CC Resolution 8386
RESOLUTION NO. 8386
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL,
CALIFORNIA ENTERING INTO A COOPERATIVE AGREEMENT WITH THE
COUNTY OF SANTA CLARA, CALIFORNIA FOR ADMINISTRATION OF A
MORTGAGE CREDIT CERTIFICATE PROGRAM AND ALLOCATION
OF MORTGAGE CREDIT CERTIFICATES
WHEREAS, there is a continued need for affordable homeownership
opportunities within the City of Campbell; and
WHEREAS, issuance of Mortgage Credit Certificates (MCCs) in the
County's current MCC Program to individual home purchasers has been shown
to enhance the afford ability of both new and existing homes within the
statutory limits; and
WHEREAS, the City of Campbell has previously entered into a
Cooperative Agreement with the County of Santa Clara for the purpose of
partIcipating in a Mortgage Credit Certificate Program; and
WHEREAS, the City of Campbell committed 16 certificates with 57% of
the households having incomes under 80% of the County median income; and
WHEREAS, the City of Campbell wishes to continue this cooperative
arrangement for the purpose of allocating mortgage credit certificates.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Campbell hereby authorizes the Mayor to execute the attached Cooperative
Agreement with the County of Santa Clara for the administration of the
Mortgage Credit Certificate program.
BE IT FURTHER RESOLVED that the City Council of the City of Campbell
hereby submits with the Cooperative Agreement a pledge of $12,000 which is
1 % of the Mortgage Bond amount to assure the State that the City of
Campbell will utilize the Allocations requested.
BE IT FURTHER RESOLVED that the City Council of the City of Campbell
hereby designates 40% of its MCC's to households earning under 80% of the
County median income.
PASSED AND ADOPTED this 6th day of October, 1992, by the following
roll call vote:
AYES:
NOES:
Councilmembers
Kotowski, Conant, Ashworth, Watson, Burr
Councilmembers
None
ABSENT: Councilmembers None
APPROVED
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Mayor