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TO: REDEVELOPMENT AGENCY
Costa
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FROM: Phil Batchelor . County
Executive Director
DATE. September 26, 2000
SUBJECT: First Time-Homebuyers program-North Richmond and Bay Point Redevelopment Project Area
SPECIFIC REQUEST(S)OR RECOMMENDATIONS(S)&BACKGROUND AND JUSTIFICATION
8ECOMMENDATIONS
AUTHORIZE the Deputy Director of Redevelopment to execute an Operating Agreement with
Countywide Home Loans to administer, market and service loans made under the First Time
Homebuyers program in the North Richmond and Bay Point Redevelopment Project Areas.
FISQ6L IMPACT
No impact on the General Fund. The program will be funded out of Redevelopment Tax
Increments and HOME Investment Partnership Act funds as shown on the adopted FY 1999-
2000 budget. The total project cost is$625,000, which provided $312,500 to each for the
North Richmond and Bay Point Redevelopment Project Areas.
BACQ! GROQND/REASONS FOR RECOMMENDATIONS
Improving and expanding the supply of affordable housing is a primary goal for boh the North
Richmond and Bay Point Redevelopment Project Areas.The First Time Homebuyers program
was designed to achieve that goal by providing an opportunity for low-income families to
purchase homes. The program also achieves the objective of creating neighborhood stability
through home ownership investment,while also improving the existing stock of homes through
the rehabilitation component of the program. Currently,the Redevelopment Agency has an
existing operating agreement with SkyValley Financial Inc. to service the loans for the
program. SkyValley Financial Inc, was successful in assisting two families to purchase and
rehabilitate homes in the Bay Point area(the total pubic assistance was$70,000). However,
to further increase program utilization and to reach a larger pool of potential first time buyers,
it is necessary for the Redevelopment agency to also partner with Countrywide Home Lo ns to
administer and market the program.
CONTINUED ON ATTACHMENT: _YES SIGNATURE: C '�f
,_,,,RECOMMENDATION OF EXECUTIVE DIRECTOR R. OMMENDATIJDN OF AGENCY
COMMITTEE ...-APPROVE OTHER `
t
SIGNATURE(S):
ACTION OF AGENCY ON Septgabgr 26, 2000 APPROVED AS RECOMMENDED.2L_OTHER
VOTE OF COMMISSIONERS
1 HEREBY CERTIFY THAT THIS IS A
UNANIMOUS(ABSENT-n ne ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT:!___,-____ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Kristine Solseng or Beth Lee
(925) 335-1252 (925)335-1256 ATTESTED S ptpmher 76 2()0n
cc: County Administrator's Office P IL BATCHELPRI AGENCY SECRETARY
County Counsel
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