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HomeMy WebLinkAbout6.4 Mortgage Revenue Bond ProgramI (evo - L�o CITY OF DUBLIN AGENDA STATEMENT MEETING DATE : February 14 , 1983 SUBJECT : Mortgage Revenue Bond Program EXHIBITS ATTACHED : Letter from County Planning Director dated February 3 , 1983 ; List of participating developers ; Resolution; Cooperative Agreement RECOMMENDATION 1) Adopt Resolution adopting the home mortgage finance program in cooperation with the County of Alameda. 2 ) Authorize Mayor to execute agreement. FINANCIAL STATEMENT: The City will incur no cost by participating with the County in this program. DESCRIPTION At its meeting of August 23 , 1982 , the Dublin City Council expressed an interest in participating in a single family mortgage revenue bond program sponsored by the County of Alameda. Since that time, the County has had indications of interest from developers in the following jurisdictions : Alameda, Dublin, Fremont, Hayward, Livermore, Pleasanton, and the unincorporated area. The County applied for $39 million based on their survey of developers, and anticipates receiving from $31-$35 million. The County has received pledges for $18 million from those developers which were surveyed. In the City of Dublin, the following groups have indicated an interest in participating in the mortgage revenue bond program: DEVELOPER NO. OF UNITS AMOUNT REQUESTED Estate Homes of Northern California 16 units $ 1 . 5 million Diablo Ventures West 79 units $ 7 million * Southern Alameda County Board of Realtors Once the County' s allocation is finalized by the State, the County anticipates issuing the bonds in March or April of 1983 . Once the bonds are issued, the County anticipates that firm commitments from the development community will exceed the available allocation. Therefore, the County has developed a set of criteria to determine which developers will receive allocations . Criteria to be considered by the County will include cost per square foot of proposed units, price range of home, and which developer first gave firm commitments . --------------------------------------------------------------------------- COPIES TO: ITEM NO. 1p. 4 AGENDA STATEMENT: Mortgage Revenue Bond Program Page 2 If the City of Dublin participates in the County ' s Mortgage Revenue Bond Program, it would in no way hinder the City from applying for its own bond allocation in the future. Due to the program' s time restraint there is not sufficient time for the City to put together its program this year. RECOMMENDATION Since the Mortgage Revenue Bond Program can serve as a vehicle to provide more affordable housing in the City of Dublin, it is Staff ' s recommendation that the City adopt a resolution adopting the home mortgage finance program in cooperation with the County of Alameda and authorizing the Mayor to execute the attached agreement. * The Southern Alameda County Board of Realtor' s has requested $4 . 5 million for existing homes throughout the County. ALAMEDA COUNTY PLANNING DEPARTMENT 399 Elmhurst Street, Hayward, California 94544 (415) 881-6401 RECEIVED February 3, 1983 FEB 71983 CITY OF DUBLIN Mr. Richard Ambrose, City Manager City of Dublin P. O. Box 2340 Dublin, CA 94566 Dear Mr. Ambrose: Subject: Cooperation Agreement Between County and City Regarding Issuance of Mortgage Revenue Bonds for Singie-Family Housing Alameda County is currently preparing to sell mortgage revenue bonds to finance the purchase of newly constructed and existing single-family housing. The County has received an allocation from the State Housing Credit Committee and we expect to issue bonds in March or April 1983. Attached is a list of developers who have housing projects. in your city and/or the board of realtors which serves your community who have to date indicated their desire to participate in the County program. In order for them to do so, your city must execute a cooperation agreement with the County. The agree- ment allows the County to use proceeds from its own bond issue under its own allocation from the State in your .:itv. The city does not use any of its own present or future allocation nn - 4h.: agreement limit the city from pursuing its own bond issue for ot:7 r housing deveiopments. I request that you present the enclosed cooperation agreement to your city 'coun- cil for their consideration as soon as practical . We would like all cooperation agreements executed and returned to me by February 26, 1983. If you have any "' questions regarding the County bond program or -the cooperation agrt�ement, please call me or Jack Shepherd at 881-6094. v A I y truly your 1 i am H. Fir a-1_ Planning Director WHF:as attachments Alameda County Single-Family Mortqaqe Revenue Bond Program LIST OF PARTICIPATING DEVELOPERS . CITY OF DUBLIN Estate Homes of Northern California SACBOR Diablo Ventures West February 3, 1983 ov� RESOLUTION NO. A RESOLUTION ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF ALAMEDA AND AUTHORIZING THE MAYOR TO EXECUTE FOR AND ON BEHALF OF THE CITY OF A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF WHEREAS, there is a shortage in the County of Alameda ( the "County" ) and in the City of (the "City" ) of decent, safe and sanitary housing, particularly of housing affordable by persons in the lower end of the purchasing