PREPARED BY: ELIZABETH LOPEZ DATE OF MEETING: 11/18/2024
SUBJECT:
TITLE
CONSIDER ADOPTING RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN PABLO APPROVING THE ADDITION OF A RESIDENTIAL REHABILITATION LOAN COMPONENT TO THE SAN PABLO LOAN ASSISTANCE FOR SUSTAINABLE HOUSING ("SPLASH") PROGRAM, AMENDING CREDIT QUALIFICATIONS FOR THE SPLASH PROGRAM, AND AUTHORIZING THE CITY MANAGER TO EXECUTE A NEW ADMINISTRATIVE SERVICES AGREEMENT WITH THE SAN PABLO ECONOMIC DEVELOPMENT CORPORATION (SPEDC) THAT (1) EXTENDS THE CURRENT SPLASH PROGRAM ADMINISTRATION SERVICES PROVIDED BY SPEDC THROUGH JUNE 30, 2025, (2) AMENDS THE CURRENT SCOPE OF WORK TO INCLUDE ADMINISTRATION OF A NEW SPLASH RESIDENTIAL REHABILITATION PROGRAM, AND (3) PROVIDES FOR TWO ONE-YEAR AUTOMATIC RENEWALS SHOULD SUFFICIENT LOW AND MODERATE INCOME HOUSING FUNDS REMAIN
CEQA: This proposed action is not a project as defined by CEQA.
Label
CITY MANAGER RECOMMENDATION
Recommendation
Adopt Resolution
BODY
COUNCIL PRIORITY WORKPLAN STATEMENT
Major Policy Goal: Expand Housing Options is a top Council Priority under the FY 2023-25 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
The City Council adopted the SPLASH program on November 16, 2020, and then approved revisions to the program guidelines on February 22, 2022. The SPLASH program provides down payment assistance in the form of deferred payment loans with a thirty-year term to income-qualified, first-time homebuyers who choose to purchase a home in the incorporated City of San Pablo. The City Council allocated $1,000,000 to this program from the San Pablo Housing Successor Agency ("HSA") Low and Moderate Income Housing Asset Fund ("LMIHAF") to serve low-income households, defined as households earning 80% or less of area median income. The funds are offered though shared appreciation loans of up to $100,000 and no more than 20% of the purchase price. Veterans, seniors, first-responders and teachers are prioritized.
The City Counci...
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