09-104 RESOLUTION NO. 09-104
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE, CALIFORNIA,
PARTICIPATING WITH THE COUNTY OF RIVERSIDE MORTGAGE CREDIT CERTIFICATE
(MCC) PROGRAM
WHEREAS, the Tax Reform Act of 1986 established the Mortgage Credit Certificate Program
("MCC Program") as a means of assisting qualified individuals with the acquisition of new and
existing single family housing; and
WHEREAS, pursuant to Division 31, Part 1, Chapter 3.5, Article 3.4 of the California Health and
Safety Code Sections 50197 et seq, local issuers are authorized to issue Mortgage Credit
Certificates ("Certificates") and administer MCC Program; and
WHEREAS, the Board of Supervisors of the County of Riverside adopted Resolution No 87-564
on December 22, 1987 establishing a Mortgage Credit Certificate Program; and
WHEREAS, the Board of Supervisors of the County of Riverside has authorized the Riverside
County Economic Development Agency ("EDA") to administer the MCC Program pursuant to
the applicable federal, state and local policies and procedures, and to enter into those
agreements necessary for efficient administration of the MCC Program; and
WHEREAS, the County of Riverside ("County") will be applying to the California Debt Limit
Allocation Committee ("CDLAC") for a mortgage credit certificate allocation in July 28, 2008 or
thereabouts; and
WHEREAS, the City of Menifee ("City") wishes to participate in the MCC Program administered
by the EDA in connection with mortgage loans it will make available for the acquisition of new
and existing single-family housing in Riverside County; and
WHEREAS, the adoption of this resolution is necessary to include the City of Menifee as a
participating unit of general government under County's MCC program; and
WHEREAS, the City agrees to cooperate with the County of Riverside to undertake the MCC
program within City jurisdiction to assist persons or households of limited income to purchase
new and existing single family residences located in the city; and
WHEREAS, the City by adopting this Resolution, hereby gives notice of its election to
participate in the Riverside County MCC program.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Menifee as follows:
The City of Menifee agrees
1. to participate in the MCC Program administered by the EDA in connection with
mortgage loans it will make available for the acquisition of new and existing
single-family housing in Riverside County;
Resolution 09-104
Mortgage Credit Certificate Program
2. to assist the County of Riverside to market the MCC Program within the city's
jurisdictional boundary by publishing a general public notice in the local
newspaper at least twice a year.
PASSED, APPROVED AND ADOPTED, this 23rd day of June, 2009 by the following
vote:
AYES:
NOES:-7JCyL6
ABSENT:yVa)Lb
ABSTAIN: noyL,
Wallace W. Edgerton, Mayor
ATTEST:
J&L:Lq�
Kathy Bennett
City Clerk
Approved as to form:
Eliza th Martyn
City Attorney
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