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Ukiah adopts CDBG first-time homebuyer guidelines for $1.5 million award
Summary
The council adopted guidelines required to implement a $1.5 million Community Development Block Grant first-time homebuyer program; loans will be deferred 1% interest, second-position loans for eligible households under 80% of area median income.
The Ukiah City Council voted Tuesday to adopt program guidelines for a Community Development Block Grant (CDBG) first-time homebuyer program after staff said the city had been awarded $1.5 million for the initiative.
Jim Robbins, the city's housing and grants manager, told the council the State of California Department of Housing and Community Development provided model guidelines and that the city’s draft follows state templates required as part of the grant award (State standard agreement 24 CDBG 10016). The program will provide financial assistance to low- and moderate-income first-time homebuyers in the form of deferred, 1% simple-interest second-position loans for up to 45 years. Eligible households must have incomes below 80% of area median income and cannot have owned a home in the prior three years.
Robbins said initial demand is expected to exceed available funds; staff estimated the program could fund roughly six to ten loans depending on sales prices and loan terms. Council opened and closed a public hearing with no speakers. A council member moved and seconded the staff recommendation and the council adopted the resolution by roll-call vote.
Provenance: Presentation, public hearing and adoption discussion appear in the transcript beginning at 00:59:47 and concluding with the roll-call vote; representative excerpts are cited below.
Ending: Staff said the city has previously run first-time homebuyer programs and expects the new funds to supplement other local homebuyer assistance once program agreements are finalized.
