Agenda

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Consent-General Government # 14.

Board of Supervisors

County Administrator

Meeting Date:	07/24/2018
Brief Title: HOME Funds
From:	Mindi Nunes, Assistant County Administrator, County Administrator’s Office
Staff Contact:	Mindi Nunes, Assistant County Administrator, County Administrator's Office, x8426
Supervisorial District Impact:

Subject

Adopt resolution approving an application for $500,000 in funding from the State of California HOME Investment Partnerships Program for the First Time Home Buyer Down Payment Assistance Program. (No general fund impact) (Nunes)

Recommended Action

Adopt resolution approving an application for $500,000 in funding from the State of California HOME Investment Partnerships Program for the First Time Home Buyer Down Payment Assistance Program.

Strategic Plan Goal(s)

Thriving Residents

Reason for Recommended Action/Background

The First Time Home Buyer Down Payment Assistance Program was last active in 2010 when the County was awarded $800,000 in HOME funds from the State. Twenty-five families benefited from this grant at that time. As this program has been in place for years, the Program Guidelines defining outreach, marketing, application process and selection, loan processing and maintenance, repayment, etc. are already in place, requiring minimal updates based on any new rules/regulations from the State.

An inquiry list has been maintained which currently has 23 interested families. Yolo County Housing is currently under contract to manage the County loan portfolio and would be responsible for administering this program.

Staff recommends Board approval of the attached resolution in support of the County's application for $500,000 in HOME funds.

Collaborations (including Board advisory groups and external partner agencies)

Yolo County Housing, State of California Department of Housing and Community Development Department. This grant application has also been reviewed and approved by the County's Grant Oversight Committee.

Fiscal Impact

Fiscal Impact (Expenditure)
No Fiscal Impact
Total cost of recommended action:		$
Amount budgeted for expenditure:		$
Additional expenditure authority needed:		$
On-going commitment (annual cost):	$

Source of Funds for this Expenditure

Explanation (Expenditure and/or Revenue)

Further explanation as needed:

This action does not represent a fiscal impact. Should the grant funds be received, the majority of funds will be a pass through to eligible first-time home buyers. The County is applying for the maximum amount under the Notice of Funding Availability, $500,000 which will fund the following activities:

General Administration: $12,500

Activity Delivery: $32,500

Acquisition Only-Down Payment Assistance: $455,000

Attachments
Att. A. Resolution

Form Review

Inbox	Reviewed By	Date
Financial Services	Tom Haynes	07/17/2018 05:30 PM
County Counsel	Hope Welton	07/18/2018 07:29 AM
Form Started By: mnunes		Started On: 07/09/2018 03:58 PM
Final Approval Date: 07/18/2018