HomeMy WebLinkAboutMINUTES - 07201999 - C186 Contra
TO: BOARD OF SUPERVISORS Costa
FROM: CARLOS BALTODANO, DIRECTOR County
BUILDING INSPECTION DEPARTMENT
DATE: JUNE 17, '1999
SUBJECT: LOAN PARTICIPATION AGREEMENT BETWEEN THE COUNTY AND WASHINGTON
MUTUAL BANK FOR THE HOUSING REHABILITATION LOAN PROGRAM
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECQMLE-NDATIQN
Approve Loan Participation Agreement between the County and
Washington Mutual Bank, a Federal Savings Bank, and au4-'-'--Lorize the
C'-air to execute said Agreement for housing rehabilitation
financial services .
BACXGR
Contra Costa County has implemented a housing rehabilitation
program and seeks the financial participation and servicing
capabilities of Washington Mutual- Bank.
Contra Costa County has previously executed loan participation
agreements with Washington Mutual Bank for said participation and
services .
FISCAL IMPACT
This agreement involves no general fund monies .
CONTINUED ON ATTACHMENT YES SIGNATURE
RECOMMEMIDATION OF COUNTY ADMINISTRATOR
RECOMMENDATION Olt BOARD COM14ITTEE
APPROVE OTHER
SIGNATURE(S) -
morn".
ACTION OF BOARD ON 771:77, VJV2� APPROVED AS RECOMMENDED = OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS {ABSENT -i-�'� ) AND CORRECT COPY OF AN ACTION TAKEN
AYES : NOES: AND ENTERED ON THE MINUTES OF THE
ABSENT: ABSTAIN: BOARD OF SUPERVISORS ON THE DATE
SHOWN.
ATTESTED
cc : Building inspection Department PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
BY DEPUTY
LOANPARTICTP.Ci T-.i3ON AGREEMENT
.
THIS AGREEMENT between Washington Mutual Bank, ( IWMII) and th-e
County of Contra Costa ( ''County" ) is entered into with respect to
the following facts :
RECITALS
A. County has adopted a Community Development Housing
Rehabilitation Program as a component of its Neighborhood
Preservation Program, to implement residential rehabilitation
through financial assistance as authorized by Sect-ion 105, Title I
of the ®lousing and Community Development Act of 1974 , as amended,
as is more specifically set forth in Exhibit A attached hereto and
incorporated herein by this reference ("the program") . The program
sets forth in Table form certain income limits by household size
for rehabilitation financial assistance. These income -requirements
are adjusted from time to time, and County proposes to amend its
income requirements to reflect these changes . The parties agree
that County may h-erea-fter change its income requirements as set
forth - r. exh-Lb--- -- A to reflect such changes by HJD and make such
other minor changes in the program as are necessary to conform to
current =D and County requirements without the necessity of formal
amendment to this Agreement .
B. County proposes to implement the program by making
-i o
sousing re'-h-abil- itati n -loans, both at bellow-market interest and
!?zero" Lnterest .
C. WM is prepared to assist County in achieving the
objectives of the program by participating with County in the
proposed loan program.
GW and 'Cou.nty have entered into previous loan participation
agreements . The previous agreements govern loans made by County
with funds made available through the program implemented pursuant
to those agreements .
To that end, the parties agree as follows :
It Rarticipation
WM agrees to assist County in implementing the program by
entering ng into a loan participation program under the following
terms and conditions :
a. WM will initially originate loans which qualify
under the program to eligible applicants as certified by County who
are in the opinion of WM acceptable credit risks for the proposed
loans .
b. County will agree in advance, at the time each
loan package is submitted as outlined below, to purchase from WM
upon recording, without recourse, a participation interest in the
proposed loan, the percentage of which (to the total loan) being
determined by a formula taking into account the fact that County
will receive no interest on its funds advanced to purchase the
participating interest and that WM will receive a yield of the
interest rate for the current market, which for this Agreement
L�
shall be the agreed upon yield for current fiscal year on its net
funds advanced on each 'Loan funded from July 1, 1-997 through June
30, 2000 . The formula for calculating the respective participation
interest is designed to result in an interest cost to each borrower
as predetermined by County. Without limitation on the generality
of the --Foregoing, the following are examples illustrating this
formula using the current yield:
4 County predetermines to require an interest cost of
5% to the proposed borrower for a loan of $8 , 000 . 00 for a term of
15 years . County would purchase a 43 .26% participation ($3 , 460 . 80)
on which there would be no interest return. WMIs yield of 8 . 75% on
its retained participation ($4 , 539 .20) would result in the desired
interest cost to the borrower of 5% on the entire loan.
ii . County predetermines to require an interest rate of
3% to the pro-posed borrower for a loan of $3 , 000 . 00 for a term of
seven years . County would purchase a 65 . 62% participation
($1, 968 . 60) on which there would he no interest -return. WMIs yield
of 8 , 75% on its retained participation ($1, 031 .40) would result in
the desired interest cost to the borrower of 3% on the entire
,: oan.
