8E Consent 2012 0702 - Laserfiche WebLink

Home

File Number: 12 -316 cities and jurisdictions including Hayward, Antioch, Alameda, South San Francisco, and Brisbane. BAHBA also has an extensive network of partners and resources to assist low- and moderate - income homebuyers with educational information about the home buying process and financial leveraging from private and public resources such as California Housing Finance Agency (CaIHFA), Operation Hope (for credit counseling services), and lenders such as Meriwest Bank, which is a nonprofit credit union. With the State discontinuing new redevelopment funding commitments (including ongoing local housing programs) as of June 2011 and the formal elimination of redevelopment by the State in early 2012, the City Homebuyer Programs have been non - operational since July 1, 2011. Therefore, the proposed contract with BAHBA to administer the FTHB and IH /BMR Programs in FY 2011 -12 is $33,065; the funding source is General Fund because of the termination of tax increment revenue under redevelopment. Tax increment revenue funded these programs. The key programmatic change resulting from the elimination of redevelopment is the termination of the down payment assistance loan component of the City's First Time Homebuyer Program for eligible first time homebuyers. The $33,065 will enable BAHBA to continue administering the other regular aspects of the City's homebuyer programs such as two free annual homebuyer educational seminars, one -on -one counseling, one post - purchase workshop, and refinancing for existing holders of City down payment assistance loans, and sale /re- sale /refinancing of existing IH /BMR units. Previous Actions The City Council approved $35,000 in General Fund for the administration of the FTHB and IH /BMR Programs on June 4, 2012 with adoption of the City FY 2012 -13 Budget. Applicable General Plan Policies Housing Element, Goal 55: First Time Homebuyer Opportunities - provide opportunities for low- and moderate - income San Leandro households to become homeowners. Fiscal Impacts The City Homebuyer Programs under this contract will cost $33,065 and will be funded by FY 2012 -13 General Fund revenue (see Account No. 010 -41- 004 - 8503). Budget Authority The adopted FY 2012 -13 City of San Leandro Budget provides $35,000 in the General Fund for Homebuyer Program administrative costs under Account No. 010 -41- 004 -8503. PREPARED BY: Tom Liao, Planning and Housing Manager, Community Development Department City of San Leandro Page 2 Printed on 612612012