Reso 2002-126 to 130 - Laserfiche WebLink

Home

Consolidated Plan Annual Performance Report — FY 2001-2002 City of San Leandro Page 5 Priority: Assist low- and moderate -income first-time homebuyers. Resources Used: 0 The City applied Redevelopment Housing Set -Aside funds and private resources to further this priority. Activities Undertaken: First -Time Homebuyer Program C) The First -Time Homebuyer Program provided low -interest, deferred -payment loans to qualified low-, moderate-, and middle -income homebuyers. The program provides down payment assistance loans equal to 4% of the purchase price or $10,000. During the last year the Agency funded 16 second mortgages to first-time homebuyers. The City sponsored and facilitated three homebuyer seminars for prospective income - eligible first-time homebuyers. In addition to the consumer credit and home buying education, participants received information on additional programs available through private lenders and other agencies. Fifty people completed the two-part seminar and received certificates of completion. Mortgaize Credit Certificate Program (MCC) 0 The City continued support of the MCC program, administered by the County. During the last year, four MCC certificates were made available to San Leandro residents to finance mortgages for a total of $873,228. Inclusionary Housing Program 0 During the past year, 10 of the Cherrywood units were completed and sold to eligible first-time homebuyers. The City initiated negotiations for two additional inclusionary units in a planned housing development on Halcyon Blvd. The Inclusionary Housing unit total increased to forty-eight throughout three developments - ten at Ryland Medallion, 36 at Cherrywood, and 2 at Halcyon. Inclusionary Housing Wait List and Interest List n The City maintained and updated the wait list and interest list for approximately 300 prospective first-time homebuyers who responded to outreach efforts to publicize the Redevelopment Agency's inclusionary housing program. Geographic Distribution and Location of Expenditures: The MCC program is offered Citywide; the Inclusionary Housing Program is implemented in the Redevelopment Project Areas. Leverage of Non -Federal Resources: Redevelopment Housing Set -Aside and private lender mortgages.