The various percentages of participation by WM and County
for loans with
` interest rates varying from 3% to 8 . 75% and from 5
;_
years to 15 years in term are set forth in the charts attached
hereto as Exhibit B and incorporated herein by this reference. The
parties further agree that the required yield to WM may hereafter
be changed by mutual agreement of both County and WM as evidenced
by an executed amendment to this contract to be amended on an
annual basis to reflect current market interest rates .
C . With respect to "zero"' interest and "deferred
payment" loans to qualified borrowers under the program, as well as
those which County elects to make althouan the borrower or the loan
has been resected by WM ( "forced loans" ) , WM will not retain any
,;oart - c-patIon interest, County agreeing to purchase the whole loan
in each case . As to these three categories of loans ( "Note
Collection Loans" ) , WM agrees to originate these loans in the same
manner as those eligible for participation, if so requested by
County, i .e . , complete necessary documentation of such 'Loans .
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}
WM wil.l not have any responsibility for delinquent servicing of
such loans, but will carry then as collection accounts and report
any activities on each loan to County as it occurs. The fees for
all loan origination, servicing and reporting are set forth in
Paragraph 7 of the agreement.
dm County agrees that WM shall have no responsibility
for or participation in emergency grants under the program.
2e l ective_ Li.abilities
It is understood and agreed by the parties that Will's
participating interest shall be and remain prior and superior to
County's participation interest to the end that in the event of any
ultimate net loss arising out of any loan, such loss shall first be
borne by County up to the full extent of its participation interest
in the loan in question. It is also understood and agreed that the
total liability of County with respect to any loan originated under
this Agreement is the amount of its participation interest and
County shall not have any liability to reimburse 1671M for any Loss it
may sustain with respect to Wt's participation interest after
exhaustion of County's shares
30 Loan Limitations
Irrespective of any other limitations or provisions of
this agreement, no loan in which WM will have or retain a
parti.ci,pation, interest shall exceed. 90 of the fair market value of
the property securing such loan when added to all other liens on
said property prior to the lien of such loan, .nor shall any such
loan initially be less than $1, 500o00a The intent of this
paragraph is to limit all secured obligations against the security
property having priority over the loan, plus the amount of the .loan
itself, to 90% of the fair market value of the property after
reflecting the increase in value resulting from the contemplated
improvements, (presumptively equal to the amount of the improvement
loan contemplated, in the absence of contrary evidence)
4. Selection-of -Applicants
County agrees to assume sole responsibility for the
selection of applicants eligible to participate in the program and
to insure that both applicants and the properties involved meet all
of the criteria of the program.
5. Processing-of Loan Air ligations
a. County agrees to initiate the processing of
individual loans by submitting to WM a Loan Application Package
("Package") . The package shall include at least the following:
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i A 'Letter certifying that the potential borrower
is eligible and the property qualifies under the program, and
set-ting forth the amount of the 'Loan being sought and the desired
interest --ate to be paid by the borrower.
L
ii . A description of the home improvement work to
be done and an estimate of t.,,.e total cost of the work to be
performed, conditioned upon granting the 'Loan.
iii . A loan application completed on a loan
application form prescribed by WM, which shall include the
appropriate fair lending information.
iv. The fair market value of the property as it is
reflected on the most recent assessment role in the records of the
County Assessor, or, should County choose to commission an
independent appraisal (w'----ich shall be at County' s sole expense) , in
said appraisal report . At its sole option, WM may accept this as
the fair market value for the purpose of underwriting the proposed
loan and determin-ing whether the loan is within the loan
limitations set forth above . If it so elects, WM may require a
separate appraisal by one of its own qualified appraisers and
S-,-. s+-_, �U�I-e the llat-terws evaluation as the 'air market value of the
b _I.t tl I fair
property for the purposes of this agreement . If such appraisal is
made, County agrees WM will be reimbursed $100 . 00 by way of an,
appraisal fee . This separate appraisal shall not in any event be
obtained until after the credit evaluation provided for in
subparagraph b. has been completed.
b . Upon receipt of the Package, WIM will investigate the
applicant ' s credit and within seven days of receipt advise County
that the applicant does not qualify for the loan being sought or
will issue a conditional approval letter, approving the applicant
subject to receipt of additional documentation as set forth in the
conditional approval letter, including, if required a -preliminary
title renort or other title search document satisfactory to WM and
issued by a -title company licensed to do business in California, an
appraisal-, a firm contractor' s bid and work breakdown, and income
and mortgage verification ( "the additional loan information!,) . If
such be the case, WM will also advise County if the applicant is
considered to be qualified for an equivalent loan on WMis
conventional terms and conditions for such loans . If the applicant
is deemed unqualified for the loan being sought, WM will furnish
County with a detailed basis for the rejection, which shall be ken- t
confidential . At the option of County, even though found
unqualified by WM, County may elect to make the applicant a loan
upon terms and conditions County specifies, but shall advance 11-00%
of all funds necessary to make the loan.
