RDA Reso 2005-023 - Laserfiche WebLink

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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2005-023 RDA (1485/2961) RESOLUTION TO APPROVE AMENDMENTS TO THE FIRST-TIME HOMEBUYER PROGRAM WHEREAS, there is a shortage of housing units available to low- and moderate-income persons in the City of San Leandro. WHEREAS, the Redevelopment Agency of the City of San Leandro wishes to promote home ownership opportunities among low- and moderate-income persons. WHEREAS, the Agency adopted a First-Time Homebuyer Program on October 16, 1995, Resolution 95-26, which allows low- and moderate-income families and persons to qualify to buy a home in San Leandro. WHEREAS, the Agency adopted modifications to the Program on September 3, 1996, Resolution 96-31, which increased the maximum eligible income for first-time homebuyers' assistance from 110% of the County median income to 120% of the County median income as provided for in State Redevelopment law. WHEREAS, the Agency again modified the Program on June 16, 1997, Resolution 97-13, which reduced the level of program assistance to 4% of the purchase price, allowed collection of an annual participation fee from program lenders, shortened the loan repayment term from 30 to 20 years, required compliance with the Community Standards Ordinance and allowed all loan repayment income to be added to the Program budget. WHEREAS, the Agency once again modified the Program on January 21,2003, Resolution 2003-002RDA, which increased the loan amount from $10,000 to $20,000, eliminated the requirement that limited the maximum loan amount to 4% of the purchase price, reduced the loan interest rate from 5% to 3% and allowed option of repayment ofloan amount and accumulated interest to be deferred until sale or transfer of property for homebuyers whose income is 80% or less than the area median, if property is refinanced to take cash out or converted to rental property. NOW, THEREFORE, the Redevelopment Agency of the City of San Leandro does RESOLVE as follows: That the Redevelopment Agency of the City of San Leandro hereby modifies the First-Time Homebuyer Program to increase the maximum loan amount from $20,000 to $30,000, allow staff to adjust the existing 3% interest rate to a minimum of 2% below the most current average 30-year fixed rate mortgage, work with the Bay Area Homebuyer Agency to implement the WISH Program, apply to become a local participating lender with CalHF A Affordable Housing Partnership Program and consider third or lower position behind conventional market and government based loan products.