HomeMy WebLinkAbout94-038RESOLUTION APPROVING THE APPLICATION FOR AN ALLOCATION
UNDER THE MORTGAGE REVENUE BOND PROGRAM
WHEREAS, the Board of Supervisors has determined that there
exists in Butte County a need to assist first-time home buyers by
making available programs intended for that purpose; and
WHEREAS, The Housing Authority of the County of Butte
desires to request an allocation of a maximum of $1,000,000 for
the purpose of issuing mortgage revenue bonds to assist first-
time home buyers; and
WHEREAS, The Housing Authority of the County of Butte may
request conversion of any portion of its revenue bond allocation
for an allocation of Mortgage Credit Certificates at a ratio of
4:1 and, therefore, an allocation of a maximum of $250,000 for
the issuance of Mortgage Credit Certificates; and
WHEREAS, The Housing Authority of the County of Butte's
allocation, should it be awarded, can be utilized in the County.
WHEREAS, the Board of Commissioners of the Housing Authority
of the County of Butte has determined that it will not issue
bonds but will convert the entire allocation to Mortgage Credit
Certificates and establish a qualified program for their issuance
to eligible applicants.
NOW, THEREFORE, BE IT RESOLVED that the Board of
Supervisors:
1. The Housing Authority of the County of Butte is
authorized to submit the appropriate application to the
Allocation Committee.
2. The Housing Authority of the County of Butte will pay
all fees which are associated with the program.
3. The Housing Authority of the County of Butte will act as
the Program Administrator for the Mortgage Credit Certificate
Program; and attend to any and all responsibility associated with
that administrative responsibility.
4. The Housing Authority of the Caunty of Butte will
conduct all negotiations, execute and submit all documents
including, but not limited to, applications, agreements,
amendments, and so on, which may be necessary for the approval of
the Mortgage Credit Certificate allocation.
PASSED AND ADOPTED by the Butte County Board of Supervisors
this 22nd day of March , 1994, by the following
vote:
AYES' Supervisors Dolan, Houx, Thomas and Chair McLaughlin
NOES : None
ABSENT: Supervisor Meyer
NOT VOTING: None
Ed McLaughlin, C air of the
Butte County Board of Supervisors
ATTEST:
JOHN S. BLACKLOCK
Chief Administrative Officer
and Clerk of the Board
By '~~_ '__ ~`~ ~ ~ ~mo~~e.~e8a