C . Upon receipt of the additional loan information WM
agrees to ascertain the extent and amount of liens prior and
su,O=_� 4
-, or to that of the proposed loan in order to ascertain whether
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the proposed loan is within the prescribed loan limitations. wMi s
evaluation of such prior liens will be final
d. Within ten days after receipt of a written request
by County and final approval of the loam application, WM will
prepare all necessary loan documents in final form for execution by
the applicant. These shall consist of at least the following, and
in addition, such other documents to be executed on WM discretion
deems necessary, all documents to be executed on WM approved forms
(the Promissory Note shall not contain any provisions requiring
payment of a fee or other charge in the event all or a portion of
the loan is prepaid prig to maturity. )
i., Promissory Note.
ii.. Deed of gust
iia. "Truth-in-Lending" disclosure statement
iv. Notice of Right of Rescission.
Upon completion of the loan documents, %M shall forward
such documents, with appropriate instructions, to County for the
obtaining of execution by the applicant and the recording of the
Deed of Trust by County. As of the day of recording the Deed of
Trust, County will obtain title insurance policy or other title
document satisfactory to YAM which constitutes a date-down of the
state of record title of the property securing the loan. In the
event that there has been a change in the state of title from that
reflected on the previous report, WM may reject the loan or
otherwise alter its terms and conditions unless the applicant can
remove any such changes from the record. Upon execution and.
recordation, County shall return the completed loan documents to
WM.
6. Servicing_ cif loans
a. Upon receipt of the completed loan documentation, LSM
shall, establish a construction loam account applicable to the
particular loan. Whereafter, disbursement from such loan account
shall be made by WM as follows: Checks representing an amount not
to exceed 80% of the total loan as determined by County, shall be
made payable to the Contractor, as directed. by County, and mailed
to County for delivery to the Contractor. It shall, be County's
sole responsibility to determine that the work of improvement has
in fact been completed., that a Notice of Completion has been filed
and that the completed work complies .in all respects with County's
requirements applicable to such work. County shall certify to WM
that these conditions have been met at the time the final
disbursement to the contractor is authorized. County shall
authorize final= disbursement of all remaining funds, by a check
made payable to the contractor, as County directs, and mailed. to
County for delivery to the Contractor, 35 days after the Notice of
Completion is recorded, unless County determines that one or more
mechanic's lien claims have been filed against the borrower's
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property arising out of the work of improvement. It shall be
County's sole responsibility to determine the existence or absence
of such lien claims and to take such action as it deems necessary
to extinguish any existing lien claims before authorizing final
payment.
b. Tinder this agreement, the existing Washington Mutual
Concord branch account which was established through prior
agreements will be used to draw upon, in order to expedite payment
to contractors. All of County responsibilities as set forth in
subparagraph "all must be met.
C. Upon completion of the work of improvement and
disbursement of all construction loan funds WM shall thereafter
service each participation loan in accordance with its regular loan
servicing procedures and industry standards. These will
specifically include the following:
i. WM shall distribute to County monthly its
proportionate share of all principal repayments received.
ii. In the event of delinquency with respect to any
loan, in addition to its normal loan collection procedures, WM
agrees to give County 30 days' written notice prior to recording a
Notice of Default, and shall also report as delinquent on the next
monthly report after it occurs, any loan which becomes 30 days
delinquent.
d. In the event of the commencement of foreclosure
proceedings through recording of a Notice of Default, the following
shall apply:
i. At any time up to two (2) working days prior to
foreclosure sale date, WM agrees to reinstate the delinquent loan
upon tender by the borrower of all accrued delinquent payments of
principal and interest, late charges and foreclosure costs and fees
(hereafter collectively "delinquencies") .
ii. At any time up to two (2) working days prior to
sale, WM agrees to reinstate the delinquent loan upon tender by
County of all delinquencies. In the event of such payment by
County, collection of any such sums advanced shall be County's
responsibility.
iii. At any time up to two (2) working days prior to
foreclosure sale, if County elects to forestall such proceedings,
W14 shall sell its participation interest to County upon payment by
County to WM of the then outstanding amount of WM participation
interest plus its share of all existing delinquencies.
iv. In the event of foreclosure sale, if the
property is sold to an outside bidder at or above the full loan
6
balance including all delinquencies, the respective participation
interests of County and WM shall each be paid off in fulld if the
property is bid on by WM at or less than the full, loan balance
including all delinquencies, tai shall thereafter hold the property
in its own name as "real estate owned, " treating it in the same
Manner as its own "real estate owned", and shall forthwith dispose
of the property by resale as is applied to its own areal estate
owned" . The proceeds of such resale shall be distributed in the
following order of priority.* first, to WM to reimburse it for
holding costs and selling expenses with respect to the property;
second, to %'M to reimburse it in full for its participation
interest loss as a result of foreclosure; third, to Contra Costa
County to reimburse it in full for its participation interest loss
as a result of foreclosure; fourth, any surplus thereafter
remaining to be divided by WM and County in proportion to their
respective former participation interests in the loan.
e. Upon completion of the work of improvement and
disbursement of all construction loan funds, with regards to "note
collection" accounts, County agrees to the following:
i. The accounts will be set up with f$s collection
department, which is a bill and receipt service for its customers
i.i. WM will not have any responsibility with regards to
delinquency servicing. a
iii_. UM agrees to be available for consultation as to
handling of delinquent accounts
iv. WM agrees to service forcelosures, as a
participation loan, for a fee to be mutually determined by WM and
County.
