Title
General Services Agreement No. AGR18-702 with Los Alamos Housing Partnership, Inc., in an Amount Not to Exceed $80,685.60 for the Purpose of Administering a Homebuyer Assistance Program for a Term Beginning July 26, 2017 through June 30, 2020 and the Option of Two Two-year Extensions.
Recommended Action
I move that Council approve General Services Agreement No. AGR18-702 with Los Alamos Housing Partnership, Inc., in an Amount Not to Exceed $80,685.60 for the purpose of administering a Homebuyer Assistance Program for a term beginning July 26, 2017 through June 30, 2020 and the option of two two-year extensions.
County Manager's Recommendation
The County Manager recommends that Council approve this General Services Agreement as requested.
Body
The Homebuyer Assistance Program is authorized under County Municipal Code Chapter 14, Article VII which allows the County to fund and implement a homebuyer assistance program for low income homeowners (below 80% of Los Alamos County Area Median Income). The financial assistance that the program will provide will be in the form of a loan, the terms of which will vary depending on the income level of the borrower. The program will consider all types of homes as eligible however a home inspection may be required by the County or its designated agent to determine whether the home is adequate in terms of condition and for the applicant’s housing needs. Maximum allowable home purchase price for the program if HUD funds are used will be based on HUD home purchase price limits which currently are 1-BR ($238,000), 2-BR ($304,000) and 3-BR ($368,000). Based on US Census 2010-14 estimates at least one-third of households in the County are considered low income, equal to approximately 5,000 households. A proportion of low income households would choose to buy a home in the County if an affordable home suited to their needs was available.
Request for Proposals
On April 20, 2017 staff issued a Request for Proposals RFP1...
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