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RDA Agmt 2008 Bay Area Homebuyer Agency
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RDA Agmt 2008 Bay Area Homebuyer Agency
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Last modified
2/24/2009 5:45:53 PM
Creation date
7/14/2008 3:30:43 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
7/7/2008
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RDA Agmt 2009 Bay Area Homebuyer Agency
(Amended by)
Path:
\City Clerk\City Council\Agreements\2009
RDA Reso 2008-018
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2008
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• Negotiating the purchase <br />• Property insurance <br />• Escrow and title procedures <br />• Closing the sale <br />• Responsibilities of homeownership (economic -including default <br />management, personal and physical) <br />• Becoming a community member and neighbor <br />Target goal for the homebuyer education seminars: Award certificates of <br />completion to 75 households for completing the City's homebuyer education <br />seminars <br />C. REAL ESTATE PROFESSIONALS WORKSHOPS <br />Consultant will conduct one (1) workshop targeting local realtors and lenders to educate <br />them about the City's FTHB and Inclusionary Ownership Housing Program and seek <br />their assistance in promoting these City programs. <br />D. HOMEBUYER COUNSELING <br />Consultant duties include conducting free individual counseling with households meeting <br />the following eligibility criteria and providing further assistance to households who have <br />completed a City FTHB educational seminar. Counseling curriculum shall include: 1) <br />preliminary personal financial resource analysis; 2) setting up a purchase plan and 3) <br />focused education on the homebuying process. Counseling sessions shall also involve <br />promotion and implementation of the WISH Program for eligible households. The WISH <br />Program provides qualified low-income first time homebuyers with matching forgivable <br />loans from one of several participating member banks and will match up to $3 for every <br />dollar (to a maximum of $15,000) contributed by the homeowner toward the purchase of <br />the home. <br />• Must be first time homebuyers (participants may not have owned a <br />residential property for at least the past three years) <br />• Must live or work in the City of San Leandro <br />• Must have incomes at or below 120% ofArea Median Income (AMI) <br />• Must have steady employment and/or income <br />• Must have credit scores that are above 620 or its equivalent. All <br />individuals/households with lesser scores will be immediately referred over <br />to the nonprofit Operation Hope for credit and debt management. <br />• Must not be overextended with their credit. All individualslhouseholds will be <br />classified as overextended if their debt is in excess of 20% of their monthly <br />income. All individuals/households with overextended credit will be <br />immediately referred over to Operation Hope for credit and debt <br />management counseling. <br />Target goal for Homebuyer Counseling: Provide individual counseling for 25 eligible <br />households <br />Consulting Services Agreement between the Redevelopment Agency of [July 7, 2008] <br />City of San Leandro and Bay Area Homebuyer Agency Page 16 of 20 <br />
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