7. Fees
a. In return for the services rendered by WM in respect
to Loans made under this agreement in which WM has retained a
participation interest, County shall pay or cause to be paid a loan
application acceptance and processing fee of $50., 00 per loan
application. In the event the loan is for any reason not
consummated, WIM shall be entitled to this fee in any event.. In the
event the loan is consummated and. WM retains a participation
interest, no further processing fee shall be charged. The $50.00
fee here provided for shall be paid. by County concurrently with the
return to WM of signed loan documents. No fees will be paid from
the l.umpsum account
b. Delinquent accounts
is With respect to loan accounts established
pursuant to previous agreements between county and WM, fees for
7
delinquent accounts shall be the amounts set forth in the
agreements pursuant to which the loans were made.
ii. With respect to loans made under this
agreement, County or WM may require the borrower to pay a fee not
to exceed 5% of the delinquent months payment.
C. With respect to "forced loans" in which WM has no
participation interest and is thus receiving no yield on funds
advanced, County agrees to set up "note collection" accounts and
pay the following fees:
i. A loan acceptance and processing fee of $50.00
for reviewing each package as submitted and processing the loan up
to its consummation, this fee to be paid by County concurrently
with the return to WM of signed loan documents.
ii. A loan service fee, payable monthly by County,
of $4 .00 per payment received for each such loan being serviced.
d. With respect to "zero interest deferred payment
loans" , County agrees to set up "note collection" accounts and pay
the following' fees:
i® A loan acceptance and processing fee of $50.00
for reviewing each package, as submitted, and processing the loan
up to its consummation, this fee to be paid by County concurrently
with the return to WM of signed loan documents.
ii. A loan service fee of $4.00 per month for each
month there is a payment on the loan in question.
e. In connection with the payoff of any loan,
regardless of character, WM shall , be responsible for the
reconveyance and recording of the reconveyance. A reconveyance fee
of $74.00 or the fee schedule in effect at the time of payoff shall
be paid by County, which includes a recording fee of $5.00. if
recording fees are increased by Recorders Office, the recording fee
shall be increased without amending this agreement. When a demand
on any loans in connection with a payoff from an outside lender, WM
shall be paid a fee of $60.00 for preparing the demand (Statement
of Condition) .
8. Insurance
It shall be WM's responsibility to notify any holders of
prior liens of the existence of each loan generated under this
agreement, to record the appropriate request for Notice of Default,
and after ascertaining from the holder of any first deed of trust,
(or the borrower, if none) , the name and address of the agent or
broker responsible for obtaining any existing fire insurance, to
obtain a loss payable endorsement to such policy naming WM (or
8
y.
County in the case of Note Collection Accounts) as additional
insured under each policy.
9. Termination and Amendment
This agreement may be terminated by either County or WM by
providing 60 days' written notice of termination to the other
party. This agreement may be amended any time by written agreement
of the parties. Any termination or amendment of this agreement
shall not affect its operation as to loans and subsidy obligations
outstanding at the time of said termination or amendment
10. Miscellaneous
All written notices required by this agreement shall be
deemed given when deposited by party responsible for giving notice,
postage prepaid, in the United States Dail addressed, as follows:
If to County: Contra Costa County
Neighborhood Preservation Program
651 Pine Street, 4th Floor
Martinez, CA 94553
If to Washington Mutual Bank, FA
Attn: Special Loans Department
9451. Corbin Avenue
Northridge, CA 91.328
Per federal regulation 570. 51.3 (b) (7) , Contra, Costa
County reserves ,the right to withdraw any unobligated deposited
funds if required by HUD in the exercise of corrective or remedial
actions under 570.910(b) , 570.911, 570,31.2, or 570.913
11. Prior Agreements
County and WM have executed ten prior agreements. The
first was executed on July 23, 1977 and amended on March 21, 1978.
The second agreement was executed on November 6, 1985 for a. term of
two years. The third agreement was executed on July 15, 1986 for
a term of two years. In certain respects, the second agreement
expressly superseded provisions of the first. Except as expressly
superseded by the second agreement, the first agreement is in full
force and effect as to loans made pursuant to it. The third
agreement expressly superseded provisions of the second. Except as
expressly superseded by the third agreement, the second agreement
is in full force and ef'f'ect as to loans made pursuant to it. The
third agreement is hereby terminated, except that it remains in
full force and effect as to loans made pursuant to it and prior to
it. The fourth agreement was executed on January 27, 1988, for a
term of 1 year. In certain respects, the fourth agreement
expressly superseded provisions of the third. Except as expressly
superseded by the fourth agreement, the third agreement is in full
9
force and effect as to loans made pursuant to it. The fourth
agreement is hereby terminated, except that it remains in full
force and effect as to loans made pursuant to it and prior to it
The fifth was executed. on October 21., 1988 for a tern of one year
and amended on June 6, 1989. The sixth was executed on September
26, 1989 for a term of 1 year. The seventh was executed can May 16,
1990 for a term of 1 year. The eighth was executed. on Maar 6, 1992
for the term 1991/92 . The ninth was executed. August 21, 1992 for
the term 1992/93. `;C`he tenth was executed. April 25, 1994 for the
period of three (3) years for the terms 1993/94, 1.994/95 and.
