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RESOLUTION AUTHORIZING CHANGES TO COOPERATIVE AGREEMENTS WITH PARTICIPATING CITIES January 9, 2001 Page 2 of 2 The County has been issuing mortgage revenue bonds under its Single Family Home Mortgage Revenue Bond (SFMRB) Program since 1980. All incorporated cities within the boundaries of the County have participated with the county in its SFMRB Program since it was implemented in 1980. The Cooperative Agreements allow for the assignment of the cities' allocations to the County. All of the cities have executed successor cooperative agreements and/or extensions to existing cooperative agreements on an annual basis. In 1995, the County's cities listed above entered into updated Cooperative Agreements that may be recommitted to as necessary. During the past year, the County has implemented two additional homeownership programs, which are now available countywide based on the terms of the existing extended Cooperative Agreements that were first executed in 1995. These new programs include a Lease Purchase Program administered by the California Cities Home Ownership Authority (CCHOA) and the Extra Credit Teacher Home Purchase Program, which is a variation of the SFMRB program. Under the existing Cooperative Agreement, all cities within the County may participate in the SFMRB, Teacher Program and CCHOA Lease -Purchase Program. The changes to the Cooperative Agreement authorized in the resolution will: 1) allow the individual Cooperative Agreements to be renewed automatically each year upon written notification to the cities by the Director of ECD; 2) add clarification that the Cooperative Agreement will automatically apply to any additional homeownership programs to be developed by the County, if not otherwise restricted by applicable federal or state program regulations; and 3) will require the County to advise the cooperating cities of any new programs that may be offered countywide under the Cooperative Agreement. REVIEW BY OTHERS: This item has been reviewed and approved by Deputy County Counsel Michelle Blakemore on December 20, 2000 and the County Administrative Office (Dave Gibson, Administrative Analyst). FINANCIAL DATA: This action has no impact on the County General Fund or any other funds administered by the Department of Economic and Community Development. SUPERVISORIAL DISTRICT(S): All. PRESENTER: Thomas R. Laurin, Director, 388-0808. JANUARY 9, 2001 ITEM 009