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Item 17 - Approve and Launch the New “My First Home” Program
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Item 17 - Approve and Launch the New “My First Home” Program
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Agenda Packet
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Clerk of the Council
Item #
17
Date
11/2/2021
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Community Development Agency <br />santa-ana.org/cd <br />Item # 17 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />November 2, 2021 <br />TOPIC: Approve and Launch the New “My First Home” Program <br />AGENDA TITLE: <br />Approve and Launch the New “My First Home” Program with a One-Time Allocation of <br />$1,200,000 from the Inclusionary Housing Fund (Non-General Fund) <br />RECOMMENDED ACTION <br />1. Authorize the City Manager to launch the new “My First Home” Program. <br />2. Authorize the City Manager to execute Loan Agreements with qualified and approved <br />homebuyers for the “My First Home” Program, subject to non–substantive changes <br />approved by the City Manager and the City Attorney. <br />DISCUSSION <br />On March 6, 2018, the City Council approved an update to the Down Payment Assistance <br />Loan program to revise the eligibility criteria to make the program more effective and <br />attainable for low- to moderate-income residents in response to changing market <br />conditions. The major updates to the program included a one-time allocation of $400,000 <br />in Inclusionary Housing Funds and an increase to the maximum loan amount for low- <br />income buyers to $80,000 and $40,000 for moderate-income buyers. Since this program <br />update in March 2018, 17 families became first-time homeowners in Santa Ana. <br />To build on this effort from three years ago, staff is seeking approval to launch the new <br />“My First Home” program using the $1.2 million in Inclusionary Housing Funds. The idea <br />for the launch of this program and investment of one-time funds originated with comments <br />from various councilmembers regarding the City’s need to invest in more homeownership <br />opportunities for our residents. While the City continues to invest in affordable rental <br />housing for our lowest income families, it is important that the City help create <br />opportunities for homeownership. Homeownership leads to asset building and the <br />accumulation of wealth instead of solely relying on the City’s financing of affordable rental <br />housing. The “My First Home” program will fulfill this need for increased homeownership <br />opportunities and create wealth-building opportunities for at least ten low-income families <br />or a combination thereof.
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