Res 94-018RESOLUTION NO. 94-018
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY
APPROVING A COOPERATIVE AGREEMENT ADOPTING THE SAN DIEGO COUNTY
REGIONAL MORTGAGE CREDIT CERTIFICATE PROGRAM IN THE CITY OF POWAY
IN COOPERATION WITH THE COUNTY OF SAN DIEGO
WHEREAS, there is a continued need for affordable home ownership
opportunities within the City of Poway {"City") for qualified low- and moderate-
income first-time homebuyers; and
WHEREAS, the Tax Reform Act of 1984 established mortgage credit
certificates {"MCC") as a means of assisting qualified first-time homebuyers with
the acquisition of new and existing single family housing; and
WHEREAS, Division 31, Part 1, Chapter 35, Article 4 of the California
Health and Safety Code Sections 50197 et seq. ("Act") authorizes counties,
cities, and redevelopment agencies to create and participate in MCC Programs; and
WHEREAS, the County has heretofore determined to engage in an MCC Program
pursuant to the Act in order to assist individual home purchasers in the City of
the County to afford both new and existing homes within the statutory limits as
provided for in said Act; and
WHEREAS, the City requests that mortgage credit certificates be available
to eligible first-time homebuyers within the corporate limits of the City when
the City participates with the County in receiving an MCC allocation; and
WHEREAS, the County and City wish to cooperate with one another pursuant
to the Act in the exercise of their powers under the Act for the purposes of an
NCC Program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF POWAY:
Section 1. The City hereby adopts the San Diego County Regional Mortgage
Credit Certificate Program ("Program") for the purpose of increasing home
ownership opportunities for low- and moderate-income first-time homebuyers, and
consents to the operation of said Program within the geographical boundaries of
the City.
Section 2. The Cooperative Agreement, dated as of February 23, 1994,
between the County and the City ("Agreement"), attached hereto as Exhibit "1",
is hereby approved and the City Manager is hereby authorized and directed to
execute and deliver the Agreement, for and in the name and on behalf of the City.
The City Manager, with the advice and consent of the City Attorney, is authorized
to approve any additions to or changes in the form of the Agreement deemed
necessary or advisable. The City Manager, with the advice and consent of the
City Attorney, is further authorized to enter into such additional agreements
with the County, execute such other documents, or take such other actions as may
be necessary or appropriate to carryout the purposes and intent of the Agreement
or to cooperate in the implementation of the Program.
RESOLUTION NO. 94-018
Section 3. This resolution shall take effect from and after its adoption.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Poway,
California, at a regular meeting thereof this 22nd day of February, 1994.
ATT ESI:
Marjor~ie~. Wahlsten, City Clerk
STATE Of CALIFORNIA )
)SS.
COUNTY OF SAN DIEGO
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do hereby certify
that the foregoing Resolution No. 94-018was duly adopted by the City Council at
a meeting of said City Council on th-6-~-nd day of February, 1994, and that it was
so adopted by the following vote:
AYES:
CAFAGNA, CALLERY, SNESKO, HIGGINSON
NOES: NONE
ABSTAIN: NONE
ABSENT: EMERY
Marjo~ie K. Wahlsten, City Clerk
City ~way