HomeMy WebLinkAboutMINUTES - 04131999 - SD2 TO: REDEVELOPMENT AGENCY .
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FROM: Phil Batchelor
Executive Director
DATE: April 13, 1999
SUBJECT: First Time Homebuyers Program- North Richmond and Bey Point Redevelopment Project
Areas
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director of Redevelopment to execute an Operating Agreement with Sky Valley
Financial, Inc. to administer, market and service loans made under the First Time Homebuyers Program
in the 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 1996-99 budget. The total project
cost is $625,000,which provides$312,500 each for the North Richmond and Bey Point Redevelopment
Project Areas.
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 Redevelopment Agency has an existing operating agreement with Wausau Mortgage
Corporation to service the loans for the program. Wausau corporation was successful in assisting two
families to purchase and rehabilitate homes in the Bay Point area (the total public assistance was
$60,639). 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 Sky Valley Financial, Inc.
to administer and market the program.
'i /f /
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR :_ ! RECOMMENDATION PF AGENC
Y COMMITTEE APPROVE OTHER
SIGNATURE(S),
ACTION OF AGENCY ON A P t.b 13 , 1999 APPROVED AS RECOMMENDED xx OTHER
VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A
__u 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: Rabail Shah
335-1251 ATTESTED24
PHIL BATCHELOR AGENCY SECRETARY
Orig. Dept: Redevelopment
cc: CAO
Community Development BY , DEPUTY
Redevelopment Agency
Auditor-Controller
Via redevelopment
NRMAG
Say Point PAC
Sky Valley Financial, Inc