HomeMy WebLinkAbout1997-01-28; City Council; 14011; ADMINISTRATIVE COSTS OF SAN DIEGO COUNTY REGIONAL MORTGAGE CREDIT CERTIFICATE PROGRAMG
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In January 1997, the City will participate in another County application and will request a $4,14(
allocation, which will provide home buying assistance for forty-five (45) households.
As a condition of receiving an MCC allocation, participating cities have agreed to contribute fu
FISCAL YEAR
1994-95
1995-96
1996-97
TOTAL
MCC ALLOCATION ADMINISTRATIVE FEE
799,877 2,400
644,112 1,932
650,000 1,950
783,208 2,349
414,000 12,420
$ 3,291,197 $ 21,051
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a -29 0 CITY COUNCIL RESOLUTION NO. 9 7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROPRIATING $21,051 FOR THE CITY'S
PROPORTIONATE SHARE OF THE SAN DIEGO COUNTY REGIONAL
MORTGAGE CREDIT CERTIFICATE PROGRAM RELATED OPERATING
EXPENSES.
WHEREAS, there is a continued need for affordable home ownership opportunities P
City of Carlsbad for qualified first time home buyers;
WHEREAS, on February 15, 1994, the City of Carlsbad adopted the San Diegc
Regional Mortgage Credit Certificate Program for the purpose of increasing home o
opportunities for first time home buyers and approved the associated Cooperative Agreement
the County of San Diego and the City to implement the Program;
WHEREAS, participating cities have agreed to contribute funds to pay for the S:
County Regional MCC Program related operating expenses as a condition of receiving :
allocation. The amount to be contributed by each participating city is based on the formula of
$100,000 in allocation received; and,
WHEREAS, adequate funds are available in the General Fund balance which hi
designated by City Council for the specific purpose of increasing affordable housing opportuniti
NOW, THEREFORE, BE IT HEREBY RESOLVED, by the City Council of thc
Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2. That the City Council hereby appropriates $21,051 from the amounts designatf
General Fund for affordable housing purposes to pay the City's proportionate sha
San Diego County Regional Mortgage Credit Certificate Program related operating
for FYs 1994-95, 1995-96, and 1996-97
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council ol
of Carlsbad, California, held on the 28th day of January , 1997, by the
vote, to wit:
AYES: Council Members Lewis, Finnila, Nygaard, Kulchin and Hal;
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
k-aQ '* ALETHA L. RAUTENMy City Clerk
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