CC Resolution No. 8928
RESOLUTION NO. 8928
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AUTHORIZING EXECUTION OF A COOPERATIVE AGREEMENT BETWEEN
THE COUNTY OF SANTA CLARA AND THE CITY OF CUPERTINO FOR
PARTICIPATION IN A MORTGAGE CREDIT CERTIFICATE PROGRAM
WHEREAS, there is a continuing need for affordable home ownership opportunities
within the City of Cupertino, particularly for flfst-time home buyers; and
WHEREAS, issuance of Mortgage Credit Certificates to individual home purchasers
would enhance the affordability of both new and existing homes within the statutory limits and
thus enable the City to help meet its assisted housing goals for moderate income persons, as
described in the General Plan Housing Element; and
WHEREAS, there has been presented to the City Council a cooperative agreement
between the City of Cupertino and the County of Santa Clara regarding participation in a
Mortgage Credit Certificate Program; and
WHEREAS, the terms and conditions of said agreement have been reviewed and
approved by the Director of Community Development and the City Attorney;
NOW, THEREFORE, BE IT RESOLVED that the designated representative of the Santa
Clara County Board of Supervisors is hereby authorized to make immediate application to the
State Mortgage Bond Allocation Committee in the name of the City of Cupertino for a mortgage
bond allocation in the amount of $5,000,000 to be converted for authority to issue Mortgage
Credit Certificates in the amount of $1,250,000 (based upon the 4:1 conversion factor);
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 19th day of July, 1993 by the following vote:
VOTE:
AYES:
NOES:
ABSENT:
ABSTAIN:
MEMBERS OF THE CITY COUNCIL
Dean, Goldman, Koppel, Sorensen, Szabo
None
None
None
APPROVED:
/s/ Nick Szabo
MAYOR, CITY OF CUPERTINO
A TIEST:
/s/ Roberta Wolfe
CITY CLERK, DEPUTY
housing stuff/MCC Resolution