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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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EXHIBIT B <br />COMPENSATION SCHEDULE <br />Consultant shall bill Agency on a quarterly basis for services rendered on billing rates based on <br />actual hours or unit costs applied towards services as described below: <br />General Pro gram DevelopmentandAdvancemenf <br />Continued program design and structure review FTHB & IHOP <br />Document and collateral material design, standardization and production FTHB <br />& IH O P -director level <br />Document and collateral material design, standardization and production FTHB <br />8 IHOP -staff support <br />Gross projected costs for one time expenses <br />General Pro gram Administration (motto exceed amounts) <br />Ongoing Program adm inistratnre activities and support <br />Ongoing professional community/sector support and activities <br />Gross projected costs for program administration (annual) <br />Deliverables (cost will vary based on units delivered) <br />Seminars <br />Workshops professional sector <br />Post purchase workshop <br />Annual monioring of IHOP/FTHB units <br />Homebuyer counseling for IHOP and FTH B <br />' Administrative fee for sales IHOP transactions -new sales and resales <br />' Underwriting and administrative fees for FTHB Program - 1.5% of funding <br />Refinance of IHOP and/or FTHB loans <br />Gross projected costs for deliverables (annuaq <br />IHOP Sales and Resales <br />`* Charge billed to and incurred by seller <br />GROSS PROJECTED ADMINISTRATIVE COSTS <br />cost Per <br />Hours Hour ree Totai Cost Category <br />15 $160.00 $2,400 <br />25 $160.00 $4,000 <br />40 $60.00 $2,400 <br /> 8.800 <br />per qtr $2,500 $10,000 <br />per qtr $1,750 $7,000 <br /> s»ooo <br /> Total <br /> Projected Cost Per <br />Units Per Unit Cost Category <br />2 $1,500 $3,000 <br />1 $750 $750 <br />1 $1,500 $1,500 <br />47 $150 $7,050 <br />25 $100 $2,500 <br />3 $500 $1,500 <br />1.50% $150,000 $2,250 <br />1 $500 $500 <br /> 5 <br />Total <br />Projected Cost Per <br />Units Per Unit Cost Category <br />3.00% of safes price <br />;44,8 ~ V <br />' Costs will vary based on the number of units delivered -which is unknown at this time if activity is greater than anticipated <br />the amount under the contract could exceed the budgeted amount <br />The costs incurred through the resale of IHOP units will be pad by the seller; however, certain circumstances (such as a <br />defeut on the unit) may require that the City to be responsible for paying fees associated with the sale of the unit <br />Non-City Potential Fees <br />The fees depicted below may be earned by BAHBA and It's administraffve arm First Home, Inc. through the <br />representaffon of sales and flnancing of homeowners who may or may not be utilising the Clfy's IHOP or FTHB <br />Programs. All Program participants are and wfllbe encouraged to utilize their own preferred lender and/or real <br />estate agentand are under no obligation to utilize the rea/estate sales and flnancing servIces offered through FJrst <br />Home, Inc. and its affiliates. <br />Financing related fees <br />' Points charged for loans range from 0.75% to 1.5% <br />First and subordinate loan (excluding FTHB loan) processing fee will not <br />exceed $500 depending on the complexity of the transaction <br />File administrative fees for the first ban and subordinate fee (excluding City <br />loan)will not exceed $1,000. depending on the complexityof the file <br />Buyer and Seller real estate sales representation <br />' All FTHB (non IHOP) buyer transactions represented by FH I or its affiliates <br />wil be paid and based upon the customary compensation industry standard <br />in the region. Norm ally paid by the seilerand ranging from 2.5% to 3.0% of <br />the purchase price <br />Consulting Services Agreement between the Redevelopment Agency of [July 7, 2008) <br />City of San Leandro and Bay Area Homebuyer Agency Page 19 of 20 <br />
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