HomeMy WebLinkAboutItem HJanuary 11, 1999
STAFF REPORT
To: Honorable Mayor and Members of the City Council
Attention: Keith R. Till, City Manager
From: Lee Whittenberg, Director of Development Services
Subject: ORANGE COUNTY MORTGAGE CREDIT
CERTIFICATE PROGRAM - CONTINUED
PARTICIPATION
SUMMARY OF REQUEST
Authorize continued City participation in the Orange County Mortgage Credit Certificate Program
through the adoption of Resolution No. . Receive and File staff report.
DISCUSSION
in October, 1993, the City Council authorized the City to join with the County of Orange in
applying for funding for a Mortgage Credit Certificate (MCC) allocation. The application of the
County was successful, and the City is now joined with the County and the cities of Cypress, Dana
Point, Laguna Beach, Laguna Niguel, La Palma, Los Alamitos, Mission Viejo, Placentia, San
Clemente, San Juan Capistrano, and Stanton and has utilized a funding resource in excess of
$20,000,000.00 to assist first-time homebuyers.
The program is an alternative to mortgage revenue bond -backed financing as a means of providing
assistance for the purchase of single-family housing, and is designed to benefit fust -time
homebuyers. The MCC program provides a federal tax credit, which increases an MCC -holders
spendable income, thereby increasing the ability of the MCC -holder to afford a mortgage payment.
The certificate can be used for single-family detached homes, condominiums, or townhouses. The
City Council most recently received and filed a status report regarding program accomplishments in
February, 1997.
Agenda Item -6-1 —
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Orange Caumy Mortgage Credit Cernficate Program - Continued Part apanan
Qty Comal Sta$Repart
January H. 1999
In order to participate in the program, it is a requirement that the City certify its desire to continue
to participate in the program. Staff has prepared the appropriate resolution for City Council
adoption (See Attachment 1).
FISCAL IMPACT
None. County is absorbing all marldng and administrative costs of the program, other than local
publicity programs.
RECOMMENDATION
Adopt Resolution No. _. Receive and File status report.
NOTED AND APPROVED
� t
Keith R. Till
City Manager
ATTACHMENT 1: Resolution No. , A Resolution of the City Council of
the City of Seal Beach, California, Authorizing Participation
in the 1999 Mortgage Credit Certificate Program in
Cooperation with the County of Orange
1999 Orme Caamy Mon,, Prog .CC