HomeMy WebLinkAboutCC RESO 93-110RESOLUTION NO.
93-110
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
MAKING FINDINGS WITH RESPECT TO A MORTGAGE CREDIT
CERTIFICATE PROGRAM TO BE ADMINISTERED BY THE
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY
WHEREAS, there is a shortage in the City of National City (the "City") of
decent, safe and sanitary housing, affordable by the persons in the lower end of the home
purchasing spectrum, and a consequent need to provide assistance to such persons for the
financing of homes in the City; and
WHEREAS, the Community Development Commission of the City of
National City (the "Commission") wishes to provide for a home mortgage credit
certificate program (the "Program") pursuant to Chapter 3.5 of Part 1 of Division 31 of
the Health and Safety Code of the State of California (the "Act") and to issue mortgage
credit certificates, pursuant to the Act and Section 25 of the Internal Revenue Code of
1986, as amended (the "Code"), to assist in the financing of homes in the City for
persons in the lower end of the home purchasing spectrum; and
WHEREAS, the City finds and determines that it is in the best interest of
the City to approve the Program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of National City, as follows:
1. The City hereby approves the Program for the purpose of providing
assistance in the financing of homes for persons in the lower end of the home purchasing
spectrum in the City.
2. The City Council of the City hereby determines that the operation of
the Program to assist in the financing of homes for persons of low and moderate income
within the geographic boundaries of the Commission but outside of the project area of the
National City Downtown Redevelopment Project will be of benefit to the project area.
3. The appropriate officers of the City, with the advice and consent of
the City Attorney, are further authorized to execute such other documents or take such
other actions as they may deem necessary or appropriate to carry out the purpose and
intent of this Resolution or to assist the Commission in the implementation of the
Program. All previous actions taken by the officers of the City in connection with the
Program and the actions authorized hereby are hereby ratified and approved.
Continued on Page Two
Resolution No. 93-110
Page 2 of 2
4. This Resolution shall take effect immediately upon its adoption.
PASSED and ADOPTED this 3rd day of August, 1993.
eorge H. Waters, Mayor
ATTEST:
Lod Anne Peoples, City erk
APPROVED AS TO FORM:
41 k.
George H. Eiser, III
City Attorney