To: Dr. Beverly Brown, Community & Economic Development Committee Chairperson
From: Derek Bradshaw, Director
title
RE: Approval to enter into agreements with Preston Home Loans for the purpose of providing down payment assistance to eligible Home Investment Partnerships, Neighborhood Stabilization Program (NSP), and Neighborhood Purchase Rehab Resale Program (NPRR) homebuyer
recommendation
BOARD ACTION REQUESTED:
Staff is requesting approval to enter into agreements with Preston Home Loans. for the purpose of providing down payment assistance to eligible Home Investment Partnerships, Neighborhood Stabilization Program and Neighborhood Purchase Rehab Resale Program homebuyers. Staff is requesting the agreements be signed by Genesee County Board Chairperson, James Avery, with approval for Derek Bradshaw to sign the mortgage and lien documents.
BACKGROUND:
Genesee County Metropolitan Planning Commission staff works with local lenders to provide down payment financial assistance to qualified home homebuyers. Under the Neighborhood Stabilization Program and Neighborhood Purchase Rehab Resale Program funding, newly rehabilitated homes are sold to eligible households. The HOME Down Payment Assistance (DPA) Program's goal is to assist very low, low-and moderate-income families achieve homeownership. Home DPA provides up to $10,000 in down payment and closing cost assistance to each eligible homebuyer.
DISCUSSION:
All lending institutions that wish to participate in the Down Payment Assistance programs go through a review process by staff and must have a formal agreement with Genesee County. This ensures that local lenders are aware of, and in compliance with the federal regulations and that Genesee County's assistance program is followed correctly by the lender's underwriters.
IMPACT ON HUMAN RESOURCES:
No impact on Human Resources.
IMPACT ON BUDGET:
HOME, NSP 1&3, NPRR funding is in the current budget.
IMPACT ON FACILITIES:
No impact on facilities.
IMPACT ON TEC...
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