CC Resolution 8074RESOLUTION N0. 8074
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 affordability 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, in 1990 the City of Campbell committed 27 certificates with 11
for households with incomes under 80X 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, Exhibit A, with the County of Santa Clara for the administration of
the mortgage credit certificate program; and
BE IT FURTHER RESOLVED that the City Council of the City of Campbell
hereby submits with the Cooperative Agreement a pledge of $30,000, which is 1X
of the Mortgage Bond amount, to assure the State that the City of Campbell
will utilize the allocations requested; and
BE IT FURTHER RESOLVED that the City Council of the City of Campbell
hereby designates 35X of its MCC's to households earning under 80% of the
County median income.
PASSED AND ADOPTED this 19th day of February 1991, by the following roll
call vote:
AYES: Councilmembers: Ashworth, Burr, Watson, Conant, Kotowski
NOES: Councilmembers: None
ABSENT: Councilmembers: None
APPROVED:
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MICHAEL KOTOWSKI, MAYOR \
ATTE~~: ~~~
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Barbara Olsasky, City C erk
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