Resolution 1987-62
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RESOLUTION NO. 87 - 62
RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY RELATING TO AN APPLICATION FOR
ALLOCATION OF MORTGAGE CREDIT CERTIFICATE ISSUANCE AUTHORITY.
WHEREASt there is a continued need for affordable homeownership
opportunities within the City of Gilroy particularly for households at the lower
end of the purchasing spectrum; and
WHEREASt issuance of Mortgage Credit Certificates to individual home
purchasers would enhance the affordability of both new and existing homes within
the statutory limits; and
WHEREASt Mortgage Credit Certificates are of comparable value to the
subsidy provided by Mortgage Revenue Bonds with very few associated costs.
NOWt THEREFOREt BE IT RESOLVED by the Council of the City of GilroYt
State of Californiat that the City's Housing Coordinator is hereby authorized to
make immediate application to the Mortgage Bond Allocation Committee in the name of
the City of Gilroy for a mortgage bond allocation in the amount of $20tOOOtOOO.OO
to be traded for authority to issue Mortgage Credit Certificates in a face amount
of $5tOOOtOOO.OO (based upon the 4:1 trade-in value of bond allocation);
BE IT FURTHER RESOLVED that a cover letter be sent with the application
requesting that the Mortgage Bond Allocation Committee waive the 1/2 of 1 percent
deposit requirement in consideration of the use of Mortgage Credit Certificates
rather than Mortgage Revenue Bonds.
PASSED AND ADOPTED this 17th day of Augustt 1987t by the following vote:
AYES: COUNCILMEMBERS: ALBERT t GAGE t KLOECKERt MUSSALLEMt PALMERLEE t
VALDEZ and Hl:.GHAN.
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
APPROVED:
Ii
Mayor
ATTEST:
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I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do
hereby certify that the attached Resolution No. 87-62
is an original
ordinance, duly adopted by the Council of the City of Gilroy at a regular
meeting of said Council held on the
17th
day of August
19~, at
which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Official Seal of the City of Gilroy this
18th day of
August
19 87.
(Seal)