spectrum, and a consequent need to encourage the construction of homes affordable by such persons and otherwise to increase the housing supply in the County and in the City for such persons; and WHEREAS, the Board of Supervisors of the County has adopted an ordinance declaring its intent to engage in a home mortgage finance program ( the "Program" ) pursuant to Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California ( the "Act" ) ana to issue bonds pursuant to the Act to provide funds for the Program; and WHEREAS, the Council finds and determines that it is in the best interest of the City to adopt the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act. NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of as follows: 1 . The City hereby adopts the Program for the purpose of increasing the housing supply in the County and in the City and consents to the operation of the Program by the County with respect to all property located within the geographical boundaries of the City. 2 . The cooperative agreement, dated as of 1, 1983 , between the County and the City (the "Agreement" ) , a copy of which is attached hereto as Exhibit A, is hereby approved, and the Mayor is hereby authorized and directed to execute and deliver said Agreement, for and in the name and on behalf of the City. The Mayor, with the advice and consent of the City Attorney, is authorized to approve any additions to or changes in the form of said Agreement deemed necessary or advisable, approval of such additions or changes to be conclusively evidenced by execution by the Mayor of Said Agreement as so added to or changed. The Mayor, with the advice and consent of the City Attorney, is further authorized to enter into such additional agreements with the County, execute such other documents or take such other acticns as they may deem necessary or appropriate to carry out to purpose and intent of the Agreement or to cooperate in 'the implementation of the Program. Passed and adopted by the City Council of the City of State of California, at its meeting held on the day of 1983, by the following vote of the Council : Ayes: Noes: Absent: Mayor ATTEST: City Clerk [ SEAL] 2 1 • COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF THIS COOPERATIVE AGREEMENT ( the "Agreement" ) , made and entered into as of 1, 1983 by and between the County of Alameda, a legal subdivision and body corporate and politic of the State of California (the "County" ) , and the City of , a municipal corporation of the State of California (the "City" ) , W I T N E S S E T H: WHEREAS, the County has determined to engage in a home mortgage finance program pursuant to Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act" ) to make or acquire, directly or indirectly, loans to finance the construction or acquisition of homes in the County, all as provided for in the Act ( the "Program" ) ; and WHEREAS, the County, pursuant to the Act, has determined to cooperate with the City pursuant to the Act in the exercise of its powers under the Act for purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1 . The terms used in this Agreement shall, for all purposes of this Agreement, unless otherwise defined herein, have the meanings assigned to such terms in the Act. SECTION 2 . The County agrees to undertake the Program and to issue revenue bonds therefor pursuant to the Act as soon as practicable. . SECTION 3 . The City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of financing home mortgages pursuant to the Act by agreeing that the County shall exercise such powers to make or acquire home mortgages under the Program, all as more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City. SECTION 4. Upon request of the County and in accordance with such request, the City shall take all actions and execute all documents necessary or appropriate to obtain an entitlement allocation from the Mortgage Bond Allocation Committee pursuant to Section 50191 ( a) of the Health and Safety Code of the State of California and/or to assign such allocation obtained or its entitlement allocation under Section 50189(a) to the County pursuant to and in accordance with Section 50192 of said Code. Any fee charged by said Committee pursuant to Section 50195 of said Code shall be paid by the County or, if paid by the City, reimbursed by the County. SECTION 5 . The City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the ter-is and the intent of this Agreement. Nothing in this Agreement shall prevent the County from entering into one or more agreements with other cities within the County, if deemed necessary and advisable to do so by the County. SECTION 6. This Agreement may be amended by one or more supplemental agreements executes: by the County and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the holders of any bonds issued by the County pursuant to the Act in connection with the Program. