Title
a. Approve assignment of Monterey County's 2016 allocation from the California Debt Limit Allocation Committee (CDLAC) to Golden State Finance Authority for inclusion in their Mortgage Revenue Bond financing for the Mortgage Credit Certificate (MCC) program and authorizing and consenting to all Golden State Finance Authority 2016 and 2017 Programs; and
b. Authorize the Economic Development Director to send a letter to the California Debt Limit Allocation Committee requesting the assignment and certifying that the use is consistent with the County's adopted Housing Element.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve assignment of Monterey County's 2016 allocation from the California Debt Limit Allocation Committee (CDLAC) to Golden State Finance Authority for inclusion in their Mortgage Revenue Bond financing for the Mortgage Credit Certificate (MCC) program and authorizing and consenting to all Golden State Finance Authority 2016 and 2017 Programs; and
b. Authorize the Economic Development Director to send a letter to the California Debt Limit Allocation Committee requesting the assignment and certifying that the use is consistent with the County's adopted Housing Element.
SUMMARY:
The County of Monterey became a member of a Joint Powers Authority (JPA) with California Rural Homebuyers Fund Authority (CRHMFA) Homebuyers Fund (CHF) in 1996. Since 1998, the County has assigned its California Debt Limit Allocation Committee (CDLAC) allocation to CHF. In that time, a total of 400 families have received assistance with homeownership through the CHF. In September of 2011, CHF instituted the MCC program in Monterey County. Since 2011, 29 households have been assisted with MCCs and 58 have been assisted with downpayment and/or closing cost loans and grants. In 2015, the CRHMFA changed its name to the Golden State Finance Authority (GSFA). The current allocation from CDLAC is $4,460,131. By assigning ...
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