AgdaPkt 2000-06-12 - Laserfiche WebLink

Browse Search

lAz, ~ February 9, 2000. The Committee established its work program and began discussion of the program structure. ~ March 1, 2000. Staff presented a variety of models from other communities and the program managers discussed the best program features. ~ March 15, 2000. Staff presented a list of program criteria and the Committee made its recommendations on these features. ~ April 5, 2000. At the preceding meeting, the Committee had reviewed a survey form to be circulated to those groups that the Agency had indicated they wished to target - teachers and City employees. At the April 5 meeting, the Committee reviewed the results of the surveys received and reaffirmed their recommendation to the Agency Board. Program Objectives The original charge to the Committee was to develop a program that provided assistance to targeted populations, with special focus on teachers. The committee heard from legal counsel that the program could not be restricted just to targeted groups but that it could provide a preference to certain populations. The Committee's recommendations on targeting are discussed at length following. The Committee developed some basic objectives for the FTHB: 1. For targeted populations the FTHB should provide an incentive for the household to stay with the Redwood City School District (RCSD) or City as long as possible. 2. For non-targeted populations the FTHB should assist the household to buy a home but should then provide maximum incentive for them to refinance and pay back the program, so additional loans could be made. 3. The FTHB should assist first time homebuyers.1 The following staff report is intended to act as the program guidelines. Wherever possible the recommendations of the Committee have been highlighted in bold. Targeting. This recommended FTHB program provides priority to teachers and City employees. They will be provided first opportunity to complete the required seminar in home purchase and to make application for the pool of funds. A number of issues arose over defining the target groups. City employees presented no definitional problems2. However, the Committee deliberated over the following items with regard to teachers: 1 The lending agencies define this as someone who has not owned their principal residence for at least three years. 2 City employees should be on regular status at the time of application. 2