8J Consent 2010 0621 - Laserfiche WebLink

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BAHBA Agreement FY 2010-11 2 June 21, 2010 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 12 low interest down payment/closing cost assistance loans approved and two currently reserved. 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 September 2009 and the second in March 2010. BAHBA awarded 135 certificates of completion to households who attended either of the seminars. To date as well, BAHBA has provided free one-on-one homebuyer counseling to 23 low to moderate income households, all of whom were San Leandro residents and/or employed in the city. On June 28, BAHBA will be conducting an annual post-purchase workshop in San Leandro for existing homeowners and/or loan recipients under the City's FTHB and IH/BMR Programs. The intent of the post-purchase workshops is to educate these homeowners about the resale and other affordability requirements under both programs and how to become stable homeowners. The proposed contract with BAHBA to administer the FTHB and IH/BMR Programs in FY 2010- 11 is in the amount of $49,900, which is slightly higher than the amount in FY 2009-10 due to increased BAHBA staff time projected for compliance monitoring and processing increased refinancing activities. Current Redevelopment Agency Policy N/A Previous Redevelopment Agency Actions The City Council/Redevelopment Agency approved funds from the Housing Set Aside Fund for the administration of the FTHB and IH/BMR Programs on June 7, 2010 with adoption of the City budget.