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STATEMENT
OF PROCEEDINGS Meeting was called to order at 9:10 a.m. Present: Commissioners Bill Horn, Chairman; Greg Cox; Dianne Jacob; Pam Slater; Virginia Vizina; and Donald Mitchell; also Thomas J. Pastuszka, Deputy Secretary. Absent: Commissioner Ron Roberts, Vice Chairman Public Communication - (No Speakers) Housing Authority Agenda Items
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Category
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Agenda No. | Subject: |
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HA1. |
SUBJECT: |
APPLICATIONS TO THE STATE OF CALIFORNIA FOR ALLOCATIONS OF MORTGAGE CREDIT CERTIFICATES IN 2002 (DISTRICT: ALL) |
| OVERVIEW: | ||
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This action requests Board of Supervisors approval for the County's participation in any applications made to the California Debt Limit Allocation Committee (CDLAC) in 2002 for up to $75 million in mortgage credit certificates allocations for the San Diego Regional Mortgage Credit Certificate Program (Regional MCC Program). The MCC program is a home purchase assistance program that enables first-time homebuyers to receive a direct federal income tax credit equal to fifteen percent of the annual interest paid on their mortgage loan. The County serves as the lead agency and applicant for allocation requests made to CDLAC for the Regional MCC Program. If CDLAC approves any of the County's year 2002 allocation requests, the amount approved would be proportionately divided between the County and the 15 cities that participate in the Regional MCC Program. This action also requests San Diego County Housing Authority Board of Commissioners approval for the use of Section 8 Earned Administrative Fees of up to a) $112,500 for the County’s proportionate share of the Regional MCC Program operating costs, and b) $50,000 to be held on deposit for the County’s proportionate share of the performance guarantee required by CDLAC upon application. |
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| FISCAL IMPACT: | ||
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Funds for this request are budgeted. The funding source is Section 8 Earned Administrative Fees. If approved, this request will result in up to $56,250 in current year costs to pay for the County's proportionate share of the program operating cost, and up to $50,000 in current year costs to be held on deposit by the County to meet the performance guarantee requirement for each application made to the State. Additionally, if approved, this request will result in up to $56,250 in annual costs for the County's proportionate share of the program’s operating costs for 2002-2003. |
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RECOMMENDATION: |
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CHIEF ADMINISTRATIVE OFFICER/EXECUTIVE DIRECTOR 1. Approve the use of up to $112,500 in Section 8 Earned Administrative Fees for the County's proportionate share of the funds needed to operate the San Diego Regional Mortgage Credit Certificate Program from mortgage credit certificate allocations received in 2002. 2. Approve the temporary use of up to $50,000 in Section 8 Earned Administrative Fees to be held on deposit for the County's estimated proportionate share of the funds needed to meet the performance guarantee requirement until the first mortgage credit certificate is issued from each allocation in 2002. (Relates to Board of Supervisors Agenda No. 11) |
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| ACTION: | ||
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ON MOTION of Commissioner Mitchell, seconded by Commissioner Vizina, the Board of Commissioners of the San Diego Housing Authority took action as recommended, on Consent. AYES: Cox, Jacob, Horn, Slater, Vizina, MitchellABSENT: Roberts |
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There being no further business, the Board adjourned at 11:36 a.m.
THOMAS J. PASTUSZKA
Deputy Secretary of
the
Housing Authority
of the County of San Diego
NOTE: This Statement of Proceedings sets forth all actions taken by the San Diego County Housing Authority on the matters stated, but not necessarily the chronological sequence in which the matters were taken up.