8D Consent 2008 0107 - Laserfiche WebLink

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First-Time Homebuyer Program Appropriation 3 January 7, 2008 On September 19, 2005, the Redevelopment Agency adopted Resolution Number 2005-023RDA approving the following changes to the program: increase 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 no more than twice per fiscal year if needed, work with the Bay Area Homebuyer Agency (BAHBA) to implement the WISH Program, apply to become a local participating lender with the Ca1HFA Affordable Housing Partnership Program, and consider third or lower position behind conventional market and government based loan products. City Council/Redevelopment Agency Committee Review and Action None Applicable General Plan Policy The proposed policy modifications implement the following Housing Element of the General Plan goals and policies: Goal 55: First-Time Homebuyers Opportunities -Provide opportunities for low- and moderate- income San Leandro households to become homeowners. Policy 55.02: Home Ownership For San Leandro Renters -Expand programs which help San Leandro renters purchase homes in the community. These programs should focus on moderate income households (80 - 120% of area wide median income) but should also provide home purchase opportunities for low- and very-low-income households. Permits and/or Variances Granted Not Applicable. Environmental Review Not Applicable. Code ComQliance Review Not Applicable. Board/Commission Findings Not Applicable. Summary Of Public Outreach Efforts Not Applicable Fiscal lmpact The First Time Homebuyer Program will need to increase its FY 07-08 budget by $150,000 from $379,261 and the increase will be funded by appropriating available and unallocated Set Aside fund balance (Fund 965) to Account 965-85-005-8503 under the First Time Homebuyer Program.