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HMA.7 or IOLANO COUNTY <br />GALIFORMI <br />DATE: June 22, 2010 <br />TO: The Mayor and City Council <br />RECOMMENDED ACTION <br />Adopt resolution. <br />SACS Admin Files CRD \CCOUNCIL42010406 JuneWune 224Agenda Report.DOC <br />Agenda Report <br />FROM: Sean P. Quinn, City Manager <br />Eve Somjen, Community Resources Director 35 <br />Lark Ferrell, Sr. Project Manager ram <br />Agenda Item No. 2 <br />SUBJECT: City Resolution Authorizing the Submittal of an Application to the <br />California State Department of Housing and Community <br />Development for Funding under the CalHome Program; the <br />Execution of a Standard Agreement if selected for Such Funding <br />and Any Amendments thereto; and Any Related Documents <br />Necessary to Participate in the CalHome Program <br />STATEMENT OF ISSUE <br />This resolution authorizes the City to apply for up to $1,000,000 in funds from the State <br />CalHome Program for owner occupied rehabilitation and first time homebuyer <br />assistance. If the City's grant is approved, this would provide deferred loans to a <br />minimum of 10 low- income homeowners to make improvements to their homes. It <br />would also provide deferred loans to approximately 13 first time low- income <br />homebuyers to purchase homes. The funding would be targeted to homes located <br />within a redevelopment project area or within the Neighborhood Stabilization Program <br />(NSP) boundaries (see attached map). <br />DISCUSSION <br />The State recently issued a Notice of Funding Availability (NOFA) that it is accepting <br />applications for funding under the CalHome Program. This funding is provided under <br />Proposition 1C, the Housing and Emergency Shelter Trust Fund Act of 2006. The <br />CalHome Program provides grants to local jurisdictions and non profits for first time <br />homebuyer assistance and owner occupied rehabilitation. In the past, the City has <br />used CalHome funds for both owner occupied rehabilitation and mortgage assistance. <br />