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~~ <br />• • • <br />.. <br />... ~,~,)' Area Hon"~,Ruycr Agenc y <br />PROPOSED BUDGET 2009-10 <br />CITY OF SAN LEANDRO HOMEBUYER ASSISTANCE PROGRAM ADMINISTRATION <br /> Cost Per <br />General Program Development and Advancement Hours Hour tee Totai Cost Category <br />Continued program design and structure review FTHB & IH/BMR 5 $160.00 $800 <br />Document and collateral material design, standardization and production <br />FTHB & IH/BMR -director level 15 $160.00 $2,400 <br />Document and collateral material design, standardization and production <br />FTHB & IH/BMR -staff support 21 $60.00 $1,260 <br />Gross projected costs for one time expenses 54,460 <br />General Program Administration (not to exceed amounts) <br />Ongoing Program administrative 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 monitoring of IH/BMR/FTHB units <br />Homebuyer counseling for IH/BMR and FTHB <br />' Administrative fee for sales IH/BMR transactions -new sales and resales <br />* Underwriting and administrative fees for FTHB Program - 1.5% of fundi ng <br />* Refinance of IH/BMR and/or FTHB loans <br />Gross projected costs for deliverables (annual) <br />BMRs Sales and Resales <br />** Charge billed to and incurred by seller <br />GROSS PROJECTED ADMINISTRATIVE COSTS <br />per qtr $2,500 $10,000 <br />per qtr $1,750 $7,000 <br /> 54,250 517,000 <br /> Tota I <br /> Projected Cost Per <br />Units Per Unit Cost Category <br />2 $2,500 $5,000 <br />1 $750 $750 <br />1 $1,500 $1,500 <br />50 $175 $8,750 <br />25 $125 $3,125 <br />3 $500 $1,500 <br />1.50% $300,000 $4,500 <br />1 $500 $500 <br /> 525,625 <br /> Total <br /> Projected Cost Per <br />Units Per Unit Cost Category <br /> 3.00% of sales price <br />$47,085 <br />* Costs will vary based on the number of units delivered -which is unknown at this time if activity is greater than anticipated the <br />amount under the contract could exceed the budgeted amount <br />** The costs incurred through the resale of IH/BMR units will be paid by the seller; however, certain circumstances (such as a default <br />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 maybe earned by BAHBA and it's Administrative Arm First Home, Inc. through the <br />representation of sales and financing of homeowners who may or may not be utilizing the City's IH/BMR or FTHB <br />Programs. All Program participants are and will be encouraged to utilize their own preferred lender and/or real estate <br />agent and are under no obligation to utilize the real estate sales and financing services offered through First Home, Inc. <br />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 loan and subordinate fee (excluding <br />City loan) will not exceed $1,000. depending on the complexity of the file <br />Buyer and Seller real estate sales representation <br />` All FTHB (non IH/BMR) buyer transactions represented by FHI or its <br />affiliates will be paid and based upon the customary compensation industry <br />standard in the region. Normally paid by the seller and ranging from 2.5% <br />to 3.0% of the purchase price <br />