10-176 I RESOLUTION NO. 10-176
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3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE CALIFORNIA,
PARTICIPATING WITH THE COUNTY OF RIVERSIDE MORTGAGE CREDIT
4 CERTIFICATE (MCC) PROGRAM
5 WHEREAS, the Tax Reform Act of 1986 established the Mortgage Credit Certificate
6 Program ("MCC Program") as a means of assisting qualified individuals with the acquisition of
7 new and existing single family housing; and
8 WHEREAS, pursuant to Division 31, Part 1, Chapter 3.5, Article 3.4 of the California
9 Health and Safety Code Sections 50197 et seq, local issuers are authorized to issue Mortgage
10 Credit Certificates ("Certificates")and administer MCC Program; and _
11 WHEREAS, the Board of Supervisors of the County of Riverside adopted Resolution No
12 87-564 on December 22, 1987 establishing a Mortgage Credit Certificate Program; and
13 WHEREAS, the Board of Supervisors of the County of Riverside has authorized the
14 Riverside County Economic Development Agency ("EDA") to administer the MCC Program
15 pursuant to the applicable federal, state and local policies and procedures, and to enter into
16 those agreements necessary for efficient administration of the MCC Program; and
17 WHEREAS, the County of Riverside ("County") will be applying to the California Debt
18 Limit Allocation Committee ("CDLAC") for a mortgage credit certificate allocation on or before
19 April, 2011; and
20 WHEREAS, the City of Menifee ("City") wishes to participate in the MCC Program
21 administered by the EDA in connection with mortgage loans it will make available for the
22 acquisition of new and existing single-family housing in Riverside County; and
23 WHEREAS, the adoption of this resolution is necessary to include the City of Menifee as
24 a participating unit of general government under County's MCC program; and
25 WHEREAS, the City agrees to cooperate with the County of Riverside to undertake the
26 MCC program within City jurisdiction to assist persons or households of limited income to
27 purchase new and existing single family residences located in the city; and
Z8 WHEREAS, the City by adopting this Resolution, hereby gives notice of its election to
RESOLUTION NUMBER 10-176
MORTGAGE CREDIT CERTIFICATE
Page 1 of 2
I participate in the Riverside County MCC program.
2 NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Menifee as
3 follows:
4 The City of Menifee agrees
5 1. to participate in the MCC Program administered by the EDA in connection
6 with mortgage loans it will make available for the acquisition of new and
7 existing single-family housing in Riverside County;
8 2. to assist the County of Riverside to market the MCC Program within the city's
9 jurisdictional boundary by publishing a general public notice in the local
10 newspaper at least twice a year.
11 PASSED, APPROVED, and ADOPTED by the City Council of the City of Menifee,
12 California, on the 19`h day October 2010.
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Wallace Edgerton, Mayo
16 Attest: W.
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19 Kathy Bennett, City Clerk
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RESOLUTION NUMBER 10-176
MORTGAGE CREDIT CERTIFICATE
Page 2 of 2
FEY
pr:
ENIFE
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Wallace W.Edgerton
Mayor STATE OF CALIFORNIA )
Fred Twyman COUNTY OF RIVERSIDE ) ss
Mayor Pro Tern CITY OFMENIFEE )
John V.Denver I, Kathy Bennett, City Clerk of the City of Menifee, do hereby certify that the
Councilmember Y Y
foregoing Resolution No. 10-176 was duly adopted by the City Council of the City
Darcy Kuenzi of Menifee at a meeting thereof held on the 19th day of October, 2010 by the
Councilmember following vote:
Scott A.Mann
Councilmember Ayes: Edgerton, Denver, Kuenzi, Mann, Twyman
Noes: None
Absent: None
Abstain: None
Kathy Bennett, City Clerk
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29714 Haun Road
Menifee,CA 92586
Phone 951.672.6777
Fax 951.679.3843
mmcityofinenifee.us