4A Public Hearing 2014 1006 - Laserfiche WebLink

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WORKING DRAFT FOR HCD REVIEW EVALUATION OF 2010 ELEMENT 2-18 SAN LEANDRO HOUSING ELEMENT Goal 55: First-Time Homebuyer Opportunities Goal 55 promotes opportunities for first-time buyers, especially move-up opportunities for low- and moderate-income San Leandro renters. Historically, this has been an important part of the City’s housing policy. In the boom years of the 1940s and 1950s, San Leandro epitomized the “American Dream” that working families of modest income could become homeowners. This continues to be a relevant goal today, although it has been tempered by much higher home prices and a more urgent need for rental housing. The goal includes two quantified objectives:  First-time homebuyer assistance to an average of 10 homeowners a year from 2009-2014  Two first-time homebuyer seminars between 2009 and 2014 The City fell short of the first objective. In fact, the First Time Homebuyer (FTHB) program was eliminated in 2013 due to the termination of the Redevelopment Agency. The program had assisted 10 households in 2010, two in 2011, and nine in 2012. Prior to the start of the 2009-2014 timeframe but within the 2007-2014 period, the City facilitated the sale of 15 condominiums to low and moderate income first-time buyers at the Willows Townhomes. In addition, the County provided 15 mortgage credit certificates to San Leandro buyers in 2010-2013. The second objective was achieved. The City continued to contract with the Bay Area Homebuyer Agency (BAHBA) to conduct education and counseling, and post-purchase workshops. Through BAHBA, the City has sponsored free first-time homebuyer seminars twice a year. San Leandro residents may also attend seminars in nearby cities at no charge. Goal 55 included five policies, recapped below. Policy 55.1 promoted home ownership and opportunities for first-time buyers. The policy remains relevant and should be carried forward. It is implemented on an ongoing basis through the Housing Division. Policy 55.2 indicates that home ownership programs should focus on households earning 80 to 120 percent of areawide median income, but should include opportunities for low- and very low income households. The policy remains relevant. The City’s Inclusionary Zoning Ordinance is geared toward moderate-income households but includes provisions for low-income households. Ownership programs for very low income households are generally infeasible due to the level of subsidy that would be required. However, there are a limited number of owner-occupied units (for example, Mission Bay Mobile Home Park) that may be affordable to very low income buyers. Policy 55.3 recommends that the City inform first-time homebuyers of financial assistance programs and resources. The policy is implemented on an ongoing basis through the First-Time Homebuyer educational seminars and individual counseling.