HomeMy WebLinkAboutMINUTES - 10011996 - C59 Contra
TO: REDEVELOPMENT AGENCY ,•��
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FROM: Phil Batchelor J County
Executive Director r, C UTA "�
DATE: October 1, 1996
SUBJECT: First Time Homebuyer Program - North Richmond and Bay Point
Redevelopment Project Areas
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE a First Time Homebuyer Program, as a demonstration program in
North Richmond and Bay Point, APPROVE Accubanc Mortgage and Wausau
Mortgage Corporations as the administrators of the program, and
AUTHORIZE the Deputy Director of Redevelopment to execute an Operating
Agreement with Accubanc Mortgage and Wausau Mortgage Corporations to
administer, market, and service loans made under this program.
FISCAL IMPACT
No impact on the General Fund. The program will be funded out of
Redevelopment Tax Increments ($62, 500 for each Project Area) and HOME
Investment Partnership Act funds as shown on the adopted FY 1995-96
budget . The total amount available is $625, 000, which provides
$312, 500 for both the North Richmond and Bay Point Redevelopment
Project Areas .
CONTINUED ON ATTACHMENT: X YES SIGNATURE : � {
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RECOMMENDATION OF EXECUTIVE DIRECTOR RENDATIO OF AGENCY COMMITTEE
APPROVE OTHER
7
S I GNATURE (S)
ACTION OF AGENCY ON OCT 0 1 1996 APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) 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: Beth Lee OCT O 119%
646-4076 ATTESTED
cc: Community Development PHIL BATCHELOR,
Redevelopment Agency AGENCY SECRETARY
Auditor-Controller
Via Redevelopment
NRMAC
Bay Point PAC HY , DEPUTY
Accubanc Mortgage
Wausau Mortgage .
1
BACKGROUND/REASONS FOR RECOMMENDATIONS
A major redevelopment activity in North Richmond and Bay Point is to improve and
expand the supply of affordable housing. The First Time Homebuyer Program was
created to address the affordable housing need and combat deterioration of the
housing stock by providing lower-income households an chance to purchase and
rehabilitate existing substandard housing. The First Time Homebuyer Program
will be used in combination with the Department of Housing and Urban
Development' s (HUD) 203k program. This program provides one mortgage sufficient
to allow a household to purchase and rehabilitate a home . The Agency and HOME
assistance will provide fully deferred, zero interest silent second mortgages
to enable very-low and low income households to become homeowners . The
mortgages have an equity share provision which, along with the second mortgage
principal amount, is fully forgiven if the household remains in the home
throughout the life of the loan.
c:b115\frsthome.bos