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FROM: Phil Batchelor Costa
Executive Director County
DATE: October 17, 2000
SUBJECT: First-Time Homebuyers Project Amendment North Richmond and Bay Point
Redevelopment Project Areas
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE non-profit housing development organizations to participate in the First-
Time Homebuyers Program in North Richmond and Bay Point Redevelopment Project
Areas.
FISCAL 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, and is included in the FY 2000-01 budget. The total project cost is
$625,000, which is split evenly between the North Richmond and Bay Point
Redevelopment Project Areas.
CONTINUED ON ATTACHMENT: X YES SIGNATURE
RECOMMENDATION OF EXECUTVIVE DIRECTOR RECOMMEN N OF AGECOMMITTEE
APPROVE OTHER
t
SIGNATURES
ACTION OF AGENCY ON October 17a 21700 APPROVED AS REC ENDED _ THER
VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A TRUE AND
X UNANIMOUS{ABSENT none CORRECT COPY OF AN ACTION TAKEN AND
AYES: NOES: ENTERED ON THE MINUTES OF THE
ABSENT: ABSTAIN: REDEVELOPMENT AGENCY ON THE DATE SHOWN
Contact: Jim Kennedy,335-1255 ATTESTED 0--tobpr 17,, 2QQO
cc: County Administrator's Office PHIL BATC LOR
County Counsel AGENCY RETARY
Redevelopment Agency
BY ,DEPUTY
Date
Board of Supervisors
File#
Page 2
BACKGROUND/REASONS FOR RECOMMENDATIONS
Improving and expanding the supply of affordable housing is a primary goal for both 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 First-Time Homebuyers Program mandates the homebuyer
must utilize HUD's 203(k)rehabilitation loan in order to receive Agency assistance. The
program amendment will allow non-profit housing developers using the 203(k) loan to
purchase and rehabilitate homes in the redevelopment areas and sell the rehabilitated
homes to qualified First-Time Homebuyers. The First-Time Homebuyer will be able to
use Agency assistance to provide affordability in collaboration with a standard FHA
203(b) loan to purchase the home from the non-profit. The program amendment will
allow non-profits with 203(k)experience to take on the responsibility of the rehabilitation
work,thus alleviating the first-time homebuyer with the overwhelming task to overseeing
a rehabilitation process. Agency staff met with the North Richmond MAC and they
overwhelmingly support the proposed amendment