HomeMy WebLinkAbout95-020WHEREAS, the Board of Supervisors has determined that there
exists within the Butte County a need to assist first-time home
buyers by making available programs intended for that purpose; and
WHEREAS, the Board of Supervisors adopted Resolution No.
94-38 an March 22, 1994, which authorized submittal of an
application by the Housing Authority of the County of Butte
("Housing Authority"} to receive an allocation under the Mortgage
Revenue Bond Program to establish a countywide Mortgage Credit
Certificate Program; and
WHEREAS, the Housing Authority desires to request an
additional allocation in an amount not to exceed $4,000,000 far the
purpose of issuing, mortgage revenue bonds to assist first-time home
buyers; and
WHEREAS, the Housing Authority intends to request
conversion of such revenue bond allocation for an allocation of
Mortgage Credit Certificates at a ratio of four to one (4:1) which
translates to an allocation in an amount not to exceed $1,000,000
for the issuance of Mortgage Credit Certificates; and
WHEREAS, the allocation for issuance of Mortgage Credit
Certificates, should it be awarded, shall be utilized on a
countywide basis within the County of Butte; and
WHEREAS, the Board of Commissioners of the Housing
Authority has determined that it shall not issue bonds but shall
convert the entire allocation to Mortgage Credit Certificates and
continue the qualified program for their issuance to eligible
applicants.
NOW, THEREFORE, BE TT RESOLVED by the Board of Supervisors
as follows:
1. The Housing Authority is authorized to submit the
appropriate application to the State Allocation Committee.
2. The Housing Authority shall pay all fees associated
with the program.
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RESOLUTION APPROVING THE APPLICATION FOR AN ALLOCATION
UNDER THE MORTGAGE REVENUE BOND PROGRAM
3. The Housing Authority shall act as the Program
Administrator for the Mortgage Credit Certificate Program and
accepts any and all responsibility associated with such
administration.
4. The Housing Authority shall conduct all negotiations,
execute and submit all documents including, but not limited to,
applications, agreements, amendments, etc., which may be necessary
for approval of the Mortgage Credit Certificate allocation.
PASSED AND ADOPTED by the Board of Supervisors of the
County of Butte this 24th day of January, 1995, by the following
vote:
AYES: Supervisors Meyer, Do7.an, Houx, Thomas and Chair McLaughlin
NOES : None
ABSENT : None
ABSTAIN: None
ATTEST:
' ~' [ . L.a
ED McLAUGHLTN, hair
Board of Supervisors
JOHN S. BLACKLOCK, Chief Administrative
Officer and Clerk f the Board
by ~
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