Agmt 2018 Bay Area Affordable Homeownership Alliance (BAAHA) #3450

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III. FIRST TIME HOMEBUYER PROGRAM A. HOMEBUYER EDUCATION SEMINARS Consultant will conduct two (2) homebuyer education seminars as well as the marketing and outreach for each seminar. The seminars shall cover the following topics: • Deciding to become a homeowner • The financial and personal responsibilities of home ownership • Credit — the implications for homeownership • Financing and qualifying for a home loan • Personal financial budgeting and planning • Homebuyer financing programs - public and private sector • Choosing a real estate professional and services • Searching for a property • Negotiating the purchase • Property insurance • Escrow and title procedures • Closing the sale • Responsibilities of homeownership (economic - including default management, personal and physical) • Becoming a community member and neighbor Target goal for the homebuyer education seminars: Award certificates of completion to 60 households for completing the FTHB homebuyer education seminars B. HOMEBUYER COUNSELING Consultant duties include conducting free individual personal financial 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 home buying 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 the City's 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. Consulting Services Agreement between City of San Leandro and Last revised July 1, 2018 BAAHA for Homebuyer Program—Exhibit A Page 2 of 3