MCC ALLOCATION - Laserfiche WebLink

10. 11. City agrees that any unused allocation remaining when this Agreement ends, will be reverted back to their original source. City agrees that the allocation will be used for approximately thirteen eligible households applying for the new affordable homes on the Bernal property (in the Walnut Hills, Canyon Oaks, and Carlton Oaks subdivisions). City agrees to use only MCC participating lenders who have gone through training for the Alameda County Mortgage Credit Certificate Program for these projects. City agrees that County will administer the Mortgage Credit Certificate Program and issue Certificates for qualified borrowers under this program for the standard processing fee of $500 per application and that the City and participating lenders it utilizes for these projects will comply with all MCC regulations. City agrees to repay the County Advanced Allocation out of 100% of its future MCC allocations until the County Advanced Allocation has been repaid to the County in its entirety. City agrees to continue to pay the annual cost for participation in the Alameda County Mortgage Credit Certificate Program during the years that it doesn't receive an allocation due to the repayment agreement. If Alameda County fails to receive future MCC allocations before it has been fully repaid by the City and the City receives a separate MCC allocation, the City will repay the County Advanced Allocation to the County out of its separate MCC allocation the County Advanced Allocation has been repaid in its entirety. COUNTY OF ALAMEDA Approved as to form: Richard E. Winnie By:C°unty Counsel~ ~- ~-~ ~/'~2~ ~ Lo~e-~zo~.' Cha~nblis ~'- Deputy County Counsel By: Linda M. Gardner Housing Director CITY OF PLEASANTON Approved as to form: Michael Roush City Attorney Deborah Acosta McKeehan City Manager G:~rlCD~vlCC\dme pleasanton advance agreement, doc