8E Consent 2009 0706 - Laserfiche WebLink

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BAHBA Agreement FY 2009-10 2 July 6, 2009 BAHBA was created in 2000 as a nonprofit joint powers authority whose members include Contra Costa County, Alameda County, and nine cities within the two counties. BAHBA's primary mission is to promote homeownership opportunities for low to moderate-income households in the nine county Bay Area region. BAHBA contracts with the for-profit, First Home, Inc. (FHI), which serves as BAHBA's administrative arm to manage operations and contracts. BAHBA administers the homebuyer assistance programs for cities and jurisdictions including the 9th Congressional District, Hayward, Antioch, Pinole, Alameda, South San Francisco, and Brisbane. In addition, BAHBA is administering the below market rate ownership programs for the cities of 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. BAHBA also has an extensive network of partners and resources to assist low and moderate income homebuyers with educational information about the homebuying process and financial leveraging from private and public resources such as California Housing Finance Agency (Ca1HFA), Federal Home Loan Bank's WISH Program (which provides matching funds for eligible low income homebuyers), Operation Hope (for credit counseling services), and lenders such. as Meriwest Bank, which is a nonprofit credit union. Regarding the First Time Homebuyer Program, there have been 9 low interest downpayment/closing cost assistance loans approved and 2 currently reserved. Therefore, BAHBA exceeded its FY 2008-09 contractual goal of 5 downpayment/closing costs assistance loans. In FY 2008-09, BAHBA administered the sale of one low income for sale unit at the Cherry Glen subdivision and the resale of one (1) existing below market rate unit. BAHBA fell short of its FY 2008-09 contractual goal of placing 5 households in below market rate ownership units under the City's inclusionary housing ordinance due to circumstances beyond its control related primarily to the downturn in the housing sales market and scarcity of available below market rate units in the pipeline. The City and BAHBA co-sponsored two (2) free first time homebuyer seminars in San Leandro, both of which BAHBA conducted at the Marina Community Center: the first occurred in October 2008 and the second in Apri12009. BAHBA awarded 99 certificates of completion to households who attended either of the seminars which exceeded BAHBA's contractual goal of 75 certificates of completion. To date as well, BAHBA has provided free one-on-one homebuyer counseling to 23 households (of which 18 were low to moderate income) who are San Leandro residents and/or employed in the City which is close to its FY 2008-09 contractual goal of 25 households counseled. BAHBA also worked with City staff to conduct the first ever Employer Forum in San Leandro in March 2009. The Employer Forum invited major employers in San Leandro, Alameda and Hayward to learn more about homeownership opportunities for their employees in the current housing market and the local homebuyer programs in each of the three cities. BAHBA also coordinated with City staff to conduct the first Realtor/Lender Workshop in San Leandro to educate local realtors and lenders about how the City homebuyer programs operate and how to market the programs to their clients. The Realtor/Lender Workshop will become an annual event.