To: Dr. Beverly Brown, Community & Economic Development Committee Chairperson
From: Derek Bradshaw, Director
title
RE: Approval of an agreement with Huntington National Bank to provide down payment assistance to eligible participants in Genesee County's HOME Investment Partnership Program, Neighborhood Stabilization Program , and Neighborhood Purchase Rehab and Resale Programs
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 homebuyers participating in the Home Investment Partnerships Program (HOME), Neighborhood Stabilization Program (NSP), and Neighborhood Purchase Rehab Resale Program (NPRR). Staff is requesting that Genesee County Board Chairperson Dale Weighill sign the agreements and that approval be granted for Derek Bradshaw, Director of GCMPC, to sign the mortgage and lien documents.
BACKGROUND:
The Genesee County Metropolitan Planning Commission partners with local lenders to provide financial assistance to qualified HOME homebuyers for over 30 years. Under the NSP program and NPRR 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 that wish to participate in the Down Payment Assistance Program must complete an application process in which audits, insurance coverage, and loan approval documents are reviewed. After these documents have been verified, lenders will enter into a formal agreement with Genesee County. This process ensures that local lenders are aware of and comply with federal regulations, and that Genesee County's assistance program is properly followed by the lenders' underwriters.
IMPACT ON HUMAN RESOURCES:
No impact on Human Resources.
IMPACT ON BUDGET:
HUD grant funds, no impact on general funds.
IMPACT ON FACILITIES:
No impact on facilities.
IMPACT ...
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