1995-044 Regional Mortgage Credit• RESOLUTION NO.95-44
RESOLUTION AUTHORIZING EXECUTION OF A COOPERATION AGREEMENT BETWEEN
THE COUNTY OF SAN DIEGO AND THE CITY OF ENCINITAS REGARDING
PARTIPCATION WITH THE REGIONAL MORTGAGE CREDIT CERTIFICATE PROGRAM
IN THE APPLICATION FOR MORTGAGE CREDIT CERTIFICATION ALLOCATION
WHEREAS, there is a continued need for affordable home
ownership opportunities within the City of Encinitas (the "City")
and the County of San Diego (the "County") for qualified first-time
homebuyers; and
WHEREAS, the Tax Reform Act of 1984 established mortgage
credit certificates ("MCC") as a means of assisting qualified
first-time homebuyers with the acquisition of new and existing
single family housing; and
WHEREAS, Division 31, Part 1, Chapter 35, Article 4 of the
California Health and Safety Code Sections 50197 et seq (the "Act")
authorizes counties, cities, and redevelopment agencies to create
and participate in MCC Programs; and
WHEREAS, the County, pursuant to the Act, has established the
San Diego County Regional Mortgage Credit Certificate Prograa ("the
• Program"), and has determined to coooperate with the City pursurant
to the Act and in the exercise of its powers under the Act for the
purposes of the Program; and
WHEREAS, the City has adopted the Program and determined to
cooperate with the County pursuant to the Act in the exercise of
their powers under the Act for the purposes of the Program;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ENCINITAS.
SECTION 1. The Cooperative Agreement between the County and
the City (the "Agreement"), in the form presented to this meeting,
is hereby approved and the City Manager is hereby authorized and
directed to execute and deliver the Agreement, for and in the name
and on behalf of the City.
SECTION I. This resolution shall take effect from and after
its adoption.
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the
City Manager be hereby authorized and directed to execute said
agreement for and on behalf of the City of Encinitas.
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• I HEREBY CERTIFY that the foregoing
adopted by the City Council of the City
meeting thereof, held on the 26th day
following vote:
AYES: Aspell, Bond, Davis, Hano
resolution was passed and
of Encinitas at a regular
of April, 1995, by the
NOES: None.
ABSENT: DuVivier
II~
Deborah Cervone
City Clerk of the
City of Encinitas
•
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