Title
Homebuyer Assistance Program Policies & Procedures
Recommended Action
I move that Council approve the Homebuyer Assistance Program Policies and Procedures.
County Manager's Recommendation
The County Manager recommends that Council approve the Policies and Procedures
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 (households with incomes below 80% of Los Alamos County Area Median Income). The program purpose is to assist income eligible households to purchase a home in Los Alamos County by providing non-amortizing deferred down payment loans. In order to formally move toward implementation of the program, Council must review and approve the program policies and procedures. Los Alamos Housing Partnership, Inc. (LAHP) has been contracted to administer the program and provide complete homebuyer services on behalf of the County under General Services Agreement AGR18-702 as approved at the July 25 Council public meeting.
The Homebuyer Assistance Program Policies and Procedures (Attachment A) was developed by LAHP and County staff as stipulated by the vendor contract. It is anticipated that the Policies and Procedures document will need periodic updates as program issues arise or identified that are not addressed in them.
The Homebuyer Assistance Program Policies and Procedures provide a framework for program activities and outline the various roles and responsibilities for County staff and any entities involved in implementing the program. The document is essentially structured into two sections, wherein the Policies state the overall program purpose and principles that guide decisions, and the Procedures explain the step-by-step tasks and workflows which are required to be performed for each major program stage. In general, Program aspects included in the Policies and Procedures are: loan limi...
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