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90-100 ESTABLISHING A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM
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90-100 ESTABLISHING A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM
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Last modified
8/23/2016 11:21:15 AM
Creation date
8/23/2016 11:21:14 AM
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Resolution/Ordinance
Res Ord Num
90-100
Res Ord Title
ESTABLISHING A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM PURSUANT TO THE AUTHORITY OF SECTION 25 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED...
Approved Date
9/4/1990
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NOW, THEREFORE, Be It Ordained by the City Council of <br /> the City of Decatur, Macon County, Illinois, as follows: <br /> Section l . Home Rule Authority. The Municipality is a <br /> home rule unit under the provisions of the 1970 Cons�itution of <br /> Illinois, and as a home rule unit may, under the powers granted <br /> by Section 6 (a) of Article VII thereof, "exercise any power and <br /> perform any function pertaining to its government and affairs, " <br /> and this Ordinance is adopted pursuant to the Municipality' s home <br /> rule powers, any provisions contained in any other Municipal <br /> ordinance or resolution or in Illinois law to the contrary �, <br /> notwithstanding. , <br /> Section 2. Declaration of Public Purpose. It is here- I <br /> by found, determined and declared that the purpose of this Ordi- <br /> r.ance is to take steps designed to reduce the cost of financing <br /> for both the acquisition of principal residence housing located <br /> in the Municipality and the rehabilitation and improvement of <br /> principal residence housing located in the Municipality in order <br /> to provide decent, safe and sanitary housing for qualifying per- <br /> sons of moderate income. It is further hereby found, determined <br /> and declared that such principal residence ownership, rehabilita- <br /> tion and improvement will provide for and promote the public <br /> health, safety, morals and welfare, maintain and foster the <br /> increase of industrial and commercial activity and pconomic <br /> development, and preserve and increase the ad valorem tax base of <br /> the Municipality and its environs. The foregoing are hereby <br /> -3- <br />
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