Title
Chief Administrative Office recommending the Board consider the following:
1) Adopt Resolution 046-2015 approving proposed revisions to the California Home Finance Authority Joint Powers Agreement; and
2) Authorize the Chair to sign the revised Joint Powers Agreement contingent upon review, minor modifications and approval by County Counsel and Risk Management.
Body
Background
The California Home Finance Authority (CHF) is a public entity that was formed as a Joint Powers Authority in 1993. El Dorado County has been a member since inception. Its membership consists of 33 California counties who each appoint one Supervisor from their Board of Supervisors to sit on the CHF Board of Directors. (Note: The CHF was formerly known as the California Rural Home Mortgage Finance Authority [CRHMFA].The name was changed by Resolution in 2003.) The primary purpose of the CHF 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.
The following programs are offered to El Dorado County residents through the CHF.
CHF Down-Payment Assistance Grant Program:
This program provides down payment assistance to low-to-moderate income individuals and families purchasing a home in California as their primary residence. The down payment assistance is in the form of non-repayable grants. Homeowners are not required to be first-time homebuyers.
CHF Residential Energy Retrofit Program:
This program is designed to assist homeowners with making energy efficiency and renewable energy improvements to their homes, through market interest-rate loans.
CHF Mortgage Credit Certificate Program (MCC):
The CHF MCC Program is designed to help make homeownership of new and existing homes more affordable for individuals and families with low-to-moderate incomes by allowing a qualifying homebuyer to claim a tax credit for a portion of the mortgage interest paid annually. An MCC can also help a borrower qualify for the initial mortgage loan itself. The program is only available to eligible first-time homebuyers.
Additional information regarding these programs can be found at www.chfloan.org.
CHF staff and legal counsel have reviewed the JPA and have recommended revisions to bring the Agreement current and to provide administrative clarity. El Dorado County Counsel is reviewing the proposed changes and Board approval would be contingent upon County Counsel approving the revised JPA agreement and associated Resolution.
The Agreement with all proposed revisions in track changes is attached to this item as Attachment D. A clean copy of the proposed revised Agreement is attached as Attachment C. A staff memo prepared by CHF summarizing the proposed changes is attached to this item as Attachment E.
The following are the primary specific revisions to the Agreement (GSFA):
Formal name change to Golden State Finance Authority (GSFA)
Amended and restated dates
Changing the number of members of the Executive Committee from nine (9) to no fewer than nine (9) and no more than eleven (11)
Require that the Chair and Vice Chair of the Authority shall serve on the Executive Committee
Changing the word "such" to "other" in Section 7.h. for clarification
CAO RECOMMENDATION
This action is recommended to allow for the JPA to update administrative language to the agreement as long as it is approved by County Counsel. Since CHF inception, 543 El Dorado County low- to-moderate income families have been assisted in realizing their dreams of home ownership. The programs are administered by CHF and available through approved lenders. There are no County costs.
Fiscal Impact/Change to Net County Cost
There is no fiscal impact or change to Net County Cost with the Joint Powers Agreement.
Clerk of the Board Follow Up Actions
Following approval by County Counsel and Risk Management, obtain the Chair's signature on the Resolution and JPA. Clerk of the Board will return both to the Chief Administrative Office, Economic Development Division, for processing.
Contact
Creighton Avila, 530-621-5153
Concurrences
County Counsel and Risk Management approval pending.