allocation(s) 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 quali~ing persons who will reside within the City and the County. Section 6. The Executive Director is authorized to cause the payment to the County of the Agency's proportionate share of administrative costs of the Program referred to in Section 2 above. Section 7. The officers and employees of the 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 and with respect to 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 hereby ratified and approved. THE FOREGOENG RESOLUTION is approved and adopted by the Anaheim Redevelopment Agency this 23rd day of' July , 1996. ATTEST: SECRETARY ANAHEIM REDEVELOPM-IZNT AGENCY CHAIRMAN .~NAHlilM KEDEVELOP1V[ENT AGENCY JACK L. WH. ITE, GENERAL COI. INSEi. oc-~ra.:es aha-15 062596 0934:leg:to --3-- STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF ANAHEIM ) I, LEONORA N. SOHL, Secretary of the Anaheim Redevelopment Agency, do hereby certify that the foregoing Resolution No. ARA96-3 was passed and adopted at a regular meeting of the Anaheim Redevelopment Agency held on the 23rd day of July, 1996, by the following vote of the members thereof: AYES: CHAIRMAN/AGENCY: Tait, F.~Idhaus, Lopez, Daly NOES: CHAIRMAN/AGENCY: None ABSENT: CHAIRMAN/AGENCY: None AB$?_,Z~NED: C~,.I:~A.~/A~: z~'l AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency signed said Resolution No. ARA96-3 on the 23rd day of July, 1996. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 23rd day of July, 1996. SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY (SEAL)