AgdaPkt 2000-06-12 - Laserfiche WebLink

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7A l The consultant will provide front-end promotion and marketing of the program, provide education' arid counseling to the applicants and handle the loan processing and underwriting. It is envisaged that loan packages, once prepared by the consultant, will be forwarded to staff for review and approval and for processing of payments.5 The consultant will also handle administration of program units that sell or are refinanced over time. The not-to-exceed cost of these services, assuming the expenditure of the complete $1,500,000 appropriation, is $53,050. Schedule The program funding becomes available with the new budget year. The consultant will promote the program as soon after program approval as possible. Applications will be received and date and time stamped. The applications will be divided into two groups - those households that can document completion of a First time Homebuyer Seminar at the time of application, and those that cannot. First priority will be provided to the group that has completed the Seminar. If funding remains after all these first priority applications have been processed, the consultant will then go to the second group in the time and date order received. Conclusion Staff and the Committee recommend this FTHB to the Agency Board as an important piece in the City's overall housing strategy. --- Attachment 1. Equity participation floor and ceiling. 2. Equity participation rates by sales price (equity curves). 3. Graph of equity curves. 4. Resolution and agreement with First Home Inc. 5. Sample program documents (draft) 5 The documents attached are samples only at this time, and will have to be approved by FannieMae and other agencies. The consultant will forward final documents to staff for review and approval. Program changes will come back to the Agency Board for approval. 7 .~..... . --'Y" .......