To: Board of Supervisors
From: Planning and Building Department
SUBJECT:
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HOME Program First Time Homebuyer Grant Application
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors approve submission of a First Time Homebuyer Grant Application, in the amount of $1,000,000; and authorize the Director of Planning and Building to execute, in the name of the applicant, all documents required to carry out grant activities by approving the attached Resolution.
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SOURCE OF FUNDING:
State of California Housing and Community Development (HCD) HOME Program.
DISCUSSION:
On July 31, 2018, your Board considered and approved an application for a HCD Home Investment Partnership Program (HOME) First-Time Homebuyer (FTHB) Program for $500,000 to assist individuals or families with the purchase of a home. Applications were due August 6, 2018.
Subsequent to your action, the HCD HOME Program extended the deadline to August 23, 2018. The program has a reward system for high performers allowing them to apply for the maximum available. The HOME Program HCD representative contacted the department about the opportunity to apply for a larger sum of HOME grant funding available to county's with a history of exceptional performance. The County of Humboldt is considered by HCD as a high performer and has been asked to consider applying for the maximum amount available, which is $1,000,000.
The proposal before your Board amends the prior July 31, 2018 resolution, which authorized submission of an application for $500,000. The amended resolution authorizes increasing the grant application by an additional $500,000 for a total of $1,000,000.
The attached resolution is the same in all respects except for the maximum grant amount now totaling $1,000,000. In order to be eligible to receive the full grant amount of $1,000,000, staff recommends that your Board approve the HOME grant submission and authorize execution of all documents.
FINANCIAL IMPAC...
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