Title
Homebuyer Assistance Program Policies & Procedures Amendments
Recommended Action
I move that Council approve the proposed changes to the Homebuyer Assistance Program Policies and Procedures.
County Manager's Recommendation
The County Manager recommends that Council approve the proposed changes to the Policies and Procedures
Body
The Homebuyer Assistance Program is authorized under County Municipal Code Chapter 14, Article VII, Division 3, which allows the County to fund and implement a Homebuyer Assistance Program for low income homeowners (households with incomes below 80% of the true 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. County Council approved the program policies and procedures at the September 5, 2017 Council meeting. Los Alamos Housing Partnership, Inc. (LAHP) has been contracted to administer the program 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 were developed by LAHP and County staff. The 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. As stipulated on page 1 of the Policies and Procedures document, periodic updates are required as program, community, and lending sector conditions change or situations arise. A draft of the program policies and procedures has been provided with this staff report which highlights the proposed changes described herein.
Staff are proposing two policy changes to lending and underwriting criteria for the program. The proposed policy changes are:
1. Increasing the permitted Cumulative Loan to Value (CLTV) to 105% (with value being determined by purchase price) from the current program l...
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