Agmt 2016 Bay Area Home Buyer Agency 3055

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B. HOMEBUYER COUNSELING Consultant duties include conducting free individual counseling with households meeting the following eligibility criteria and providing further assistance to households who have completed a FTHB educational seminar. Counseling curriculum shall include: 1) preliminary personal financial resource analysis; 2) setting up a purchase plan and 3) focused education on the homebuying process. • Must be first time homebuyers (participants may not have owned a residential property for at least the past three years) • Must have incomes at or below 120% of Area Median Income (AMI) • Must have steady employment and/or income • Must have credit scores that are above 620 or its equivalent. All individuals/households with lesser scores will be immediately referred over to the nonprofit Operation Hope for credit and debt management. • Must not be overextended with their credit. All individuals/households with overextended credit will be immediately referred over to Operation Hope for credit and debt management counseling. Target goal for Homebuyer Counseling: Provide individual counseling for 25 eligible households IV. INCLUSIONARY HOUSING/BMR OWNERSHIP PROGRAM Consultant duties include monitoring of existing inclusionary housing/below market rate ownership units, assisting homeowners with the resale of existing below market units, maintenance of the City wait list for new inclusionary ownership units, marketing of new inclusionary ownership units for sale, and placement of households on the City wait list into new inclusionary ownership units. Target goal for the Inclusionary Housing/Below Market Rate Ownership Program: Place 2 households, preferably from the City wait list, into new or existing inclusionary housing units V. POST PURCHASE WORKSHOPS AND COUNSELING Consultant will conduct one (1) Post Purchase Workshop and follow-up homeowner counseling as needed. The Post Purchase Workshop and Counseling shall complement the FTHB and Inclusionary Housing Programs by assisting participants become better homeowners. Consultant shall administer one workshop based on the following: • Workshop participants must either currently own unit under IH/BMR or have an outstanding loan with the FTHB Loan Program. • Workshop (s) topics/curriculum shall include: financial issues and responsibilities of ownership, financial planning and savings during ownership, home maintenance and improvement, home equity, understanding and avoiding predatory lending activity and understanding San Leandro FTHB and Inclusionary Zoning loan and resale agreements. • Individual household counseling services shall be offered to workshop participants covering their specific credit and debt management needs and other homeownership issues. VI. REPORTING In addition to reporting on the progress of meeting the target goals listed above, Consultant shall submit reports every quarter with each quarterly reimbursement request to the City and shall include the following information: A. FIRST TIME HOMEBUYER PROGRAM • Income levels for households (e.g., moderate, low, very low, extremely low) Consulting Services Agreement between City of San Leandro and Last revised July 1, 2016 BAHBA for Homebuyer Program --Exhibit A Page 2 of 3