Title
Chief Administrative Office recommending the Board adopt Resolution 135-2014 to supersede Resolution 133-2012 and authorize the Assistant Chief Administrative Officer, or successor, to determine the appropriate level of the assignment of the California Debt Limit Allocation Committee bond allocation to the California Rural Home Mortgage Finance Authority Homebuyers Fund and to execute all related documents.
FUNDING: California Debt Limit Allocation Committee Single-Family Housing Bond Allocation.
Body
Fiscal Impact/Change to Net County Cost
No change. There are no costs associated with the approval of this Resolution.
Background
Pursuant to the laws of the State of California, the County of El Dorado participates with other counties, cities and local agencies in the California Rural Home Mortgage Finance Authority Homebuyers Fund (CHF). The purpose of CHF is to assist eligible residents of member jurisdictions with programs for financing, acquisition, construction and rehabilitation of single-family homes.
Each year the California Debt Limit Allocation Committee (CDLAC) allocates counties their per capita portion of private activity bonds. A percentage of the annual State debt ceiling is reserved for Single-Family Housing Bond Allocations. Half of the reserve is awarded to the State housing agency (CalHFA) while the remaining is distributed to each county and some cities on a per capita basis and made available through an application process.
In 1995, the El Dorado County Board of Supervisors approved Resolution 287-95 to support CHF and assign the County's CDLAC bond allocation to CHF's homebuyer and home owner programs in El Dorado County. Resolution 133-2012 superseded Resolution 287-95 to authorize the Director of Health and Human Services Agency to determine the appropriate level of the assignment of the CDLAC allocation to CHF, and to execute related document.
Reason for Recommendation
The Housing, Community and Economic Development (H...
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