Title
a. Approve assignment of Monterey County’s 2012 allocation from the California Debt Limit Allocation Committee (CDLAC) to California Rural Homebuyers Fund Authority (CRHMFA) Homebuyers Fund (CHF) for inclusion in their Mortgage Revenue Bond financing for the Mortgage Credit Certificate (MCC) program and authorizing and consenting to all CHF 2012 and 2013 Programs; and
b. Authorize the County Administrative Officer 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 2012 allocation from the California Debt Limit Allocation Committee (CDLAC) to California Rural Homebuyers Fund Authority (CRHMFA) Homebuyers Fund (CHF) for inclusion in their Mortgage Revenue Bond financing for the Mortgage Credit Certificate (MCC) program and authorizing and consenting to all CHF 2012 and 2013 Programs; and
b. Authorize the County Administrative Officer 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 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 372 families have received assistance with homeownership through the CHF. In September of last year, CHF instituted the MCC program in Monterey County. To date, nine households have been assisted with MCCs and another 8 MCCs are pending. The current allocation from CDLAC is approximately $2,700,000. By assigning the County’s allocation to CHF, the County assists Monterey County residents to benefit from programs offered and administered by CHF
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