HomeMy WebLinkAbout4.07 Budget Transfer MCC Program AGENDA STATEMENT
CITY COUNCIL MEETING DATE: November 13 , 1989
SUBJECT: Budget transfer to fund Mortgage Credit
Certificate (MCC) Program
REPORT PREPARED BY: Laurence L. Tong, Planning Director
EXHIBITS ATTACHED: Attachment 1: February 13, 1989 City
Council Agenda Statement regarding MCC
Program Agreement
RECOMMENDATIONS: � Authorize additional appropriation of
$4,000 to Planning Contract Services
account
FINANCIAL STATEMENT: Included in the following description
DESCRIPTION:
On February 13 , 1989, the City Council authorized the Mayor
to sign an agreement regarding the Joint County-Cities Mortgage
Credit Certificate (MCC) Program. The MCC Program assists first
time home buyers. The City Council also authorized an additional
appropriation of $4,000 to the Planning Contract Services
account.
It was anticipated that an invoice for $4,000 would be
received and payable as part of the 1988-89 Fiscal Year which
ended June 30, 1989. No funds for the MCC Program were budgeted
for the 1989-90 Fiscal Year.
The City has recently received an invoice for $4,000 for the
MCC Program. In order to pay the invoice, an additional
appropriation of $4,000 from budgeted reserves to the Planning
Contract Services account would be required.
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ITEM NO. 'V.' COPIES TO: Planning File
[a:mccprgm/llt:ga]
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AGENDA STATEMENT
CITY COUNCIL MEETING DATE: February 13, 1989
SUBJECT: Agreement with Alameda County regarding
Mortgage Credit Certificate (MCC)
Program
EXHIBITS ATTACHED: Exhibit A: Letter from John Shepherd,
Assistant Planning Director,
Alameda County Housing and
Community Development with
draft resolution and draft
agreement
Attachment 1: January 23, 1989 .City
. Council Agenda Statement
regarding Alameda County
Homeownership Assistance
Program
RECOIl4ENDATION: 1) Adopt resolution authorizing Mayor
to sign agreement for Mortgage
Credit Certificate Program
2) Authorize additional appropriation
of $4 , 000 to Planning Contract
Services account
FINANCIAL STATEMENT: The cost to the City of establishing the
program will not exceed $4,000. An
additional appropriation from the
unallocated reserves will be required.
DESCRIPTION:
In January 1989, the City Council indicated interest in
participating in a Joint County-Cities Mortgage Credit •
Certificate (MCC) Program to assist first-time home buyers. To
proceed with establishing the program, the City needs to enter
into an agreement with Alameda County.
After the agreement is completed, the County will apply to
the State for an allocation. The State has indicated it will
make the first allocations under the program in March 1989 .
ITEM NO. 9'*