HomeMy WebLinkAboutAttachment No. 1 HOME Applications SummaryAttachment No. 1 Updated 3-14-12
FY 2012-2013 National City HOME Applications
HUD FY2012 HOME Entitlement: $251,533.00
HOME Program Income: $2,235,107.45
Uncommitted HOME Funds: $902,072.61
Total HOME Available for FY2013: $3,388,713.06
#
Agency Name
Program Activity
Amount Requested
26
Habitat for Humanity
Acquisition Rehabilitation for Homeownership
$ 650,000.00
Program
Program Overview: The program would acquire foreclosed homes in need of rehabilitation and sell them to low-
income families by providing down payment assistance and low or no interest loans. The program funds could
initially rehabilitate 3 units of single family housing in National City. The proceeds from these units could be
pledged to finance the rehabilitation of an additional 3 to 5 units of affordable housing. The homes would be
sold to families at or below 80% of area median income. Habitat for Humanity has established a solid track
record in National City of developing affordable homeownership housing. The City previously partnered with
Habitat for Humanity to develop 14 units of affordable homeownership housing using HOME Program Funds.
The
Program is a low risk since the HOME funds are secured by the property by a deed of trust.
27
Community HousingWorks Reality &
Homebuyer's Down payment Assistance
$ 200,000.00
Lending
Program -
Program Overview: The program would assist families purchase a HOME in National City by providing up to
$40,000 in assistance. The program has assisted 4 homebuyers in the last two years and provides low income
families with housing counseling and education as they apply for financing. Community HousingWorks is
committed to sustainable homeownership and provides post -purchase counseling to homeowners in need. The
full -cycle lending program ensures long term success in homeownership and creates and overall positive impact
in the neighborhoods. The program assists families under 80% of area median income. The program is very
low risk
as HOME funds are provided at closing of the homebuyer's purchase.
28
City of National City Housing and
National City Owner -Occupied Rehabilitation
$ 290,049.01
Grants
Program
Program Overview: The primary purpose of program is to provide decent, safe, and san tary housing
throughout National City. The program revitalizes aging single-family properties in the City of National City and
assists low income homeowners with financing to rehabilitate their property. The housing unit to be
rehabilitated must be the primary residence of the owner/borrower. Households must have an annual gross
income that does not exceed 80% of the area median income for San Diego County. Two loans have already
closed with two families in the process of closing on a rehabilitation loan. There are three (3) families currently
on the waiting list that will be processed when next year's funding has been allocated. The program is a low
risk as a comprehensive inspections are conducted by City staff. City staff also closely monitor the contractor
and construction process.
29
Paradise Creek Housing Partners,
L.P./Community HousingWorks
Predevelopment Loan for the West Side
Transit Oriented Development Project
$ 2,000,000.00
Program Overview: Community Housing Works (CHW), in partnership with Related Companies of California, is
party to an Development and Disposition Agreement with the Community Development Commission of the City
of National City (now the Successor Agency) for the Public Works site, mixed use, affordable housing
development. Preliminarily, it is anticipated that the development would include approximately 201 units of
affordable rental housing, built in two separately financed developments. The requested HOME funds would be
used for a portion of predevelopment expenses for Phase 1 of 2, currently estimated at 109 units. The project
would provide affordability at or below 30%, 50%, and 60% AMI. The risk to the City is high if collateral or
guarantee is not provided for the loans as the City would have to repay at least $1.8 million of the loan funds if
the units proposed were not constructed, or if construction was delayed for more than 4 years from the time of
the award.
N/A
City of National City, Housing and
Program Administration
$ 248,664.05
Grants
Program Overview: These funds will be used to pay for the administration of the HOME Program which includes
but is not limited to staffing costs and supplies. The HOME Program requires several levels of project and
program oversight including contract and construction oversight and monitoring.
Total Plannina and Administration Renuests ( $ 3,388,713.06
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