1.995/96 and amended on June 15, 1995.
This present agreement does not supersede either of the ten prior
agreements.
IN WITNESS WHEREOF, the parties have executed this agreement
as of the day of
WASHINGTON MUTUAL BANK, PA
By:
ice President -
By:
'Senior vice President
10
COUNTY 0-1�-' ONTRA,., tA.
of Supervisors
ATTESTED
Phil Batchelor, Clerk of the Board
of Supervisors and County Administrator
Deputy
APPROVED AS TO FORM
Victor J. Westman, County Counsel
By: kA A
- il,lian -FiYjii, D, uty
RECOMMENDED BY DEPARTMENT
Ey;
Carlos Baltm ano
Director of Building Inspection
Bqga
d a
K�n
Dennis Ma Barry, AI-CP
Interim Director Qommunity
Development
C ONW COSTA COUNTY
Community Development Neighborhood Preservation Program
Housing Rehabilitation Program Policies
(Adopted by the Board of Supervisors can July 17, 1984)
i. INTRCrDUC71ON
The fol€owing sets forth policies for residential rehabilitation financial assistance In the forts of low-
Interest loans, and zero-interest loans, as authorized by Section 105, We I of the Housing and
C.ommunity Development Act of 1974 as amended. The program Is available throughout the Urban
County, (with the exception of the following es. Plttsbu�g, San Pablo, Richmond, Concord,
Walnut Creeds and Antioch), however, several Mousing Rehabilitation Target ureas have been
established In the County for purposes of Implementing a marketing pian for this programa and its
components. Agreements with financial institutions are In effect to Implement and service the
loan components of this program.
IL €BJECT€"VES
I'r'rna.r Uective
The primary objective of the Neighborfrood Preservation Programa, and In particular the housing
rehabilitation components,is to assist In the development of viable communities by providing decent
housing and a suitable Irving environment In the community mmuniity m principally for per persons of low and
moderate Income-consistent with provisions of Federal assistano provided In the Housing and
Community DevelopmeAt Acts of 1974 as amended.
c Iectives
1. The elimination of slums, blight, and the prevention of blighting Influences causing the
deterioration of property and neighborhoods.
z The elimination of conditions which are detrimental to health,safety and public welfare, by
re on, demolition, or removal.
. The stabIlLzation and enhancement of older neighborhoods in carder to encourage future
Investment from the private sector,and ether public Bands and programs..
4< The development of economically Integrated communities, parts ally as It relates to the
e4ayment of the beneft of the revttalLzation process by low and moderate Income
residents.
5. The r of residential structures of ow ners part€elpating In the voluntary Housing Code
Enforcement Programa for tweed of rehabilitation.
In order to attain these objectives,a voluntary code enforcement program has been combined with
a financial assistance program consisting of two components: f) lour interest loans, and 2) zero-
Interest Ions. The criteria for each programa are geared to the households Income and ability to
service an additional monthly housing payment, The intent Is to'rbAch the m urn number of
households while ensuring a maximum return of the money for the purpose of making future
assistance available to other households. The guidelines for each program component are outlined
below.
HOUSING REHABILITATION LOAN ELEMENT
ntroductLon
The Loam Bemard of this Programa is designed to provide financial assistance for the housing stock
of households with less than the County median incorrme� who can afford a moderate increase in
monthly housing payments hitt cannot he served by prate financial Institutions under existing
programs.
R. ftiglbllit�irenaents
This section sets forth the eligibility criteria and requirements for receiving a rehabilitation Loan.
These criteria assess both the structure and the applicant from the standpoint of need and eligibility.
I. enerall Requirements
Owner-000upled single family structures and duptexee will be eligible for rehabilitation loan
assistance, if the property(1) Is In meed of repair to eliminate hazardous conditions and jor
other code violations and (2) is owned by a household which has a,qualtfying income as
defined in the following sections and which has been in permanent legal possession
of the property owner for at least sic months prior to applying for financial assistance.
Elicible Costs
Mork and items of repair eligible under the programa are to be completed as available fonds
allow, in the following order of priority.
a. To take repairs and improvements necessary to the structure to correct health and
safetyhazards;
b. To nuke other necessary repalm and Improvements,including exterior painting and
physical modifications designed to Improve the mobility of handicapped or elderly
persons, in order to conform to code standards applicable to existing residential
structure to erasure sde,decent,and sanitary horsing;to enhance the appearance
of the structure and of the neighborhood exterior palating will be Included as an
Item of repair unless determined unnecessaiy
CL To correct any plena:deficiencies whiff would mice it Impossible for a structure
to be brought to and readily maintained at code standards,, "
d. To replace bullt4n €ooldng appliances when required for safety reasons;
e. To provide for or enlarge a room or finish an attic or basement in order to alleviate
a condition of overcrowding,as specified in Chapter 5 of the Uniform blousing Code;
'See Apperift A for current table of income by household size which meet these criteria.
