8D Consent 2011 0705 - Laserfiche WebLink

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BAHBA Agreement FY 2011 -12 2 July 5, 2011 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 Hayward, Antioch, 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 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 10 (ten) low interest down payment/closing cost assistance loans approved in FY2010 -11. The City and BAHBA co- sponsored two (2) free first time homebuyer seminars in San Leandro, one conducted on September 25, 2010 in the Helen Lawrence South Offices Conference Room, the other conducted on April 16, 2011 in the Karp Room at the San Leandro main library. There was a total of forty-eight (48) attendees, and 43 Certificates of Completion were issued. To date as well, BAHBA has provided free one -on -one homebuyer counseling to 25 low to moderate income households, all of whom were San Leandro residents and /or employed in the city. The proposed contract with BAHBA to administer the FTHB and IHBMR Programs in FY 2011 -12 is in the amount of $49,900, which is no change from the current fiscal year. 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 IHBMR Programs on June 6, 2011 with adoption of the City budget. City Council Committee Review and Action N/A Applicable General Plan Policy Housing Element, Goal 55: First Time Homebuyer Opportunities — provide opportunities for low and moderate income San Leandro households to become homeowners.