Agmt97 County of San Mateo (7) - Laserfiche WebLink

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COOPERATION AGREEMENT FOR SAN MATEO COUNTY HOMEOWNEKSHIP PROGKAM AND THE MORTGAGE CREDIT CERTIFICATE PROGRAM THIS AGREEMENT, made and entered into this I ~ day of 1997, b~tween the COUNTY OF SAN MATEO, a political subdivision of the State of California~ hereinaf[er referred to as "County", and the CITY OF P,F. DWOOD CITY, a duly incorporated city within the County of San Mateo, hereinafter referred to as "City". WITNESSETH WHEREAS, the Tax Keform Act of 1984 established the Mortgage Credit Certificate Program (hereinafter "MCC Program") as a means of assisting qualified individuals with the acquisition of new and existing single family housing; and WI-IF-KEAS, the County has established a housing trust fund for the purpose of providing homeownership opportunities and has also executed an agreement with the United States Department of Housing and Urban Development for a Special Purpose Grant to further expand the County's efforts to assist First Time Homebuyers in the purchase of a primary residence in San Mateo County, and WI-rEREAS, the County and the City have h~etofore determined to engage in an MCC Program pursuant to Chapters 1399, Statutes of 1985 Section 50197, et seq of the Health and Safely Code of the State of California (the "Act") in order to assist individual home purchasers in the County to afford both new and e~ng homes w/thin the statutory limits as provided for in said Act; and WHEREAS, in furtherance of the MCC Program, the City authorizes the County fi.om time to time to apply to the State of California Debt Limit Allocation Committee (CDLAC) in the ~ame of the City for mortgage bond allocations, the amount of which can be traded for authority to issue Mortg.ge Credit Certificates in a face amount equal to one fourth of the value of the City's bond allocation; and WHEREAS, the City also desires to be included in the Countywide Homeownership Program; and 1