8E Consent 2007 0904 - Laserfiche WebLink

Home

BAHBA Agreement 2 September 4, 2007 can feasibly provide. The IOH Program requires developers to use the City Wait List, which currently contains 59 households, to find eligible and qualified buyers. Persons on the Wait List are ranked according to preference categories established under the Inclusionary Housing Ordinance such as City residency and employment by or in the City. City staff has also detelmined that it would be more cost-effective and streamlined to integrate the administration of both the City's homeownership programs: IOH and First Time Homebuyer Programs. Having a centralized and more experienced administrative entity wi]] enable the City to provide more integrated and comprehensive homebuyer services and undertake more effective marketing of its homeownership programs. It wi]] also ensure that eligible households interested in purchasing available below market rate ownership units under the IOH Program have access to and understanding of the financial and educational resources under the FTHB Program. BAHBA was created in 2000 as a joint powers authority whose members include Contra Costa County, Alameda County, and several cities within the two counties. BAHBA's primary mission is to promote homeownership opportunities for very-low to moderate-income households. BAHBA is in contract with First Home, Inc. (FHI), which is a licensed real estate company, to manage and administer its operations and contracts. BAHBA administers the homebuyer assistance programs for cities including Alameda, Antioch, South San Francisco, Brisbane, and Redwood City as well as the Millbrae Redevelopment Agency. In addition, BAHBA is administering the below market rate ownership programs for the cities of Alameda, South San Francisco and Brisbane and has had experience implementing similar programs for Oakland and Berkeley along with the counties of Contra Costa, San Mateo and Alameda. The City has experience working with BARBA. For FY 2006-07, the City entered into a contract with BAHBA to provide free homebuyer counseling services, including credit counseling. In addition to BAHBA's experience in administering public homeownership programs and commitment to helping low and moderate income households achieve homeownership, it also has qualified staff with backgrounds in areas such as housing finance, homebuyer counseling, and public administration. BAHBA already has familiarity with the City's homeownership programs and has the capacity and experience to transition smoothly and quickly into implementing both programs. BAHBA wi]] also advise, as needed, the City on ways to improve the implementation of both programs. Due to the small number of existing contractors who have the capability and experience to administer public homeownership programs and the need for an immediate administrative transition, City staff recommends contracting with BARBA. The proposed contract with BAHBA to administer the FTHB and IOH Programs in FY 2007-08 will not exceed $34,900 and the scope of work shall include: . Conducting homebuyer education seminars . Providing one-on-one homebuyer counseling . Administration of the down payment/closing cost loan program. The loan terms are 3% interest for 20 years with the first five years deferred for eligible low and moderate income first time homebuyers.