Title:
Title
CalHome Application for First-Time Homebuyer Mortgage Assistance
End
FileID
File ID: 2019-01806
Location
Location: Citywide
Recommendation:
Recommendation
Adopt a City Council Resolution authorizing the Sacramento Housing and Redevelopment Agency (Agency) through its Executive Director to: 1) submit an application to the California Department of Housing and Community Development in the amount of $5,000,000 for First-Time Homeowner Mortgage Assistance funding under the CalHome program; 2) execute a Standard Agreement for such funding and execute any related documents necessary to participate in the CalHome Program, and any amendments thereto; 3) adopt local CalHome First-Time Homebuyer Mortgage Assistance Program Guidelines; and 4) amend the Agency Budget to receive and expend the $5,000,000 in CalHome funding for the First-Time Homebuyer Mortgage Assistance Program.
Contact: Christine Weichert, Assistant Director, (916) 440-1353, Sacramento Housing and Redevelopment Agency
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
3-Exhibit A CalHome First-Time Homebuyer Program Guidelines
4-CalHome Target Area Map
Description/Analysis
Issue Detail: The California Department of Housing and Community Development (HCD) announced a Notice of Funding Availability (NOFA) for the CalHome Program on November 27, 2019 which was amended on December 23, 2019. HCD awards CalHome grants to eligible organizations for activities that support homeownership programs aimed at low and very-low income households. Applications under the NOFA are due to HCD no later than January 27, 2020. The funding for this NOFA is provided by the Veterans and Affordable Housing Bond Act of 2018.
In the recently released NOFA, the maximum application amount is $5,000,000. The eligible activities for the CalHome funding under the current NOFA are:
* First-Time Homebuyer Mortgage Assistance
* Owner-Occupied Rehabilitation Assistance
* Techni...
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