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HomeMy WebLinkAboutReso - CC - 064-1989RESOLUTION NO. 64-89 RESOLUTION AUTHORIZING THE ISSUANCE OF MORTGAGE CREDIT CERTIFICATES WITHIN THE INCORPORATED LIMITS OF THE CITY OF BURLINGAME ) RESOLVED, by the CITY COUNCIL of the CITY OF BURLINGAME that, WHEREAS, there is a continued need for affordable homeownership opportunities within the City of Burlingame, particularly for households at the lower end of the purchasing spectrum; and WHEREAS, the home prices throughout the City have made homeownership extremely difficult for most families with median household incomes; and WHEREAS, Mortgage Credit Certificates 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 (MCCs) to those individual home purchasers in other California jurisdictions has been shown to enhance the affordability of both new and existing homes within the statutory limits; and WHEREAS, Congress and the President have seen fit to extend the MCC Program through the end of 1989; and WHEREAS, Division 31, Part 1, Chapter 3.5, Article 4 of the California Health and Safety Code (50197 et sea.) 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, is developing a qualified MCC Program and is willing and able to administer the County's MCC program within the jurisdiction of the City of Burlingame and City desires to permit the issuance of MCCs on an as available basis within the City of Burlingame; NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Burlingame, State of California, approves this resolution permitting the issuance of Mortgage Credit Certificates S, MAYOR I, JUDITH A. MALFATTI, City Clerk of the City of Burlingame, do hereby certify that the foregoing resolution was introduced at a regular meeting of the City Council held on the 15th day of May , 198 9 and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: AMSTRUP, BARTON, MANCINI, PAGLIARO NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: LEMBI CITY CLERK