For the financial purposes of this program, duplex is defined as one structure with two living units or two
single family structures on one parcel.
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f. To remove unrepalrable secondary buildings, structures, and other btighting
Influences located on the property;which may Include the repair or replacements
of dilapidated fencing;
9. To make other general property repairs If funds are available and when the amount
spent does not exceed 40%of the loan amount
lalbift of the„ lit
In addition to being the owner of a single family unit or the owner pant of a duplex, In
need of the above repairs, to qualify for a rehabilitatlon loan the applicant must:
a. Be a household with an adjusted gross Income' less than the median Income for
the County as established by HUD for the Oakland Primary Standard Metropolitan
Statistical Area (PMSA, Exhibit C);and
b. Have assets which,for elderly households,(age 62 or over)do not exceed$20,000,
and for mors-elderly households,have assets which do not exceed$10,0W. Assets
would Include bank accounts, stocks,bonds,Investments,and real estate holdings
but not Including the principal residence.
c. Be designated as not eligible for a conventional home improvements loan; and
d. Have a credit record evidencing Willingness and ability to meet and service the debt
Incurred; and
e. In the case of the second unit In a:-duplex which Is a rental property,conform with
Federal non-discriadnation regulations and agree that. upon recelpt of aloan from
the County-1)rents mid other charges sh-all not be Increased beyond the total cost
of the loan,actual Increases In taxes,and the percentage Increase In the Bay Area
cost of living Index Issued by the U.S.Department of Commerce,or 2)the units to
be rehabilitated will be rented to tow and moderate Income families utilizing the
Federal Section 6 Existing Unit Rental Subsidy Program.
C. Priorities for Award of Loans
Applications will evaluated and processed as received,based on the eligibility criteria and
requirements stated In Section b of these guldellne& The evaluation will consist of an Initial
�detenWnatlon of the eligibility of the applicant followed by a determination of the needed
repairs of the structure. Financial assis-tanoe will be awarded to appticants In the order In
which their application materials are compiled for ellgIblitty determination
"Income will be based on the applicants Income for the 12 months prior to Its application for financial
assistance and reflect Increases or decreases anticipated during the next 12 months. Adjusted gross Income
Is defined as a household's annual gross Income less:
1) Uncompensated or uncovered medical expenses which exceed 3% of gross Income.
3
# . f ars AmoL!nts, Term arm ecur't�a
For purposes of this ran-4 Rehabilitation Loans are defined as loans-requiting monthly
Payments of both principal and interest based on the amount of money borrowed. No
prepayment penalties will be charged.
1. Loam e$moUnts
a. The maximum amount for a Rehabilitation Loan shall not ex $20,000
for a single4amily dwelling with an additional$3,000 allowed for the second
unit in a duplex
b• The loan maximum specified In(a) alcove my be exceeded subject to the
following limMtions:
1) General property improvements as allowed under Section III B (2) (g)
cannot exceed 40% of the loan maximum specified in Section ill D (1)
(a).
2-)The maximum amount by which the maximum loan amount specified in
Section IV D (1) (a) above may be exceeded is the lessor of:
a) ,000; or
b) an amount derived by subtracting$12,000 (60%of the maximum
loan amount specified In Section III D(1) (a)above from the costs
of completing required code Improvements(as speolfied In Semon
Iii B(2) (A-Q afire), For;purposes of the alae calculation
not allocable directly to Improvernents(profit overhead,etc.) shall
be Included on a pro-ratio his In a ratio reflecting the code
general property Improvement ratio.
C) The Rehabilitation Loan plus existing Indebtedness against the
property shall not ex W%of the appraised after4mprovement
Mtge of the property at the time the loan Is approved,
interest Fate
The Interest rate will be mow the existing market rate,varying from 3 toJD percent,based
on the household's ability to pay as defined In D.3 below.
Liman` rr seed ;r"tv t rlrerraerats
The terra of the Rehabilitation inn shall not exceed 15 years tailored together with the
Interest rate to the borrowers needs with the goal being that total debt Including the loan
commitment does not ex %of the Household's Income. The Intent is to urge the
highest interest rate while adjusting the tears of the loan:in order to maximize the amount
of work to be completed within the Households ability to pay. The Rehabilitation bra Is,
due and payable upon sale or transfer of the property and must be secured by a Deed of
Trust„ which secures the Promissory Neste.
4
€OUSINGI REHABIUTATION ZERO-INTEREST LOAN ELEMENT
A. LntrQdMpta
The zero-Interest loan element of this Program Is designed to provide financial assistance
for the housing stock of households with very tzar incomd'who otherwise cannot afford any
Increased monthly housing costs.
B. iigaft BpqUlWm nts
This section sets forth the eligibility criteria and requirements for receiving zero-Interest loan.
These criteria assess both the structure and the applicant from the standpoint of tweed and
elfglbltrty.
