20-876-1-
RESOLUTION NO.
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 the MCC Program; and
WHEREAS, the Board of Supervisors of the County of Riverside (“Board of
Supervisors”) adopted Resolution No 87-564 on December 22, 1987 establishing a
Mortgage Credit Certificate Program; and
WHEREAS, the Board of Supervisors 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 for a mortgage credit certificate allocation in July 2020 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 to undertake the MCC
Program within the City 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.
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20-876
-2-
NOW THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MENIFEE AS FOLLOWS:
Section 1: To participate in the MCC Program administered by the EDA in connection
with mortgage loans, EDA will make available for the acquisition of new and
existing single-family housing in Riverside County;
Section 2: To assist the County to market the MCC Program within the city’s jurisdictional
boundary by advertising on the city’s website.
PASSED, APPROVED, AND ADOPTED this 15th day of April 2020.
__________________________
Bill Zimmerman, Mayor
ATTEST APPROVED AS TO FORM:
________________________
Sarah A. Manwaring, City Clerk
__________________________
Jeffrey T. Melching, City Attorney
DocuSign Envelope ID: C573848E-66CD-4808-9D71-C19585EEFF99
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF MENIFEE )
I, Sarah A. Manwaring, City Clerk of the City of Menifee, do hereby certify that the foregoing
Resolution No. 20- was duly adopted by the City Council of the City of Menifee at a
meeting thereof held on the 15th day of April 2020 by the following vote:
Ayes:
Noes:
Absent:
Abstain:
_______________________________
Sarah A. Manwaring, City Clerk
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876
August, Deines, Liesemeyer, Sobek, Zimmerman
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