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 t...
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