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8F Consent 2012 0702
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8F Consent 2012 0702
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7/6/2012 2:38:45 PM
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6/26/2012 5:59:51 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
7/2/2012
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_CC Agenda 2012 0702 RG
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0702
Reso 2012-078
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\City Clerk\City Council\Resolutions\2012
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File Number: 12 -335 <br />refinancing that will assist a lower income homeowner to achieve a more affordable <br />first mortgage. During the recent economic downturn, there have been occasional <br />inquiries about cash out refinancing for loan recipients facing potential emergency <br />situations or the need to make home improvements. This case -by -case flexibility may <br />be especially helpful for eligible homeowners with more substantial home repair needs <br />beyond the $5,000 grant now that new rehab loans are no longer available. <br />• Allow Community Development Director the discretion to subordinate the <br />homeowner's existing City rehab loan below second position: This change also <br />applies only to homeowners with existing rehab loans only. While staff will continue to <br />maintain the City's rehab loan at second position when a loan recipient is seeking <br />refinancing and subordination, the Community Development Director should have <br />authority and flexibility to subordinate at a lower position in order to help the <br />homeowner secure the most optimal financing opportunities to help him /her address <br />documented need or hardship reasons. <br />Previous Actions <br />• City Council approved revisions to the Owner - Occupied Housing Rehabilitation Program <br />on September 2, 2003. <br />Committee Review and Actions <br />• City staff presented several of the above recommended program changes to the City <br />Council Business and Housing Development Committee on September 9, 2010. <br />Environmental Review <br />Because the City's Housing Rehabilitation receives federal CDBG funds, staff has <br />completed the required National Environmental Protection Act (N EPA) review for the <br />program to begin operation by July 1, 2012. <br />Fiscal Impacts <br />The proposed changes to the Housing Rehab Program will have no fiscal impact on the <br />FY12 -13 City Budget. <br />ATTACHMENTS <br />Attachment A: 2012 Income Limits for San Leandro <br />PREPARED BY: Tom Liao, Planning and Housing Manager, Community Development <br />Department <br />City of San Leandro Page 3 Printed on 612612012 <br />
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