Title
Chief Administrative Office recommending the Board:
1) Adopt and authorize the Chair to sign Resolution 167-2019 approving proposed revisions to the California Home Finance Authority Joint Powers Authority Agreement; and
2) Authorize the Chair to sign the California Home Finance Authority Joint Powers Authority Agreement.
FUNDING: N/A
Body
DISCUSSION / BACKGROUND
Golden State Finance Authority (GSFA) is a California joint powers authority, formerly known as the California Home Finance Authority that was formed as a Joint Powers Authority in 1993. El Dorado County has been a member since inception. The primary purpose of the Authority is to develop and administer programs to provide a source of financing for individuals and families to purchase a home or to make energy efficiency improvements to their existing homes. These include a down payment assistance program, mortgage credit certificate program, and the Property Assessed Clean Energy (PACE) program.
The Agreement with all proposed revisions in track changes is attached to this item as Attachment C. A clean copy of the proposed revised Agreement is attached in Attachment A. A staff memo prepared by CHF summarizing the proposed changes is also attached in Attachment C. The GSFA Joint Powers Agreement (JPA) was last amended in May 2015.
Changes were initiated in order to expressly reference expanded efforts to establish an economic development team to assist member counties in obtaining state and federal funding, facilitate rural infrastructure financing, and initiate a project to promote forest resiliency. On August 14, 2019, the Board of Directors of the Golden State Finance Authority (GSFA) voted unanimously to approve proposed revisions to the JPA Agreement.
As indicated in the memorandum from GSFA (Attachment C), the primary specific revisions to the Agreement are as follows:
- Expressly authorizing GSFA to establish and operate programs and projects to promote public safety, economic d...
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