HomeMy Public PortalAbout2011.042 - LRA (10-18-11)RESOLUTION NO. 2011.042
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY
OF LYNWOOD APPROVING THE CALHOME OWNER OCCUPIED HOUSING
REHABILITATION AND FIRST TIME HOMEBUYER DOWNPAYMENT ASSISTANCE
PROGRAM GUIDELINES
WHEREAS, the Lynwood Redevelopment Agency is a participant in the
CalHome Program administered by the California Department of Housing and
Community Development and receives an allocation of $1 Million in state funding to
provide Owner Occupied Housing Rehabilitation Deferred Loans and First -Time
Homebuyer Downpayment Assistance to eligible Lynwood residents; and
WHEREAS, the Lynwood Redevelopment Agency adopted an Owner Occupied
Housing Rehabilitation Program and First -Time Homebuyers Program to address
housing needs, enhance overall housing conditions, and increase affordable housing
opportunities to principally benefit low income Lynwood households; and
WHEREAS, the CalHome funded housing programs are administered by the
Lynwood Redevelopment Agency in compliance with all laws applicable to the
CalHome Program, including the CalHome Statutes and Regulations; and
WHEREAS, the CalHome Program provides opportunities for eligible residents
of the City of Lynwood to participate in affordable housing and housing preservation
programs that further the availability of safe, decent and affordable housing.
NOW THEREFORE, THE LYNWOOD REDEVELOPMENT AGENCY OF THE
CITY OF LYNWOOD DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. That the City of Lynwood Redevelopment Agency's CalHome
Funded Owner Occupied Housing Rehabilitation and First Time Homebuyer Down
Payment Assistance Program Guidelines set forth and approve the following terms,
conditions and restrictions for applicant eligibility, including but not limited to:
A. CalHome Funded Owner Occupied Housing Rehabilitation (OOHR) Loan
Program — General Terms, Conditions and Restrictions
1. Term of OOHR Program is through October 19, 2013
2. The maximum total OOHR Program funding is $500,000
3. The maximum OOHR Program participant loan amount is $40,000; in
special need circumstances, a loan amount up to a maximum of $60,000
may be granted.
4. Loans are deferred payment loans; zero interest for 30 -Year Term; unless
borrower sells, transfers title or ceases to occupy property as their
principal place of residence.
B. CalHome First Time Homebuyer Down Payment Assistance Program
(FTHB) — General Terms, Conditions and Restrictions
1. Term of FTHB Program is through October 19, 2013
2. The maximum total FTHB Program funding is $500,000
3. The maximum amount of Program assistance to an eligible homebuyer
toward the purchase of a home is $60,000
4. Homebuyer must contribute a minimum down payment of at least one
percent (1 %) of purchase price
5. Housing units to be purchased must be within Lynwood City limits and
purchase price cannot exceed 100% of the median sales price as
determined by comparable sales information derived from the California
Real Estate Association
6. The FTHB loan term shall be for thirty (30) years with zero (0) percent
interest due upon sale or transfer of the property or if the property is no
longer the principal residence of the homebuyer.
C. Program Administration
1. The authority to administer the CalHome Owner Occupied Housing
Rehabilitation Loan and First -Time Homebuyer Downpayment Assistance
Programs shall be vested with the Director of Community Development or
their designee.
D. Property Eligibility
1. Program assistance shall be limited to eligible single - family residential
property located within the corporate city limits.
2. All funded programs loans and grants shall comply with the maximum
post - rehabilitation value and maximum per unit subsidy limits as
established by CalHome.
3. The combination of all secured indebtedness (including the Program loan)
may not exceed 90% of the assisted property's estimated post
rehabilitation value, as determined by appraisal.
E. Loan and Grant Approval
1. All Program loans shall be approved by the Loan Review Committee
(LRC), which consists of the Director of Redevelopment and /or appointed
designee.
F. Eligible Program Costs
1. All eligible program costs, conditions of loans, home and /or contractor
selection procedures are contained in the CalHome First Time Homebuyer
Downpayment Assistance and Owner Occupied Housing Rehabilitation
Program Guidelines, respectively, attached to this Resolution as Exhibit A
and incorporated herein by reference.
G. Conflict of Interest
1. All City Council Members, all Community Development Department
employees and any employee, official or agent of the City who exercises
any policy or program decision - making function in connection with the
Program are ineligible for assistance under the Program. This policy will
be in effect until the expiration of one (1) year subsequent to the
individual's disassociation with the City of Lynwood in such a capacity.
H. Program Participation
1. Qualified applicants may only participate in one of these two Programs.
Due to funding limitations, demand, and term of funding availability,
qualified applicants cannot participate in either Program more than once.
Section 2. That the Director of Community Development or designee is
authorized to effectuate the policies and control the implementation established within
the CalHome Owner Occupied Housing Rehabilitation Loan and First -Time Homebuyer
Downpayment Assistance Program Guidelines.
Section 3. That the Executive Director or designee is authorized to prepare
and execute such documents related to amendment of the guidelines.
Section 4. This Resolution takes effect immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 18 day of October, 2011.
Aide Castro, Chair
ATTEST:
aria Quinonez, Secretary
APPROVED AS TO FORM:
t I
I E
Fred Calante, Agency Counsel
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
)
) SS.
APPROVED AS TO CONTENT:
n
Sarah N4 a Withers, Director of
Community Development
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the foregoing Resolution was passed and adopted by the Agency at its
regular meeting held on the 18 day of October, 2011.
AYES: MEMBERS FLORES, RODRIGUEZ, SANTILLAWBEAS, MORTON AND
CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
C �
Maria Quinonez, ecretary
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No.
2011.042 on file in my office and that said Resolution was adopted on the date and by
the vote therein stated. Dated this 18 day of October, 2011.
Maria Quinonez, ry,�r