To: Dale K. Weighill, Community & Economic Development Committee Chairperson
From: Derek Bradshaw, Director
title
RE: HOME Program, Neighborhood Stabilization Program (NSP), and Neighborhood Purchase Rehab and Resale Program (NPRR) Participating Lender Agreements
recommendation
BOARD ACTION REQUESTED:
Staff is requesting approval to enter into agreements with The Huntington National Bank for the purpose of providing down payment assistance to eligible Home Investment Partnerships, Neighborhood Stabilization Program and Neighborhood Purchase Rehab Resale Program homebuyers. We are requesting the agreements be signed by Genesee County Board Chairperson, Ellen Ellenburg and approval for Derek Bradshaw to sign the mortgage and lien documents.
BACKGROUND:
Genesee County Metropolitan Planning Commission staff works with local lenders to provide 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. Genesee County's NSP and NPRR allows down payment assistance to eligible buyers.
DISCUSSION:
All lending institutions who wish to participate in the Down Payment Assistance program 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. TCF Bank, which is currently an approved lender, has been purchased by The Huntington National Bank.
IMPACT ON HUMAN RESOURCES:
N/A
IMPACT ON BUDGET:
HOME, NSP 1&3, NPRR funding is in the current budget.
IMPACT ON FACILITIES:
N/A
IMPACT ON TECHNOLOGY:
N/A
IMPACT ON INDIRECT COSTS:
N/A
CONFORMITY TO COUNTY PRIORITIES:
This meets Genesee County's priority of healthy, livable & safe communities. This funding would help provide better homeownership opportunities f...
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