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<br />I A 'L1.. <br /> <br />GENERAL OBJECTIVE <br /> <br />First Home, Inc (hereinafter referred to as FHI) proposes to offer its resources and services in the <br />structuring and administration of a First Time Homebuyer Program for Redwood City hereinafter referred <br />to as the (RCFTHBP). FHI proposes to assist in structuring and administering a program with the <br />following specific program objectives. <br /> <br />1) <br />2) <br /> <br />3) <br /> <br />Create a highly coordinated and well managed system to assist and service the prospective <br />homebuyer through all elements of the home purchase process. <br />Establish a program with a strong concentration on education and counseling. This will enable <br />the program homebuying prospects to establish, when necessary, an effective mid to long term <br />home purchase plafl. <br />Create and implement an effective outreach program to help motivate prospective qualified <br />homebuyers to participate in the RCFTHB. <br /> <br />PROGRAM ADMINISTRATOR PARAMETERS <br /> <br />The following program parameters and assumptions have been applied in preparing Redwood City's <br />RCFTHB proposal: <br /> <br />1) <br /> <br />Redwood City has the intent of funding up to 15 down payment assistance loans to the general <br />public who either work or live in Redwood City. Specific concentration will be di~ected towards a <br />targeted market base which will include qualified employees within designated school districts <br />and Redwood City public employees. <br />The maximum income for qualifying households can not exceed 120% of the areas median, as <br />established by HUD for the San Mateo region. <br />All participants in the program must be first time homebuyers. <br />Borrowers will participate in a silent loan program of which the terms and amount of the loan will <br />be established by Redwood City. <br />The contractor, FHI, will be involved with all aspects in assisting the prospective homebuyers in <br />securing a loan and purchasing a home under the RCFTHB, not limited to all the requisite <br />education and counseling required to prepare the borrower for the purchase process and <br />responsibilities of home ownership. <br /> <br />2) <br />3) <br />4) <br /> <br />5) <br /> <br />PROGRAM COMPONENTS <br /> <br />Specific areas of involvement by FHI in administration of the RCFTHB will include: <br /> <br />w <br />m <br />w <br />w <br />m <br />m <br /> <br />Program education <br />Program counseling <br />Program loan processing <br />Program document underwriting <br />Program promotion <br />General program operations and administration <br /> <br />Page 1 <br />