HomeMy WebLinkAboutRDA Reso 1997-1566 RESOLUTION NO. 1566
(Council Resolution No. 18817
RESOLUTION OF THE REDEVELOPMENT AGENC~ OF THE CITY OF CHULA
VISTA, CALIFORNIA: 1) AUTHORIZING SUBMITTI L OF AN APPLICATION TO
THE CALIFORNIA DEBT LIMIT ALLOCATION COl~ MITTEE (CDLAC) FOR AN
ALLOCATION OF OUALIFIED MORTGAGE BON[S AND ACCEPTING ITS
ASSIGNMENT AND ALLOCATION TO THE REDfVELOPMENT AGENCY; 2)
ELECTING TO EXCHANGE SAID ALLOCATION :OR MORTGAGE CREDIT
CERTIFICATES; 3) CERTIFYING THE AVAILABILTY OF FUNDS FOR THE
REQUIRED PERFORMANCE DEPOSIT OF 825.,000 AND 4) APPROPRIATING
82,100 FROM THE UNAPPROPRIATED BALA ICE IN THE LOW AND
MODERATE INCOME HOUSING FUND
WHEREAS, the Health and Safety Code of the State of Ca fornia, commencing at Section 50171, ("the
Act") authorizes cities or their redevelopment agencies to issue mo tgage credit certificates pursuant to a duly
adopted and qualifying mortgage credit certificate program ("MCC Program"); and,
WHEREAS, federal law limits the amount of mortgage cr!dit certificates that may be issued in any
calendar year by entities within a state and authorizes the legislat ire of such state to provide the method of
allocation within the state; and,
WHEREAS, Chapter 3.5 of Part I Division 31 of the Healt~ and Safety Code, commencing at Section
50171, 9overns the allocation among governmental units in the ate havin9 the authority to issue mortgage
credit certificates; and,
WHEREAS, Section 50191 of the Act requires e local ag cy to file an application with the California
Debt Limit Allocation Committee~ ("Committee") prior to the issuaf ce of mortgage credit certificates; and,
WHEREAS, the Committee has, under the authority of Heal:h and Safety Code Section 50191, required
a deposit of up to one-half of one percent of the portion of the ocation requested.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF HE CITY OF CHULA VISTA DOES HEREBY
FIND, DETERMINE, ORDER, AND RESOLVE as follows:
~ The enacting legislation describes a committee entitled "l lortgage Bond and Tax Credit Allocation
Committee". To the extent that this is the State committee authorize t to implement Chapter 3.5 of Division 31 of
the Health and Safety Code Section, to wit: the Qualified Mortgage B md and Mortgage Credit Certificate Program
for the State, the use of the word "Committee" shall be intended as reference to this State Committee
Resolution 1566
Page 2
Section 1. Agency's Application for Allocation
The Agency Board approves the City's application for an allocation of qualified mortgage bonds in the
amount of ~5,000,000, a copy of which is on file with tho City Clerk registered therein as Document No. C097-
185.
Section 2. Acceptance of Assignment by Agency
The Agency Board accepts the assignment of the City's allocation of,qualified mortgage bonds, add
accepts the authority and duty to implement and administer the MCC Program. Agency further agrees to issue
MCCs to qualifying homeowners of property located within the territory of the City, provided however, that if,
after a reasonable attempt and for reasons beyond the control of the Agency, the Agency is unable to issue oil
of the assigned certificates to homeowners of property located within the territory of the City, any remaining
certificates may bo issued to qualifying homeowners of property located within the county of San Diego.
Section 3. Agency Sets Aside 10% of Allocation for Lower Income Households
The Agency agrees to set aside 10% of the allocation received from the State of California for Iow
income households (Those households earning 80% or less of area median income). If the set-aside is unused,
this set-aside may be released by the following formula: One-half of the unexpected set-aside funds released
after twelve months, and the remainder at the end of eighteen months.
Section 4. Authority to Convert to Mortgage Credit Certificate
Pursuant to the authority of Section 59197.2, the Agency Board hereby elects to exchange all of its
authority to issue qualified mortgage bonds for authority to issue mortgage credit certificates ("MCC's"). The
Executive Director shall notify the Committee of its election, and explain to the Committee the mechanism
established in its program that will assure that the dollar amount of the mortgage credit certificate authority will
not be exceeded.
Section 5. Appropriating Funds
The Agency hereby appropriates $2,100 from the unappropriated balance of the Low and Moderate
Income Housing Fund 993 and transfers said funds into the Professional Services Account 993-9930-5201 for
the Application Fee.
Section 6. Authority to Certify Funds and Agreement to Forfeiture Rule
The Executive Director, or his designee, the Finance Director, or other written designee, is hereby
authorized to certify the amount of t~25,000 from the Agency's Low and Moderate Income Housing fund, and
maintain certification in accordance with the current rules and regulations of the Committee, and to certify such
fact to the Committee, including the promise to pay same over to the Committee upon a event of forfeiture.
Resolution 1566
Page 4
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGEh CY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 18th day of November, 1997 by the follet~ing vote:
AYES: Members Horton, Moot, padilla, Rindone, Salas
NOES: None
ABSENT: None ,,.
ABSTENTIONS: None
Shirley Ho~lbn
Chairman
ATTEST: (~ ~
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of :he City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, true and cor ect copy of Resolution
No. 1566 and that the same has not been amended or repealed.
Dated: November 19, 1997 ~'-~ ~ ~-~"~'~
Chris Salomone
Executive Secretary
Resolution No. 1566
Page 3
Section 7. This resolution shall take and be in full force and effect immediately upon the passage and
adoption hereof.
Section 8. Minutes
The Secretary to the Agency shall certify to the passage and adoption of this Resolution; shall enter
the same in the book of original Resolutions of said Agency; and shall make a minute of the passage and
adoption hereof in the minutes of the meeting at which the same is passed and adopted.
Presented by Approved as to form by
ChrisN:~alomone Jo~/~. Kaheny
Director of Community Development /~g~ncy Attorney