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RESOLUTION NO. J_88_~7___ <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> RIVERSIDE, CALIFORNIA, ADOPTING A MORTGAGE CREDIT <br /> CERTIFICATE PROGRAM IN COOPERATION WITH THE <br /> COUNTY OF RIVERSIDE, AUTHORIZING AN APPLICATION <br /> TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE <br /> IN 1996 FOR AN ALLOCATION FOR THE ISSUANCE OF <br /> MORTGAGE CREDIT CERTIFICATES AND THE TRANSFER OF <br /> SUCH ALLOCATION TO THE COUNTY OF RIVERSIDE <br /> <br /> WHEREAS, there is a shortage in the County of Riverside ("County") and in the <br />City of Riverside ("City") of decent housing for persons in the low and moderate end of <br />the purchasing spectrum and a need to increase the housing supply to first-time home <br />buyers in the County and in the City for such persons; and <br /> <br /> WHEREAS, the Board of Supervisors of the County adopted Resolution 87-564 <br />on December 22, 1987 establishing a Mortgage Credit Certificate Program pursuant <br />to Section 51907 et. seq. of the Health and Safety Code of the State of California (the <br />"Act") and Section 25 of the Internal Revenue Code (the "Code") to issue mortgage <br />credit certificates to qualified first time home buyers by allowing them to take a tax <br />credit equal to 20 percent of the mortgage interest paid in a given year (the <br />"Program"); and <br /> <br /> WHEREAS, the City has found and determined that it is in the best interest of <br />the City of participate in the Program and to consent to the operation of the Program <br />by the County within the geographic boundaries of the City pursuant to the Act; and <br /> <br /> WHEREAS, the City has entered into a Cooperative Agreement with the <br />County to permit the operation of the Program in the City; and <br /> <br /> WHEREAS, Section 146 of the Internal Revenue Code of 1986 limits the <br />amount of qualified mortgage bonds that may be issued in any calendar year by entities <br />within a State and authorized the Governor or the Legislature of such State to provide <br />the method of allocation within the State; and <br /> <br /> WHEREAS, Chapter 3.5 of Part 1 of Division 31 of the California Health and <br /> Safety Code (commencing with Section 50171) governs the allocation of the State <br /> <br /> <br />