REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
August 20, 2019
FROM
GARY HALLEN, Director, Community Development and Housing
SUBJECT
Title
Assignment of County's Tax-Exempt Allocation for Single Family Bond Financing for the Mortgage Credit Certificate Program
End
RECOMMENDATION(S)
Recommendation
1. Approve assignment of the County of San Bernardino's Fair Share Tax-Exempt Allocation -estimated to be $14,400,000 - to the Golden State Financing Authority to administer the Mortgage Credit Certificate Program.
2. Authorize the Chief Executive Officer or Director of Community Development and Housing Department, upon consultation with County Counsel, to provide any necessary documents or certificates pertaining to the assignment of the County of San Bernardino's Fair Share Tax-Exempt Allocation to Golden State Financing Authority.
(Presenter: Gary Hallen, Director, 387-4411)
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COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Promote the Countywide Vision.
Improve County Government Operations.
Operate in a Fiscally-Responsible and Business-Like Manner.
Pursue County Goals and Objectives by Working with Other Agencies.
FINANCIAL IMPACT
This item will not result in the use of Discretionary General Funding (Net County Cost). The activities associated with a Mortgage Credit Certificate (MCC) Program, as funded through the County's Fair Share Tax-Exempt Allocation, will be borne by Golden State Financing Authority (GSFA). No programmatic costs will be borne by the County. The Community Development and Housing Department will receive $100 in revenue for each MCC application processed by GSFA during the two year allocation period. This program is estimated to generate approximately $4,000 in revenue (40 loans).
BACKGROUND INFORMATION
The assignment of the County's Fair Share Tax-Exempt Allocation will allow GSFA to issue MCCs to assist first-time homebuyers to purchase homes in th...
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