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The Board concurred with proposed priorities and included people who had previously <br />lived in Redwood City, but moved due to the cost of housing. To further determine <br />priority for the HOME assisted unit, currently occupying substandard housing has been <br />added to be consistent with "Federal Preference Rules For Assistance." <br /> <br />3. First Time Home Buyers <br /> <br />Page 3 of the Program Description provides some definitions of a First Time Home Buyer. <br />This and most of the other definitions proposed by staff have been "borrowed" from <br />operating First Time Home Buyer Programs in the area. <br /> <br />The Board proposed no changes to the definitions as stated. <br /> <br />4. Sources of Financial Assistance <br /> <br />Staff anticipates that most of the applicants for these units will need financial assistance to <br />make the down payment and closing costs, even at below market prices. The Program <br />Description proposes that this additional financial assistance be provided by the $350,000 in <br />HOME funds which the City received. <br /> <br />The Board Concurred that HOME funds would be used, but did not commit land sale <br />proceeds from the Wyndham Place project to this program. <br /> <br />5. Subsidy Recapture <br /> <br />Staff proposed that HOME subsidies be provided as a loan and secured by a deed of trust. <br /> <br />The Board agreed that grants to the purchasers would not be recaptured and would <br />require the Agency to budget funds in the future to ensure that subsequent purchasers <br />would afford the units. Subsidies provided as loans could be recaptured and then used <br />to assist the subsequent buyers without further financial assistance needed from the <br />Agency. <br /> <br /> 6. Size of Household <br /> <br /> Priorities for selection proposed that preference for HOME funds be given to households of <br /> five or more persons in three bedroom units. The City's CHAS documents the extent to <br /> which this market area is extremely deficient in larger units. Staff believes this preference <br /> will correct this deficit to some extent. <br /> <br /> The Board agreed and acknowledged that future projects containing smaller units would <br /> also be available for single persons and smaller households. <br /> <br /> <br />