HomeMy WebLinkAboutAttachment A BackgroundAttachment A
Background
In June of 1999, the City of National City joined the County of San Diego along
with the cities of Carlsbad, Chula Vista, Coronado, El Cajon, Encinitas, Imperial
Beach, La Mesa, Poway, San Marcos, Santee, and Vista to form the San Diego
Area Housing and Finance Agency (SDAHFA), a Joint Powers Authority. The
Agency was created to provide home mortgage loans to qualified persons and
families, finance the construction, rehabilitation, acquisition, lease, and sale of
housing, and to issue revenue bonds to provide the necessary funds for these
housing programs.
The Agency has served its stated purpose and is no longer necessary because
all projects and programs have been completed. The Agency has no outstanding
obligations or claims and all bonds and interests have been paid.
The Board of the Agency has determined that as the Agency has served its
purpose and is no longer necessary it is in the best interests of the Agency and
its members to terminate the Agreement once all ongoing work is completed and
audits received the fiscal year 2012. The Agency's final audit, for fiscal year
2012, was recently completed and approved by the Board. The Board of
Directors of the Agency is requesting that each member city and county adopt a
resolution authorizing the termination of the Agency.
The Board of Directors is further requesting that the resolution include
authorization for the President, the Secretary, and the General Counsel of the
Agency to execute documents necessary to close out the affairs of the Agency.