RES 94117 - Laserfiche WebLink

WHEREAS, WHEREAS, WHEREAS, WHEREAS, CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY. CALIFORNIA RESOLUTION NO. 94-117 RESOLUTION APPROVING A MORTGAGE CREDIT CER'I'II~ 1CATE PROGRAM IN COOPERATION WITH THE COUNTY OF ALAMEDA, AUTHORIZING THE CITY MANAGER AND THE CITY ATTORNEY TO EXECUTE FOR AND ON BEHALF OF THE CITY A COOPERATIVE AGREEMENT BETWEEN THE CITY AND THE COUNTY, AUTHORIZING AN APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN ALLOCATION FOR ISSUANCE OF MORTGAGE CREDIT CERTIFICATES, AND AUTHORIZING THE PAYMENT OF FEES TO THE COUNTY FOR THE PAYMENT OF A PORTION OF TIrE COSTS OF ADMINISTERING SUCH PROGRAM there is a shortage in the City of Pleasaaron (the "City") and the County of Alameda (the "County") of decent, safe and sanitary housing affordable by persons in the lower end of the home purchasing spectrum, and a consequent neefi to provide assistance to such persons for the financing of homes in the City and County; and the City Council wishes to provide for a home mortgage credit certificate program (the "Program" or "MCC Program") pursuant to Chapter 3.5 of Part 1 of Division 31 of the Health and Safety Code of the State of California (the "Act") and to issue mortgage credit certificates, pursuant to the Act and Section 25 of the Internal Revenue Code of 1986, as amended (the "Code"), to assist in the financing of homes in the City for persons in the lower end of the home purchasing spectrum; and the Council finds and determines that it is in the best interest of the City to adopt the Program in conjunction with the Cotmty and to consent to the County operating the Program within the geographic boundaries of the City; and Sections 25 and 146 of the Code limit the amount of mortgage credit certificates that may be issued in any calendar year by entities within a state and authorize the legislature of each state to provide the rnethed of allocating authority to issue mortgage credit certificates within such state; and