To: Board of County Commissioners
From: Derek Bradshaw, Director of Planning
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 Fairway Independent Mortgage Corporation 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 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.
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
IMPACT ON OTHER COUNTY DEPARTMENTS OR OUTSIDE AGENCIES:
N/A
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
BE IT RESOLVED, BY THIS Board of County Commissioners of Genesee County, Michiga...
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