Title
Approve and authorize the Economic Development Department Housing Office to use the most current version of the California Department of Housing and Community Development (HCD) Homebuyer Program Guidelines to implement the HOME-funded First Time Homebuyer (FTHB) Program.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Approve and authorize the Economic Development Department Housing Office to use the most current version of the California Department of Housing and Community Development (HCD) Homebuyer Program Guidelines to implement the HOME-funded First Time Homebuyer (FTHB) Program.
SUMMARY:
On December 13, 2011, the Board of Supervisors approved minor revisions to the First Time Homebuyer Program Manual (Manual). The County has been using this Manual to implement its FTHB Program.
The California Department of Housing and Community Development has requested County staff to submit updated Homebuyer Program Guidelines in order to continue spending HOME funds on the FTHB program. HCD provides a Homebuyer Program Guidelines template that can be used by three of its funding programs: the HOME Investment Partnership Program, the Community Development Block Grant (CDBG) Program, and the CalHome Program. HCD updated the template in June 2017.
If the County participates in the aforementioned programs, each program must individually approve the Program Guidelines before the County can implement a FTHB program. Currently, the County only has HOME program income on hand to implement a FTHB Program. The HOME program approved the attached draft of the County of Monterey Homebuyer Program Guidelines on August 15, 2017.
DISCUSSION:
Over the years, the County has received grants from HCD to provide FTHB program loans to income-qualified households. In order to quality for these grants, the County is required to have current Program Guidelines that describe all the aspects of the Program, including eligibility criteria, loan terms, and loan ...
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