Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MARCH 6, 2018 <br />TITLE: <br />APPROVE AN UPDATE TO THE <br />HOMEBUYER DOWN PAYMENT <br />ASSISTANCE LOAN PROGRAM <br />(NON -GENERAL FUND) <br />(STRATEGIC PLAN NO. 5,3; 5, 4) <br />CI'O MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1n Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Approve an update to the Homebuyer Down Payment Assistance Loan Program and allocate <br />an initial $400,000 of Inclusionary Housing Funds program funding. <br />2. Authorize the City Manager and the Clerk of the Council to enter into loan agreement(s) with <br />qualified and approved homebuyers, subject to non -substantive changes approved by the City <br />Manager and City Attorney. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At a special meeting on February 27, 2018, the Community Redevelopment and Housing <br />Commission (CRHC) approved the recommended action by a vote of 7:0 (Cann absent). <br />BACKGROUND <br />On November 18, 2013 City Council approved the Homebuyer Down Payment Assistance Loan <br />Program and allocated Federal Home Investment Partnerships Program (HOME) and Community <br />Development Block Grant (CDBG) funds for program funding. These federal funds have several <br />restrictions including a maximum home sales price of $499,999 and an income limit for <br />households at 80 percent of the area median income. Due to the substantial increase in home <br />values in recent years, these restrictions have severely limited the number of homebuyers eligible <br />to take advantage of the program. Although staff has continuously promoted the program, the <br />Homebuyer Down Payment Assistance Loan Program has not issued a loan since 2015 due to <br />these restrictions. <br />At the January 8th Economic Development, Infrastructure, Budget and Technology (EDIBT) <br />Committee meeting, the Committee members recommended that staff identify opportunities to <br />promote homeownership. Following that recommendation, staff conducted outreach with non - <br />25C -1 <br />