RDA Min 1994-08-29 - Laserfiche WebLink

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. . I 3. GENERAL , A. First Time Home Buyer's Program -- Wyndham Place (1402-21) REPORT: Redevelopment Agency Executive Director, July 27,1994 Housing Coordinator Jones- Thomas described the eight (8) elements of the proposed Program: Resident Incomes; Preferences for Occupancy; First Time Home Buyers; Sources of Financial Assistance; Subsidy Recapture; Size of Household; Resale Provisions; and Responsibility for Marketing. In response to Director Gasparini's questions, Housing Coordinator Jones-Thomas explained why decisions were made to give preference to families with five or more members who might not qualify elsewhere, and described available HOME funds. Director Gasparini asked staff to give some consideration to couples who delay having children in order to buy a home, and how the Agency's policy could help them. MEMO 8/30/94 In response to Director Sanfilipo's questions, Housing Specialist Svoboda advised that i the Agency would recapture some of its subsidy from the land sale proceeds; and, the i amount of recapture would depend on the prevailing interest rate (the sale prices are - fixed at affordable rates.) Director Sanfilipo requested background reports on this issue to determine if the Agency had originally decided to return the proceeds to the Agency's budget to be used on other projects; or, if the Agency approved using the recaptured funds for further Wyndham Place subsidies. MEMO 8/30/94 Director Sanfilipo requested the following changes to the policy: Page 3, V. Tenns of Financing...replace "not to exceed thirty years" with "not to exceed tenus of first mortgage or deed of trust. " Page 4, V. Terms of Financing...replace "6% interest" with "below market rates." Page 7, c) replace "10 months" with "12 months." Page 13, IV. Residence, Income and EmploymenLadd "current month's paycheck stub." U MINUTE BOOK NO.1 Special Redevelopment Agency Minutes Page No. 201 August 29, 1994 Page 2