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed, all as of the day first above written. COUNTY OF ALAMEDA By: CITY OF By: 2 COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF DUBLIN THIS COOPERATIVE AGREEMENT (the "Agreement" ) , made and entered into as of February 14 , 1983 by and between the County of Alameda, a legal subdivision and body corporate and politic of the State of California (the "County" ) , and the City of Dublin, a municipal corporation of the State of California (the "City" ) , W I T N E S S E T H: WHEREAS, the County has determined to engage in a home mortgage finance program pursuant to Chapters 1-5 of Part 5 of Division 31 of the Health and Safety code of the State of California (the "Act" ) to make or acquire, directly or indirectly, loans to finance the construction or acquisition of homes in the County, all as provided for in the Act (the "Program" ) ; and WHEREAS, the County, pursuant to the Act, has determined to cooperate with the City pursuant to the Act in the exercise of its powers under the Act for purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows : SECTION 1. The terms used in this Agreement shall, for all purposes of this Agreement, unless otherwise defined herein, have the meanings assigned to such terms in the Act. SECTION 2 . The County agrees to undertake the Program and to issue revenue bonds therefor pursuant to the Act as soon as practicable. SECTION 3 . The City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of financing home mortgages pursuant to the Act by agreeing that the County shall exercise such powers to make or acquire home mortgages under the Program, all as more specifically set forth in the Act, with respect to property located. within the geographic boundaries of the City. SECTION 4 . Upon request of the County and in accordance with such request, the City shall take all actions and execute all documents necessary or appropriate to obtain an entitlement allocation from the Mortgage Bond Allocation Committee pursuant to Section 50191 (a) of the Health and Safety Code of the State of California and/or to assign such allocation obtained or its entitlement allocation under Section 50189 (a) to the County pursuant to and in accordance with Section 50192 of said Code. Any fee charged by said Committe pursuant to Section 50195 of said Code shall be paid by the County or, if paid by the City, reimbursed by the County. . SECTION 5. The City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the terms and the intent of this Agreement. Nothing in this Agreement shall prevent the County from entering into one or more agreements with other cities within the County, if deemed necessary and advisable to do so by the County. SECTION 6 . This Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the holders of any bonds issued by the County pursuant to the Act in connection with the Program. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers thereunto duly authorized, all as of the day first above written. COUNTY OF ALAMEDA CITY OF D N By: By: L , I Z—Ae Ma o RESOLUTION NO. - 83 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN -------------------------------------- ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF ALAMEDA AND AUTHORIZING THE MAYOR TO EXECUTE FOR AND ON BEHALF OF THE CITY OF DUBLIN A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF DUBLIN WHEREAS, there is a shortage in the County of Alameda (the "County" ) and in the City of Dublin (the "City" ) of decent, safe and sanitary housing, particularly of housing affordable by persons in the lower end of the purchasing spectrum, and a consequent need to encourage the construction of homes affordable by such persons and otherwise to increase the housing supply in the county and in the City for such persons ; and WHEREAS, the Board of Supervisors of the County has adopted an ordinance declaring its intent to engage in a home mortgage finance program ( the "Program" ) pursuant to Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California ( the "Act" ) and to issue bonds pursuant to the Act to provide funds for the Program; and WHEREAS, the Council finds and determines that it is in the best interest of the City to adopt the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Dublin, as follows : 1 . The City hereby adopts the Program for the purpose of increasing the housing supply in the County and in the City and consents to the operation of the Program by the County with respect to all property located within the geographical boundaries of the City. 2 . The cooperative agreement, dated as of (date ) 1983 , between the County and the City (the "Agreement" ) , a copy of which is attached hereto as Exhibit A, is hereby approved, and the Mayor is hereby authorized and directed to execute and deliver said Agreement, for and in the name and on behalf of the City. The Mayor, with the advice and consent of the City Attorney, is authorized to approve any additions to or changes in the form of said Agreement deemed necessary or advisable, approval of such additions or changes to be conclusively evidenced by execution by the Mayor of said Agreement as so added to or changed. The Mayor, with the advice and consent of the City Attorney, is further authorized to enter into such additional agreements with the County, execute such other documents or take such other actions as they may deem necessary or appropriate to carry out the purpose and intent of the Agreement or to cooperate in the implementation of the Program. PASSED, APPROVED AND ADOPTED by the City Council of the City of Dublin, State of California, at its meeting held on the 14th day of February, 1983 , by the following vote : AYES : NOES : ABSENT : Mayo , ATTEST: City clerIt