CC Resolution 2010-064RESOLUTION NO. 2010 - 064
A RESOLUTION OF THE CITY OF LA OUINTA,
CALIFORNIA, APPROVING THE CITY'S PARTICIPATION
IN THE COUNTY OF RIVERSIDE MORTGAGE CREDIT
CERTIFICATE (MCC) PROGRAM
WHEREAS, the Tax Reform Act of 1986 established the Mortgage Credit
Certificate Program ("MCC Program") as means of assisting qualified individuals
with the acquisition of new and existing single family housing; and
WHEREAS, 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 the
MCC Program; and
WHEREAS, the Board of Supervisors of the County of Riverside adopted
Resolution No. 87-564 on December 22, 1987 establishing a Mortgage Credit
Certification Program; and
WHEREAS, the Board of Supervisors of the County of Riverside has
authorized the 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; and
WHEREAS, the County of Riverside ("County") will be applying to the
California Debt Limit Allocation Committee ("CDLAC") for a mortgage credit
certificate allocation on or before April 201 1; and
WHEREAS, the City of La Quinta 1"City") wishes 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 located in the
City of La Quinta in Riverside County; and
WHEREAS, the adoption of the Resolution is necessary to include the City of
La Quinta as a participating unit of general government under the County's MCC
program; and
WHEREAS, the City agrees to cooperate with the County of Riverside to
undertake the MCC program 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. 2010-064
Mortgage Credit Certificate Program
Adopted: October 19, 2010
Page 2
NOW, THEREOFRE, BE IT RESOLVED by the City Council of the City of La
Quints, California, as follows:
SECTION 1. The City by adopting this Resolution hereby gives notice of its election
to participate in the Riverside County MCC Program.
SECTION 2. The City of La Quints agrees:
a. 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 City of La Quints in Riverside County; and
b. To assist the County of Riverside to market the MCC Program within the city's
jurisdictional boundary by publishing a general public notice in the local
newspaper at lease twice a year.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quints
City Council held on this 19th day of October 2010, by the following vote:
AYES: Council Members Evans, Franklin, Henderson, Sniff, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
DON ADOL H, M r
City of La Quints, California
ATTEST:
~~O~MC, C
City of_ La. Q'Ginta, California
- ;.
- = a.
Resolution No. 2010-064
Mortgage Credk CertRlcate Program
Adopted: October 19, 2010
Page 3
APPROVED AS TO FORM:
M. KATHE INE JENS ,City Attorney
City of La Quinta, California