CC Resolution 2015-056RESOLUTION NO. 2015 - 056
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 3, Part 1, Chapter 3.5, Article 3.4 of California
Health and Safety Code Sections 50197 et seq, local issuers are authorized to issue
Mortgage Credit Certificates ("Certificates") and administer 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
Certificate 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 Allocation Committee ("CDLAC") for a mortgage credit certificate allocation in
March 16, 2016 or thereabouts; and
WHEREAS, the City of La Quinta 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 in Riverside County; and
WHEREAS, the adoption of this resolution is necessary to include the City of La
Quinta as a participating unit of general government under 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; and
WHEREAS, the City by adopting this Resolution, hereby gives notice of its
election to participate in the Riverside County MCC Program.
Resolution No. 2015-056
Mortgage Credit Certificate Program
Adopted: November 17, 2015
Page 2 of 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of La Quinta,
California, 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 Riverside County;
SECTION 2. The City of La Quinta agrees 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 least twice a year.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta City
Council held on this 17th day of November, 2015, by the following vote:
AYES: Council Members Osborne, Pena, Radi, Mayor Evans
NOES: None
ABSENT: Council Member Franklin
ABSTAIN: None
LINDA EVANS, Mayor
City of La Quinta, California
ATTEST:
SUSAN MAYSELS, City Cle
City of La Quinta, California
(CITY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHRKE, City Attorney
City of La Quinta, California