CC Resolution 2014-004RESOLUTION NO. 2014 - 004
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA, APPROVING THE CITY'S
PARTICIPATION IN THE COUNTY OF RIVERSIDE
MORTGAGE CREDIT CERTIFICATE PROGRAM
WHEREAS, the Tax Reform Act of 1986 established the Mortgage Credit
Certificate Program ( "MCC Program ") as a means of assisting qualified individuals with
the acquisition of new and existing single - family housing; and
WHEREAS, pursuant to Division 21, Part 1, Chapter 3.5, Article 3.4 of the
California Health and Safety Code Sections 50197 at seq, local issuers are authorized
to issue Mortgage Credit Certificates ( "Certificates ") and administer the MCC Program;
and
WHEREAS, the Board of Supervisors of the County of Riverside ("County ")
adopted Resolution No. 87 -564 on December 22, 1987 establishing an MCC Program;
and
WHEREAS, the Board of Supervisors of the County has authorized the 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; and
WHEREAS, the County will be applying to the California Debt Limit Allocation
Committee for an MCC allocation in July 16, 2014 or thereabouts; and
WHEREAS, The City of La Quinta wished to participate in the MCC Program
administered by the EDA in connection with mortgage loans it will make available for
the acquisition of new and existing single - family housing in the County; and
WHEREAS, the adoption of this resolution is necessary to include the City of La
Quinta as participating unit of general government under the County's MCC Program;
and
WHEREAS, the City agrees to cooperate with the County to undertake the MCC
Program within the City jurisdiction to assist persons or households of limited income
to purchase new and existing single - family residences located in the city; and
WHEREAS, the City by adopting this Resolution, hereby gives notice of its
election to participate in the County MCC program. =
Resolution No. 2014 -004
Mortgage Credit Certificate Program
Adopted: February 18, 2014
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of La
Quinta as follows:
SECTION 1: The City of La Quinta agrees to participate in the MCC Program
administered by the EDA in connection with mortgage loans it will make available for
the acquisition of new and existing single - family housing in County;
SECTION 2: The City of La Quinta agrees to assist the County to market the MCC
Program within the City's jurisdictional boundary by publishing a general public notice
in the local newspaper at least twice a year.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta City
Council, held on this 18, day of February, 2014, by the following vote:
AYES: Council Members Evans, Franklin, Henderson, Osborne, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
0,N,V,
DON AD PH, M r
City of La Quinta, California
ATTEST:
SUSAN MAYSELS, City Clerk
City of La Quinta, California
Resolution No. 2014 -004
Mortgage Credit Certificate Program
Adopted: February 18, 2014
Page 2
AS TO FORM:
M.PKATHERINE JErqN, City Attorney
City of La Quinta, (Coriifornia