Title
Hearing to consider adoption of Resolution 215-2008 authorizing submittal of a Home Investment Partnerships Program Application to the California State Department of Housing and Community Development for a grant in the amount of $800,000 to provide loans to eligible first-time homebuyers; authorize the commitment of Community Development Block Grant Revolving Loan Program funds of up to $10,000 per assisted household; and authorize the Human Services Director to sign the Applicant Certification and Commitment of Responsibility and the Green Building Self-Certification Checklist; and if awarded, to execute the subsequent grant agreement and any amendments thereto that do not affect the dollar amount or the term, contingent upon approval by County Counsel and Risk Management, and other grant-related documents.
FUNDING: Federal grant funds.
Body
BUDGET SUMMARY: |
|
|
Total Estimated Cost |
|
$0.00 |
|
|
|
Funding |
|
|
Budgeted |
$ |
|
New Funding |
$ |
|
Savings |
$ |
|
Other |
$ |
|
Total Funding Available |
$ |
|
Change To Net County Cost |
|
$0.00 |
Fiscal Impact/Change to Net County Cost: No match is required for the Fiscal Year 2008-09 HOME Investment Partnerships Program funding application.
Background:
The County's First-Time Homebuyer Loan Program was established through an application, approved for submittal on February 4, 2003 by Board of Supervisors Resolution #024-2003, to the California State Department of Housing and Community Development (HCD), Community Development Block Grant (CDBG) Program. The $500,000 application was approved and funds were awarded by HCD on May 6, 2003. Subsequent CDBG funding of $725,000 was approved April 5, 2005 by Board Resolution #082-2005 and awarded on July 1, 2005 to allow the County to continue to provide loans to households on the Program's waitlist.
Reason for Recommendation:
The First-Time Homebuyer Loan Program provides funds to income eligible households, earning at or below 80% of the area median income based on household size, to purchase new or existing homes. Loans provided through this Program are deferred payment "silent" second mortgages available for gap financing and closing cost assistance. To date, the First-Time Homebuyer Loan Program has enabled sixteen (16) income qualified families to purchase homes. If the current application is approved, the HOME Investment Partnerships Program (HOME) funds will provide first-time homebuyer loans to approximately ten (10) households currently on the County's waitlist of 215 households in need of assistance to purchase a home. The HOME Program funds will be used to provide gap loans toward the purchase of a home in the unincorporated areas of the County. An additional component of the HOME Program enables new homebuyers to obtain loans of up to $10,000 for minor rehabilitation of a home purchased through the Program. The County's CDBG Revolving Loan fund will be used to provide an additional loan of up to $10,000 to ensure the success of participating first-time homebuyers. The Resolution, Application, Public Hearing Notice, NOFA, Applicant Certification and Commitment of Responsibility and Green Building Self-Certification Checklist are attached and on file with the Board Clerk.
Action to be taken following Board approval:
Board Clerk to provide Human Services, Community Services Division at Spring Street, with four (4) certified resolutions.
Human Services to submit the approved HOME Investment Partnerships Program Application to the California State Department of Housing and Community Development.
Contact: Doug Nowka, 621-6163
Concurrences: N/A