HomeMy WebLinkAboutAgr 1995-02-02 (Housing Authority of Marin)Cl
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COOPERATIVE AGREEMENT BETWEEN THE TOWN OF TIBURON
and THE HOUSING AUTHORITY OF THE COUNTY OF MARIN
This COOPERATIVE AGREEMENT (the "Agreement") is made and entered into as
of FebruazY 2, 1995 . by and between the Housing Authority of the
County of Marin, a public body, corporate and politic, created under the Housing Authority
Law of the State of California (the "Housing Authority"), and the Town of
Tiburon , a municipal corporation of the State of California (the "Town").
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WHEREAS, the Internal Revenue Code of 1986, as amended, established the
Mortgage Credit Certificate Program (the "MCC Program") as a means of assisting
qualified individuals with the acquisition of new and existing single-family housing; and
WHEREAS, the Housing Authority and the Town have agreed to cooperate in the
establishment and administration of an MCC Program pursuant to Division 31, Part 1,
Chapter 3.5, Article 2 of the California Health and Safety Code Sections 50197.1 et seq
(the "Act") in order to4assist individual home purchasers in the Town to afford both new and
existing homes which qualify under the statutory limits as provided for in said Act; and
WHEREAS, in furtherance of the MCC Program, the Housing Authority has been
authorized by its Board of Commissioners to apply to the California Debt Limit Allocation
Committee ("CDLAC") for an initial mortgage bond allocation in an amount not to exceed
$20,000,000, to be converted to authority to issue Mortgage Credit Certificates in a face
amount not to exceed $5,000,000 (based upon a 4:1 trade-in value of bond allocation); and
WHEREAS, the Housing Authority intends to apply to CDLAC for subsequent
allocations of MCC authority as may be required in the future to extend the life of the
program; and
WHEREAS, the Town and the Housing Authority wish to cooperate with one another
for the purposes of making the MCC Program available within the geographical boundaries
of the Town; and
WHEREAS, pursuant to Section 34209 of the California Health and Safety Code,
the Housing Authority is authorized to operate within the jurisdiction of the Town; and
WHEREAS, the Housing Authority has the capacity both to issue mortgage revenue
bonds and to establish and administer an MCC Program, and the Town desires that the
MCC Program be applicable to the purchase of eligible real property within the Town;
NOW THEREFORE, in consideration of the mutual covenants hereinafter provided,
the parties hereto agree as follows:
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Rev. 1/23/95 _la W N 0 F I TIM1~ rt N Page 1 of 3
SECTION 1. The words and phrases of this Agreement shall, for all purposes
hereof unless otherwise defined herein, have the meanings assigned to such words and
phrases in the Act.
SECTION 2. The Housing Authority shall provide all staff and assume all
responsibility for the effective administration of an MCC Program within the geographical
boundaries of the Town. The Housing Authority shall cooperate with local real estate and
lending institutions which desire to participate in the MCC Program by securing
applications from eligible applicants and submitting them to the Housing Authority for
review and approval. ,
SECTION 3. Nothing in this Agreement shall prevent the Housing Authority from
entering into one or more similar agreements with other local jurisdictions within the
County, as well as with the County of Marin.
SECTION 4. This Agreement may be amended by one or more supplemental
agreements executed by the Housing Authority and the Town at any time, as long as those
amendments comply with State and Federal MCC Program regulations.
SECTION 5. This Agreement may be terminated by either party upon 90 days
written notice delivered to the other party. The term of this Agreement shall extend until
such termination by written notice or until all mortgage credit certificates from the initial
MCC allocation and subsequent allocations from CDLAC are fully retired, or shall terminate
in the event that an initial allocation is not received from CDLAC. Notices shall be
delivered by first class U.S. mail, certified/return receipt, or by express courier service,
addressed as follows:
Housing Authority: Marin Housing Authority
P. O. Box 4282
San Rafael, CA 94913-4282
Attention: Janet Miller Schoder, Executive Director _
Town: Town Manager
Town of Tiburon
1155 Tiburon Boulevard
Tiburon, CA 94920
SECTION 6. The Town agrees to undertake such further proceedings or actions
as may be necessary to carry out the terms and intent of this agreement as expressed in
the recitals hereto. The Housing Authority shall be solely responsible for all costs and
expenses related to the establishment and ongoing administration of the MCC Program,
PROVIDED, HOWEVER, that the Town shall reimburse the Housing Authority for a pro-
rata share of the application fee to CDLAC and the MCC Program set-up fee, the total
aggregate fee not to exceed $3,750. This $3,750 fee shall be divided evenly between all
participating jurisdictions. Thereafter, funds for the ongoing administration of the MCC
Program shall be derived from the application fee paid by individual MCC Program
applicants, and an annual participation fee paid by each participating lending institution.
Rev. 1/23/95 Page 2 of 3
SECTION 7. ' Nothing in this Agreement shall be interpreted to impose a
relationship of partners or joint ventures between the Town and the Housing Authority.
IN WITNESS WHEREOF, the parties hereto have caused this Cooperative
Agreement to be executed and attested by their proper officers thereunder duly authorized,
and their official seals to be hereunto affixed, all as of the day first above written.
HOUSING AUTHORITY OF THE COUNTY OF MARIN (SEAL)
By:
L4&t Miller Schoder
Its: Executive Director
Attest: NA UJ d46~
Maurice M. Wolohan
Its: Manager, Rehabilitation and New Development
TOWN OF TIBURbN (SEAL)
By:
Its: TOWN rVVAcEx
Attest:
Its: T -QV CLERK
Rev. 1/23/95
Page 3 of 3
March 2, 1995
Robert Kleinert, Town Manager
Town of Tiburon
1155 Tiburon Blvd.
Tiburon, CA 94920
RECEIVED
MAR 0 7 1995
TOWN OF TIBURON
PLANNING & BUILDING DEPT.
re: Proposed 1995 Mortgage Credit Certificate Program
Dear Mr. Kleinert::
MAR60t.~N
HOUSING
Making Housing More Affordable
30 N. San Pedro Road
Post Office Box 4282
San Rafael California 94913
Executive Director
Janet Miller Schoder
Deputy Director
Michael D. Kelleher
Enclosed is a fully executed copy of the Cooperative Agreement between the Town of Tiburon
and the Housing Authority of the County of Marin for the proposed 1995 Mortgage Credit
Certificate Program.
We are pleased to report that all of the Cities and Towns, with the exception of Belvedere and
Ross (where real estate prices far exceed the program limits), have agreed to participate in the
program. Thank you for remitting the Town's contribution of $750 toward the application fee to
the California Debt Limit Allocation Committee (CDLAC).
Our MCC Program application will be submitted to CDLAC for consideration at its next
meeting, which is scheduled for April, and we anticipate being able to start the MCC program in
Marin immediately thereafter. We will be preparing a program brochure and making an
announcement once we have approval to commence the program.
Please feel free to call me at 491-2545 if you should require any additional information.
Sincerely,
MAURICE M. WOLOHAN
Manager, Rehabilitation & New Development
cc: Scott Anderson
Housing Authority of
the County of Marin
415/491-2525
(FAX) 415/472-2186
(TDD) 1-800-735-2929