Agenda

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C.65

To:	Board of Supervisors
From:	Catherine Kutsuris, Conservation & Development Director
Date:	November 3, 2009

Contra

Costa

County

Subject:

Mortgage Credit Certificates

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 11/03/2009

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Gayle B. Uilkema, District II Supervisor
Mary N. Piepho, District III Supervisor
Susan A. Bonilla, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:

Jim Kennedy 335-7225

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: November 3, 2009
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

AUTHORIZE the Conservation and Development Director, or designee, to prepare and submit the necessary applications and certifications to the California Debt Limit Allocation Committee for $20,000,000 in Private Activity Bond Authority for Mortgage Credit Certificates.

FISCAL IMPACT:

None. No General Fund monies are involved. All costs associated with the issuance and administration of this program are paid by fees assessed of program participants. The issuance of a Mortgage Credit Certificate does not involve the issuance of any debt by the County, therefore there is no pledge of revenue by the County, or any party contracting with the County.

BACKGROUND:

Contra Costa County began operation of a Mortgage Credit Certificate (MCC) Program in June 1991. Mortgage Credit Certificates are an alternative means of assisting low and moderate income first-time homebuyers in achieving home ownership. The Contra Costa County Mortgage Credit Certificate Program has provided assistance to over 2,500 households. Recipients of a Mortgage Credit Certificate are eligible for an income tax credit from the federal government that effectively reduces their net mortgage payment by 100 to 200 basis points (1% - 2%). The County’s application to the California Debt Limit Allocation Committee (CDLAC) for $20 million in Private Activity Bond Authority for Mortgage Credit Certificates is based on State allocation procedures.

VOTE OF SUPERVISORS

RECOMMENDATION(S):

FISCAL IMPACT:

BACKGROUND:

CONSEQUENCE OF NEGATIVE ACTION:

CHILDREN'S IMPACT STATEMENT: