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<br />DES:d~ 05/08/89 (051124) <br />Of,IGiNAL <br /> <br />RES 0 L UTI 0 N <br /> <br />--------- <br /> <br />N 2.11 052 <br /> <br />JUN 5 1989 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF MORTGAGE CREDIT <br />CERTIFICATES WITHIN THE CITY OF REDWOOD CITY AND <br />DESIGNATING THE HOUSING AND COMMUNITY DEVELOPMENT <br />DIVISION OF THE COUNTY OF SAN MATEO AS ADMINISTRATOR IN <br />CONNECTION THEREWITH <br /> <br />WHEREAS, <br /> <br />there <br /> <br />is <br /> <br />a <br /> <br />continued <br /> <br />need <br /> <br />for <br /> <br />affordable <br /> <br />homeownership opportunities within the City of Redwood City, <br /> <br />particularly for households with limited economic means; and <br /> <br />WHEREAS, the home prices throughout the City have made <br /> <br />homeownership virtually impossible for most families with median <br /> <br />household incomes; and <br /> <br />WHEREAS, Mortgage Credit Certificates are of comparable value <br /> <br />to the subsidy provided by Mortgage Revenue Bonds with very few <br /> <br />associated costs; and <br /> <br />WHEREAS, the issuance of Mortgage Credit Certificates <br /> <br />(IMCCs") to individual home purchasers in other California <br /> <br />jurisdictions has been shown to enhance the affordability of both <br /> <br />new and existing homes within the statutory limits; and <br /> <br />WHEREAS, Congress and the President of the United States <br /> <br />have extended the MCC program through calendar year 1989; and <br /> <br />WHEREAS, Division 31, Part 1, Chapter 3.5, Article 4 of the <br /> <br />California Health and Safety Code (~50 19 7 et seq.) authorizes <br /> <br />both counties and cities to create and participate in an MCC <br /> <br />program; and <br /> <br />WHEREAS, the County of San Mateo, through its Housing and <br /> <br />Communi ty Development Division, is developing a qualified MCC <br /> <br />program and is willing and able to administer the County's MCC <br /> <br />program within the jurisdiction of the City of Redwood City and <br />