Agmt97 County of San Mateo (7) - Laserfiche WebLink

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WHEREAS, a Cooperation Agreement by and between City and County establishing the formal relationship to co-operate in the MCC Program and the Homeownership Program is specifically authorized under the provisions of Government Code Section 6502 and 26227; and WI4q~REAS, the City now desires to enter into this Cooperation Agreement with the County of San Mateo so that its residems may benefit from the MCC and the Homeownership Program administered by the County; and NOW THEREFORE, in consideration of the covenants'hereinafter provided, the parties hereto agree as follows: SECTION 1. ~ This agreement is for the purpose of enabling the City and the County to cooperate to provide opportunities for qualified first-time homebuyers to purchase eligible real property within the City limits. SECTION 2. TERM. The term of this Agreement shall begin upon execution by the COUNTY and shall continue as long as mortgage bond allocations are provided to the COUNTY on behalf of the CITY. This agreement may be terminated by either party upon ninety (90) days ~Llt£en notice delivered to the other party. SECTION 3. COLTNTY'S RESPONSIBILITY TO CITY. The County shall continue to stnet a program for the effective ~amln;~iaafion of both the Homenwnership Program and the MCC program within the geographical boundaries of the County. The County shall continue its cooperation with local real estme and lending institutions in order to mai~ ain their participation in securing applications i~om eligible applicants for review and approval by County representatives on behalf of the County and the City. SECTION 4. CITY'S RESPONSI]gIL1TY TO COUNTY. The City agrees to undertake such further proceedings or actions as may be necessary to carry out the terms and intent of this agreement as expressed in the recitals hereto; provided, however, that nothing herein shall require the City to appropriate any funds to the County for services under this agreement. Funds for the admini~i~ ation of the MCC and Homeownership programs shall be derived by the County from the application fee paid by applicants and participating lenders and fi.om administrative set asides from the housing trust fund and the special purpose grant. Fees shall be collected and retained by the County. 2