HomeMy WebLinkAboutReso 130-1989 RESOLUTION NO. 130-89
CITY ~OUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE ISSUANCE OF
MORTGAGE CREDIT CERTIFICATES WITHIN THE
INCORPORATED LIMITS OF THE CITY OF SOUTH
SAN FRANCISCO
WHEREAS, there is continued need for affordable homeownership opportunities
within the City of South San Francisco, particularly for households at the lower
end of the purchasing spectrum; and
WHEREAS, home prices throughout the City have made homeownership virtually
impossible for most families with median household incomes; and
WHEREAS, Mortage Credit Certificates IMCC) are of comparable value to the
subsidy provided by Mortgage Revenue Bonds with very few associated costs; and
WHEREAS, the issuance of Mortgage Credit Certificates to individual home
purchasers in other California jurisdictions have been shown to enhance the
affordabil~ty of both new and existing homes within the statutory limits; and
WHEREAS, Division 31, Part 1, Chapter 3.5, Article 4 of the California
Health and Safety Code (50197 et seq.) authorizes both counties and cities
to create and participate in an MCC Program; and
WHEREAS, the County of San Mateo, through its Housing and Community
Development Division, has developed a qualified MCC program and is willing
and able to administer the County's MCC Program within the jurisdiction of
the City of South San Francisco;
NOW, TFEREFORE, BE IT RESOLVED that the City Council of the City of South
San Francisco authorizes the issuance of Mortgage Credit Certificates by the
County of San Mateo within the incorporated limits of the City of South San
Francisco.
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of the City of South San Francisco at a
regular meeting held on the 13th day of September , 1989, by the
following vote:
AYES:
Councilmembers Mark N. Addiego, Jack Drago, Richard A. Haffey,
Gus Nicolopulos, and Mayor Roberta Cerri Teglia
NOES: None
ABSTAIN: None
ABSENT: None
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~ATTEST:~ ~~