+f ji �} �( 9
4> l3enerall 3�e..�..t�..rrtr.r entcY
Owner-occupied single family structures and duplexes will be eligible for
rehabilitation financial assistance, If the property: t) is in need of repair to eliminate
hazardous conditions and/or other code violations,and 2)is owned by a household
which has a qualifying Income as defined in the following sections and which has
been In permanent legal possession of the property for at least six months prior to
applying for financial assistance.
2 Elite Costs
Work and items of repair eligible under this program are to be completed as
available funds allow, In the following order of priority.-
a.
a., T'o make repairs and Improvements necessary to the structure to correct
health and safetyhazards;
b. To make other necessary repairs and Improvements, Including exterior
painting and modifications design to Improve the mobility of handicapped
or elderly personas, In order to confirm to code standards Applicable to
existing residential structures to ensure safe,downt,and sanitary housing;
to enhAnce the appearance of the structure and of the ndghborhood
exterior painting will be Included as an Item of repair artless determined
unnecessary, _
ca To correct any Incipient deficiencies which would make it Impossible for a
structure to be brought to readily, and maintained at code arils;
d. To replace built-In cooking appliances when required for safety reasons,
e. To provide for or enlarge a roomy or finish an attic or basement In order to
alleviate a condition of overcrowding as specified In Chapter 4 of the
Uniform mousing Code.
f. To remove unrepalrable second buildings, structures, and other blighting
Influences located on the property,which may Include repair or replacement
of di€apidat6d fencing;
g• To make other general repairs If funds are available and when the amount
spent cines not exceed 40% of the loan amount,
'See Appendix A for current table of Income by household size which meets these criteria.
s For the financial purpose=s of this programs, duplex is defined as one structure with two living units or two
single family structures on one parcel.
5
Elicibilltv of the Applicant
In addition to being the owner-occcupant of a single family unit or duplex In need for the
above repairs, to quality for a zero4nterest loan the applicant must:
& Meet the definition of a very low Income household with an adjusted gross IncomO
of 50% or less of the median Income for the County, and have assets which, for
elderly households, (age 62 or oved do not exceed $20.000, and for roan-elderly
households,have assets which do not exceed$10,000. Assets would Include bank'
accounts,stocks bonds,Investments,and real estate holdings but not Including the
principal residence; and
b. Have not have been the recipient of a prior zero4nteree, loan for the property in
question within the past five years-, and 0
C. In the case of the second unit In a duplex which Is a rental property, conform with
Federal non-discrimination regulations and agree that, upon receipt of a Loan or
Grant from the County- 1) rents and other charges shall not be Increased beyond
actual Increases in taxes,and the percentage increase in the Bay Area cost of living
index Issued by the U.S. Department of Commerce; or 2) the units to be
rehabilitated will be rented to low and moderate Income families utilizing the Federal
Section 8 Existing Unit Rental Subsidy Program.
C. Priorities for Award of Zero-Interest Loans
Applications will be evaluated and processed as received, based on the eligibility
requirements stated in Section 8 of these guidelines. The evaluation will consist of an initial
determination of the eligibility of the applicant followed by a determination of the needed
repairs of the structure. Financial assistance will be awarded to appRoants In the order In
which their application materials are completed for eligibility determination. The
determination of whether a zero4nterest loan will be awarded shall be based on the following
criterla.
I The County will consider providing zero-Interest loans for households with Incomes
between 51 'and 80%of area median-income(moderate Income households)In the
following circumstances:
& Total Indebtedness on the property Including the affiount of the County loan
will not exceed 90%of the atter-rehab appraised value of the property,and
b. A zero4nterest loan"Is necessary to prevent the applicants monthly debt
ratio Including the Countys loan from exceeding 35% of the applicants
monthly gross Income.
D. Erato rats. lnernas grad Security forercattterest I_caans
-Amounts
a. The maximum amount for a zero-Interest loan shall not exceed$20,000 for
a single-family dwelling, with an additional $3,000 allowed for the second
unit In a duplex.
eincome will be based on the applicants Income for the 12 months prior to Its application for financial
assistance and reflect increases and decreases anticipated during the next 12 months. Adjusted gross
income is defined as a household's annual gross income less:
1) Uncompensated or uncovered medical expense which exceed 30/o of gross Income:
6
b. A loran of up to 125% of the maximum specified in (a) above may be
originated subject to the foallowing:
t) General property Improvements as allowed under Section€V 8( )
(I) cannot exceed sof the loan maximum specified in Section
2) The rraazdrnurn amount by which the n aAmurn loan amount
specified In Section IV D (t) (a) above may be exceeded is the
lessor of:
bj an amount derived'by subtracting $12,000 (60% of the
maximum loan amount specified in Section IV D (a) (a)
above) from the cost of completing required code
improvements(as specified in Section IV 6(2)(a-f)above).
For purposes of the above calculation costs not aiiocable
directly to improvements (profits, overhead, etc.) shall be
lnc uded on a pro-ratio basis In a ratio reflecting the
codefgenerai property improvement ratios.
cj The existing indebtedness against the property plass the
amount of the zeros-interest, shall not exceed 90% of the
appraised after-improvement value of the proper at the
time the financial assistance is approved.
