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
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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