Title
a. Receive a presentation on the First Time Homebuyer (FTHB) Programs in the County; and
b. Provide direction to staff.
Report
RECOMMENDATION:
It is recommended that the Health, Housing, Homelessness, and Human Services Committee:
a. Receive a presentation on the First Time Homebuyer (FTHB) Programs in the County; and
b. Provide direction to staff.
SUMMARY/DISCUSSION:
It has been a priority for staff to make the County's First Time Homebuyer (FTHB) Program an active program. However, currently the County is not operating this program due to market conditions that bring on a lack of inventory of existing homes priced below the maximum sales price that meet the State of California Housing and Community Development (HCD) Department guidelines. Moreover, any available homes must be thoroughly inspected to make sure it is structurally sound, and identify any code related and health and safety deficiencies that need to be corrected prior to the purchase of the home. Last, but not least, the eligible property must be in the unincorporated areas of the County.
The County had an active FTHB program through HCD's HOME program. The last time the County received grant funding from HCD to provide FTHB program loans to income-qualified households was in 2010. However, due to the lack of available housing stock, the County had to disencumber the funds and return them to HDC. Ever since then, the County has only been able to make about 2 loans maximum using program income funds.
HCD required an update to the program guideline template to ensure the County had the most recent guidelines. Therefore, on November 7, 2017 the County Board of Supervisors approved the updated Homebuyer Program Guidelines to meet the HCD requirements and be ready for future programming, should market conditions change. The copy of the guidelines is posted on the County's housing website.
The intent of the County's FTHB program is to assist income-qualified homebuyers with the down payment ...
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