2- Terga arad e €trite lie glrernents
The zero-Interest foam is due and payable after five years or upon sale or transfer
of the property, but may be repaid in fall or In part at any time prier to such date.
At the end of five years, if the applicant household stili resides In the same house
and on demonstrate its continued inability to repay the zero-interest fora,the loan
terra may be extended for aro additional five year tensa If, however, at the end of
five years the applicant has sufficient Income to be eligible for the interest beating
loan component of the programa,"the zero-Interest loam will be converted to aro
Interest bearing loran under the there existing guidelines and policies of such
program All zero interest loans will be secured by a Creed of Trust,which serves
the Promissory Note. Upon transfer of the property In the case sof Inheritance,the
financial capabilities of the heir will be considered prior to requiring repayment.
V. APPUCABlUTY OF EACH PROGRAM ELEMENT
It Is the Intent of this program that each household, as applicant, be evaluated for eligibility under
the loan element first and the zeros-interest loan element second to ensure that the use of loans is
maximized In order to establish a revolving fund,for future programa years,which realizes Immediate
returns of funds. For example, If the household can support payments on a low-Interest lora given
its Income and credit history,then it would not be eligible for a zero-interest loan. The origination
of a combination interest bearing loan/zero-Interest deferred loam is permissive under these policies.
In ail cases, If the household qualified for a conventional market rate logo, it would be eligible for
either of these progiarn elements.
VI. ADMINISTRATION
TRATION
Agreements with financial Institutions egoist for Implementation and servicing of the financial aspects
of the programa elements. Implementation of the Housing Rehabilitation Program Is the responsibility
of the County wilding Inspection Department in chose coordination with the County Community
Development Program administered by the County Community Development Department. Forthose
elements of the Grogram not contracted to a financial institution,a Review Panel,composed of three
7
Persons knowledgeable in the housing finance field and two citizen representatives has been
established to make final decisions concerning the awarding of financial aide. This panel will be
provided With staff services by the Building Inspection Department and other County staff as
necessary. The Review Panel will perio6cally review the procedures and criteria utilized by the
participant financial institutions.
VII. GENERAL PROCEDURES
The County Building Inspection Department will operate and administer a voluntary residential code
enforcement program accompanied with financial assistance. The operation and administration of
the Housing Rehabtrdation Program will be guided by the Policies promulgated herein. Such
oNratlon and administration shall Include the fdlowing:
I. Application Intake and processing.
2. Determination of financial eligibility.
3. Inspection of the structure.
4. Preparation of a last of repair items.
5. Securing contractual services to undertake the repair work7 including:
a) preparing bid packages
b) noticing the avallability of bid packages
c) reviewing bids received
d) selecting the contractor with the approval of the homeowner.
6. Preparation of financial documents for submittal to financial Institution with whom County
has an agreement.
y, Preparation and execution of a contract document
8. Inspecting the work of the rehabilitation contractor with respect to applicable codes, the
terms of the contract,and for conformance with accepted standards of quality In completion
of the rehabilitation work.
9. In conjunction with the homeowner, accept the work and authorize payments to the
contractor.
Villa APPEALS
Any persons,firm, partnership,or corporation aggrieved by a decision pursuant to the-policies and
procedures of the Neighborhood Preservation Program shall be afforded an opportunity for review
of that decision by a staff committee composed of representatives from the Building Inspection
Department, the Planning Department and the County Administrators Office. Upon review of the
Case a final decision will be rendered by the staff committee, subject to appeal to the Board of
Supervisors, under the regular appeal procedures provided for In the County Ordinance Code.
7At the option of the homeowner the procedure for securing bids for rehabilitation work may be
modified to allow the homeowner to negotiate a contract with an eligible contractor of the
homeownees choice. The County Building Inspection Department will review the negotiated
contract amount to assure that the market rate for such services has not been exceeded.
4126/93 pc
8
INCOME LIMITS BY HOUSEHOLD SIZE
FOR REHABILITATION FINANCIAL ASSISTANCE
EFFECTIVE jANUARY 1, 1997
Adjusted Annual Gross Income
Persons Very Low Moderate
Per Income Income
Household Households Households
I $21,050 $30,450
24,050 34, 800
3 27, 050 39,1.50
4 30,050 43,500
5 32,450 47 ,000
6 34,850 50,450
7 37,250 53 ,956
8 39,650 57,400
For purposes of Contra Costa County's Neighborhood Preservation
Program, 'very-low and lour-income households" are defined as having
an adjusted grass income of not more than 50% of the Oakland. PMS.
median income, as adjusted for household sizes "Moderate income
households", are defined as having an adjusted dross income of not
more than 80% of the Oakland PMSA median income, as adjusted for
household size. The income figures in this table are taken from
the FY 1993 income limits for low and moderated income households
published by the U.S. Department of Housing and Urban Development
(HUD) for use in federally funded housing programs. The Hud income
limits are published annually. Therefore, the County's definitions
of lost and moderate income households will he updated annually
using the most current data available from HUD.
� � rs� �
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