HomeMy WebLinkAboutMINUTES - 04032001 - C.66 T REDEVELOPMENT AGENCY
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FROM: JOHN SWEETEN ''z Costa
EXECUTIVE DIRECTOR County
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DATE: April 3, 2001
SUBJECT: First-Time Homebuyers Program
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director of Redevelopment to execute an Operating
Agreement with J and J Mortgage 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 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.
CONTINUED ON ATTACHMENT: X YES SIGNATURE
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMEND TIO OF AGE Y COMMITTEE
APPROVE OTHER
SIGNATURE (S):
ACTION OF AGE C ON April 3, 2001 APPROVED AS REC MENDED R OTHER_
1
VOTE OF:000MNWSSIONERS 1 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: Kristine Solseng, Redevelopment Planner ATTESTED April 3, 2001
335-1252 JOHN SWEETEN
cc: Beth Lee, Redevelopment Project Manager AGENCYS CRETARY
Kathleen Hamm, HOME Project Manager
BY ,DEPUTY
BACKGROUND
Date
Board of Supervisors
File#
Page 2
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 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 J & J Mortgage to administer and
market the program.