HomeMy WebLinkAboutRES NO 45-95 RESOLUTION NO. 4 5" 9 5
CITY OF BAKERSFIELD
MORTGAGE CREDIT CERTIFICATE PROGRAM
AUTHORIZATION OF THE EXECUTION FOR AND ON THE BEHALF OF
THE CITY OF BAKERSFIELD OF A COOPERATIVE AGREEMENT
BETWEEN THE CITY OF BAKERSFIELD, THE COUNTY OF KERN
AND OTHER JURISDICTIONS IN KERN COUNTY TO PERMIT THE ISSUANCE OF
QUALIFIED MORTGAGE CREDIT CERTIFICATES
WHEREAS, there is a continued need for affordable homeownership opportunities
throughout, the City of Bakersfield and the County of Kern, particularly for households at the
lower end if the purchasing spectrum; and
WHEREAS, the issuance of Mortgage Credit Certificates ("MCCs") to individual home
purchasers in other California jurisdictions has been shown to enhance the affordability of both
new and existing homes within the statutory limits; and
WHEREAS, Division 31, Part 1, Chapter 3.5, Article 2 of the California Health and
Safety Code Sections 50197.1 et seq. (the "Act") authorizes a local entity, authorized by state law
to issue qualified mortgage bonds to establish and participate in MCC Programs; and
WHEREAS, the City Council of the City of Bakersfield has directed its staff to file an
application for a portion of the state ceiling with or upon the direction of the California Debt
Limit Allocation Committee ("CDLAC") prior to the issuance of mortgage credit certificates;
and
WHEREAS, the County of Kern (the "County") and other incorporated Cities (the "Other
Jurisdictions") in the County are requesting that the current MCC allocation and any subsequent
allocations to the City of Bakersfield (the "City") be available to eligible first time homebuyers
within their corporate limits; and
WHEREAS, the City, County, and the Other Jurisdictions wish to cooperate with one
another for the purposes of the MCC Program; and
WHEREAS, pursuant to Section 50197.5 of the California Health and Safety Code, the
City is authorized to operate an MCC Program within the jurisdiction of the County and the
Other Jurisdictions pursuant to a written agreement between the City, the County, and the Other
Jurisdictions: and
WHEREAS, the City has the capacity to administer an MCC Program.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Bakersfield
that the City Manager is hereby authorized to execute a cooperative agreement with the County
of Kern and the Other Jurisdictions who have requested the use of this initial MCC allocation as
well as all subsequent MCC allocations within their corporate limits. The City Manager is
authorized to approve any additions to or changes in the form of the cooperative agreements
deemed necessary or advisable and is authorized to enter into such additional agreements with
the County and Other jurisdictions, execute such other documents, or take such other actions as
are deemed necessary or appropriate to carry out the purpose and intent of the MCC Program.
PASSED AND ADOPTED by the City Council of the City of Bakersfield, State of
California, as of ~IAR 0 8 1905
AYES: COUNCILMEMBER DeMOND, CARSON, SMITH, McDERMOTt, ROWI~S, CI{OW, SALVAGGIO
NOES: COUNCILMEMBER
ABSTAIN: COUNCILMEMBER
ABSENT: COUNCILMEMBER
ssJstant CITY CLERK and Ex Off~io Clerk of the
Council of the City of Bakersfield
~AR 0 8 ~
BOB PRICE ~~
MAYOR of the City of Bakersfield
APPROVED as to form:
JUDY SKOUSEN
City Attorney
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