County of Monterey - File #: 14-894

• File #: 14-894
• Name: California Debt Limit Allocation Committee, Alocation
• Type: General Agenda Item
• Status: Passed
• File created: 8/5/2014
• In control: Board of Supervisors
• On agenda: 8/26/2014
• Final action: 8/26/2014
• Title: a. Approve assignment of Monterey County's 2014 allocation from the California Debt Limit Allocation Committee (CDLAC) to CRHMFA (California Rural Homebuyers Fund Authority) 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 2014 and 2015 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.

Date	Action By	Action	Result
8/26/2014	Board of Supervisors	approved

Title
a. Approve assignment of Monterey County's 2014 allocation from the California Debt Limit Allocation Committee (CDLAC) to CRHMFA (California Rural Homebuyers Fund Authority) 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 2014 and 2015 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 2014 allocation from the California Debt Limit Allocation Committee (CDLAC) to CRHMFA (California Rural Homebuyers Fund Authority) 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 2014 and 2015 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 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. To date, two households have been assisted with MCCs and 26 have been assisted with down payment and/or closing cost loans and grants. The current allocation from CDLAC is $3,335,041. By assigning the County's allocation to CHF, the County assists Monterey County residents to benefit from programs off...