HomeMy WebLinkAboutRESOLUTION - 11-94 - 2/8/1994 - AGREEMENT/IL HOUSING DEVELOP. AUTHORITYRESOLUTION NO. 11-94
A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE
CLERK TO EXECUTE AN AGREEMENT BETWEEN THE VILLAGE OF ELK
GROVE VILLAGE AND THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and Du Page, State of
Illinois as follows:
Section 1: That the Village President be and is hereby authorized to
sign the attached documents marked:
MORTGAGE CREDIT CERTIFICATE PROGRAM
PROGRAM ADMINISTRATION AGREEMENT
a copy of which is attached hereto and made a part hereof as if fully set
forth and the Village Clerk is authorized to attest said documents upon the
signature of the Village President.
Section 2: The credit rate is hereby established at 30%.
Section 3: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 8th
APPROVED this 8th
ATTEST:
Patricia S. Smith
Village Clerk
day of February , 1994.
day Of February , 1994.
Dennis J. Gallitano
Village President
MORTGAGE CREDIT CERTIFICATE PROGRAM
PROGRAM ADMINISTRATION AGREEMENT
This Program Administration Agreement ("Agreement") dated as of
February 8, 1994, is made by and between the Illinois Housing
Development Authority ("The Authority") ("Program Administrator") and
The Village of Elk Grove Village ("Issuer").
WITNESSETH
WHEREAS, the Internal Revenue Code of 1986 ("Tax Code") provides
for the issuance of Mortgage Credit Certificates ("MCC's") as a means
of assisting qualified individuals with the acquisition of new and
existing single family housing; and
WHEREAS, the Issuer desires to establish the MCC Program
("Program") with the allocation of its 1993 bond volume cap as defined
in Section 146 of the Tax Code and agrees to issue MCC's in connection
with mortgage loans which meet the requirements of the Tax Code in the
approximate amount of $1,671,450; and
WHEREAS, the Authority wishes to administer the MCC Program for
the Issuer.
NOW THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the Issuer and the Authority agree as
follows:
1. Issuer hereby appoints the Authority as its agent for receipt
and Tax Code compliance review of applications for MCC's under the
Program.
2. The Authority warrants that it is familiar with Section 25 of
the Tax Code and all temporary and permanent regulations applicable
thereto as well as all applicable provisions of State law. The
Authority hereby agrees to be bound by and comply with all applicable
provisions of the Tax Code in effect or that may become effective in
the future.
3. The Authority hereby agrees to assist the Issuer prepare and
file its election to issue MCC's with the Internal Revenue Service, and
its report to the Governor's Office on volume cap allocated and issued.
4. The Authority hereby agrees to assist the Issuer market the
Program to lenders, realtors, homebuilders and the general public.
5. The Authority hereby agrees to provide the Issuer with all
documents for the MCC Program, including Lender Participation
Agreements, Procedural Manuals, Program Forms and Affidavits.
6. The Authority hereby agrees to develop and maintain a first
come, first served MCC reservation system.
7. To the extent MCC authority remains available, the Authority
hereby agrees to review MCC applications for eligibility and Tax Code
compliance, and issue MCC's as Issuer's agent following loan closing.
8. The Authority hereby agrees to maintain records regarding the
issuance of MCC's and prepare for the Issuer quarterly and annual
reports to the Internal Revenue Service on MCC's issued.
9. The Authority hereby agrees to furnish data to participating
lenders and monitor their annual reporting to the Internal Revenue
Service.
10. The Authority hereby agrees that the Issuer has the authority
to examine and inspect all books and records in the Authority's
possession relating to any MCC and the Program.
11. The Authority may charge each borrower an administration fee
in an amount equal to $350.00 or one percent (1%) of the mortgage loan,
whichever is less, due and payable at closing.
12. The Issuer hereby agrees to demand strict performance by
lenders of all provisions of the Lender Participation Agreement, and
further agrees not to waive or modify any provision of the Lender
Participation Agreement without written consent of the Authority.
13. This Agreement shall remain in full force and effect until
terminated. This Agreement shall terminate one year from the date of
this Agreement dated above, or upon issuing all MCC's and filing all
reports to the Internal Revenue Service, whichever occurs the latter.
Village Of Elk Grove Village
Issuer
BY: Dennis J. Gallitano
ITS: PRESIDENT
BY: Patricia S. Smith
ITS: VILLAGE CLERK
The Illinois Housing Development
Authority - Program Administrator
BY:-
ITS:-
BY:-
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