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TO: REDEVELOPMENT AGENCY County
FROM: Dennis M. Barry, AICP
Community Development Director
DATE, August 10, 1999
SUBJECT: Amendment to the First Time Homebuyers Program- Forth Richmond and Say Point
Redevelopment Project Areas
SPECIFIC REQUEST (S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE AND AUTHORIZE the Deputy Director-Redevelopment to execute a First Amendment to the
First-Time Homebuyers Program Operating Agreement between the Contra Costa County
Redevelopment Agency and Sky Valley Financial, Inc. and Wausau Mortgage Corporation (the Program
"Lenders").
FISCAL IMPACT
No impact on the General Fund. The total program coat of $625,000 will be funded out of
Redevelopment Tax Increments and HOME Investment Partnership Act Funds.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On July 20, 1996, the Redevelopment Agency approved an Operating Agreement with Wausau
Mortgage Corporation and on March 25, 1999 with Sky Walley Financial, Inc. to implement the First Time
Homebuyers Program. The program's goal is to provide ars opportunity for low-income families to
purchase a home in the Bay Point and North Richmond Redevelopment Areas. To date three loans have
closed so far in Bay Point, and two are active for each of the redevelopment areas.
The amendment to the Operating Agreement is necessary to efficiently operate the program. This
amendment to the First Time Hombuyers Operating Agreement authorizes the Deputy Director
CONTINUED ON ATTACHMENT: YES SIGNATURE: I
Y.RECOMMENDATION OF COUNTY.ADMINISTRATOlk '
x
RECOMMENDATION OF BOARD COMMITTEE � -�""APPROVE OTHER
SIGNATURE (S): ` ' ¢
ACTION OF AGENCY ON APPRC�V'ED AS RECOMMENDED
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT n d n g......, ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS
ON THE DATE SHOWN.
Contact: Rabail Shah
r,
335-1251 ATTESTED
PHIL MATCHELORg
Orig: Redevelopment CLERK OF THE BOARD AND
cc: CAC YCOUNTY ADMINISTRATOR
Community Development
Redevelopment Agency BY , DEPUTY
Auditor-Controller
Ilia Redevelopment
NRMAC
Bay point PAC
Sky Valley Financial, Inc,
Wausau Mortgage Corp.
Redevelopment to take necessary actions to implement the Operating Agreement,without the necessity
of obtaining Agency Board approval. Such actions may include entering into minor changes, waivers or
implementation agreements with respect to the Operating Agreement. Actions that require major
alterations to the program's Operating Agreement will continue to be brought forth for Agency approval.
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