RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING THE DIRECTOR OF THE OFFICE OF HOUSING TO FILE AN APPLICATION WITH THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN ALLOCATION OF THE STATE'S QUALIFIED PRIVATE ACTIVITY BONDS TO BE CONVERTED TO MORTGAGE CREDIT CERTIFICATES AND AUTHORIZING THE DIRECTOR OF THE OFFICE OF HOUSING TO FILE SUBSEQUENT ANNUAL APPLICATIONS AND AUTHORIZING THE SET-ASIDE OF HOUSING AND COMMUNITY DEVELOPMENT FUNDS EQUAL TO .5% OF THE ALLOCATION AMOUNT REQUESTED, NOT TO EXCEED $100,000, AS EVIDENCE OF THE STATES REQUIRED PERFORMANCE DEPOSIT AND AUTHORIZING THE COUNTY MANAGER TO EXECUTE THE STATE'S DEPOSIT CERTIFICATE FORM

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, the County of San Mateo has operated a countywide Mortgage Credit Certificate (MCC) Program since 1989; and

WHEREAS, the County administers First-Time Homebuyer Program which are frequently supplemented with Mortgage Credit Certificates to enhance affordability; and

WHEREAS, the County requires additional MCC authority annually to serve the needs of participants of homeownership programs throughout the County.

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the President of this Board of Supervisors authorize the Director of the Office of Housing to submit to the California Debt Limit Allocation Committee, the year 2002 allocation application and subsequent applications thereafter, for Private Activity Bonds to be converted to Mortgage Credit Certificates for and on behalf of the participating cities of the County of San Mateo, set aside Housing and Community Development funds equal to .5% of the requested allocation amount, to meet the performance deposit requirement of the California Debt Limit Allocation Committee and authorize the County Manager to execute the State's Deposit Certificate Form on behalf of the County of San Mateo, and the Clerk of the Board shall attest his signature hereto.

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