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OCII approves $180,000 MOU with MOHCD to fund Legacy Foundation down-payment grants
Summary
The OCII Commission voted 4-0 to authorize a one-time $180,000 payment to the Mayor’s Office of Housing and Community Development to administer the Legacy Foundation Homeownership Down Payment Assistance Program, creating five forgivable loans targeted to three Bayview ZIP codes.
The Office of Community Investment and Infrastructure Commission on a 4-0 vote authorized a memorandum of understanding with the Mayor’s Office of Housing and Community Development (MOHCD) to fund a Legacy Foundation homeownership down-payment assistance program with a one-time payment of $180,000 from the Hunters Point Shipyard Phase 1 community benefit fund.
Kashika McKinney, presenting the item, said OCII’s payment would fund five forgivable loans of $32,500 each. McKinney described the loans as interest-free with no monthly payments; the principal balance would decrease by 20% each year starting after year five and be forgiven in full at the end of the tenth year. MOHCD would retain up to $9,000 (5%) to cover administrative fees and the funds would be transferred within 90 days of MOU execution, McKinney said.
The program — referred to in the…
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