HomeMy WebLinkAbout04-09-18 City Commission Packet Materials - C4. Grant Agreement with HRDC for Downpayment Assistance1
REPORT TO: Mayor and City Commission
FROM: Matthew Madsen, Affordable Housing Program Manager Martin Matsen, Director of Community Development
SUBJECT: Authorize the City Manager to Sign a Grant Agreement with the Human Resource
Development Council (HRDC) for Down Payment Assistance for Qualified
Buyers and Providing for Cash and Non-Cash Subsidy Recapture MEETING DATE: April 9th, 2018
AGENDA ITEM TYPE: Consent
RECOMMENDATION: That the City Commission authorize the City Manager to sign a grant
agreement between the City and HRDC to provide for down payment assistance for qualified buyers
pursuant to the City’s Affordable Housing Ordinance and the recapture of cash and non-cash subsidies.
BACKGROUND: Pursuant to the professional services agreement dated March 7, 2016 between the City and HRDC (recently extended by the Commission at the March 16th, 2018 commission meeting),
HRDC serves as the City’s agent for the Affordable Housing Program. Under that agreement, HRDC
provides homebuyer education and certification, pre-purchase counseling and screening for pre-
approval, deed restriction and lien documentation, monitoring compliance with the Affordable Housing
Ordinance, and subsidy recapture. This grant agreement provides the process the City and HRDC will follow for the dispersal of down-payment assistance funds and recapture of both cash and non-cash
subsidies through the City’s Affordable Housing Program, as well as record-keeping and reporting
requirements. UNRESOLVED ISSUES: None determined at this time. ALTERNATIVES: As determined by the Commission.
FISCAL EFFECTS: The Commission has allocated $200,000 for down payment assistance in the
2017-2018 budget for the Affordable Housing Program. This grant agreement will allow the Community Development Director to approve the future disbursal of those funds to HRDC for certified eligible buyers of homes that meet the Affordable Housing Ordinance’s definition of Lower-Priced
Affordable Homes.
Attachments: Grant Agreement with HRDC - Affordable Housing Ordinance
Commission Memorandum
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