HomeMy WebLinkAboutContracts & Agreements_70-1998_CCv0001.pdf -• • • •••l•l• 1 vr- GVVIVVIViI(r
SND COMMUNITY DEVELOPMENT COUNTY OF SAN BERNARDINC
PUBLIC SERVICES GROUP
290 North"D"Street,Sixth Floor • San Bernardino CA 92415-0040
(909)38"M THOMAS R.LAURIN
Fax(909)3884" Director
October 29, 1998
Paula Rae Espinoza, CDBG Administrator 'FTVT;,�
City of Redlands N O V "% - 'c a�
P.O. Box 3005
Redlands, CA 92373-1505 BY:
Dea . Espinoza:
The County of San Bernardino Economic and Community Development Department (ECD) is
pleased to inform you that on November 10, 1998, the Board of Supervisors will consider ECD's
request to submit an application to the California Debt Limit Allocation Committee (CDLAC)
for a $50,000,000 Single Family Mortgage Revenue Bond (SFMRB) allocation, on behalf of the
County's unincorporated areas and Participating Cities. The request will be addressed at
CDLAC's February meeting, the first funding cycle of the year 1999.
The State's allocation process allows the County to request an allocation representing the
County's unincorporated areas as well as the incorporated cities, totaling approximately
$50,000,000. Should your City submit an application separately, your maximum allocation
would be approximately $1,145,597.00. The Cooperative Agreement No. 95-46, and Resolution
No. 95-09, executed in 1995, may remain in effect for the 1999 Single Family Bond Program.
However, in anticipation of the Board of Supervisors' approval of the resolution and in order to
certify to the Clerk of the Board of Supervisors that this Cooperative Agreement is still effective,
please indicate your approval by signing below and returning this letter via fax, as follows:
Julie Rynerson Hemphill
Economic and Community Development Department
Housing Development, Finance and Preservation Division
290 North "D" Street, Sixth Floor
San Bernardino, CA 92415-0040
(909) 388-0900
Fax (909) 388-0920
Also, it would be appreciated if you would mail back five copies of the signature page, each with
an original signature in blue ink. An original for your files will be returned to you.
Espinoza
October 29, 1998
Page 2
Based upon our success of the prior issues we are anxious to move forward with the 1999
financing. The combined 1995 and 1996 pooled SFMR13 Issue with the California Rural Home
Mortgage Finance Authority (CRHMFA), has funded approximately $18,000,000 in mortgages
throughout the County. For your information, regarding the 1998 allocation, there was more
demand than available allocation and the County was approved for only $9,840,861 from
CDLAC on January 28, 1998. Due to limited opportunities to pool this issue with other issuers, a
structure was approved that involved the issuance of the 1998 Bonds, the temporary investment
of those proceeds, and the remarketing of the Bonds after one year. This will provide an
opportunity to increase the amount by combining the 1998 allocation with the anticipated 1999
allocation. It also provided the County with an opportunity to successfully remarket the 1997
Bonds and reduce their rate, previously at 7.29%. to a more attractive interest rate of 639%and
thereby facilitate the use of the 1997 Bond proceeds, the lowest available rate to home
purchasers in the County. New brochures for the First Time Homebuyers Program indicating the
lower 639%interest rate, are available upon request.
Your expeditious response. no later than Friday, November 20, 1998, is requested so that ECD
may package the application and submit it prior to the stated deadline of December 15, 1998.
Thank you for supporting ECD's efforts to make the American dream of affordable
homeownership a reality for our County's homebuyers,
Sincerely,
ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT
THOMAS R. LAURIN, Director
/LIE RYNERSON HEMPHILL, Deputy Director
Housing Development, Finance and Preservation Division
cc: Gary Luebbers
Jeffrey E. Shaw
CITY OF REDLANDS, CALIFORNIA
APPROVED BY: ATTEST,
William E. Cunning
,ghani
Print Name Lo Poy Clerk
Mavor
Title\,,
Date: 'November 17, 1998
Signature
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