Operating and CIP Budget Fiscal Year 2015-16

Housing Programs (continued)

ing Agreement to BMR Closing, and closed all BMR new construction homes by builder deadlines

 CITY OF MORGAN HILL  FY15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP

 Closed 8 BMR new construction transactions, closed 8 re-sale transactions, 8 Pending transactions are in real es- tate contract with close of escrow dates, and an additional 25 new construction transactions will close by June 30, 2016

 Closed 9 BMR first mortgage refinances for current BMR Homeowners with approval and subordination from the City, and 17 applications are in the process for those who want to refinance their first mortgage

 Conducted BMR Monitoring and Compliance, 439 out of 456 current Morgan Hill BMR Home Owners responded with a self-affidavit or received a “Home Owner Occupancy Certificate,” ongoing follow up on 17 open cases that have Homeowner Occupancy issues and 13 cases that are open for Deed Restriction Default investigations

 $863,464 NHSSV capitalized to purchase and rehabilitate 2 BMR homes in mortgage default for re-sale to a new qualified Morgan Hill BMR buyer

 3,852,329 in NHSSV First Mortgage loans provided to 13 Morgan Hill BMR borrowers

 $1,269,150 in Down Payment Assistance loans underwritten by NHSSV and directed to Morgan Hill BMR borrowers

FY 15-16 WORKPLAN

 Refine consultant services agreement for BMR Program Administration

 Explore opportunities to create a sustainable BMR framework, improving upon past success, building valuable regional partnerships and consider ways to attract funding from non-traditional sources, develop legislation work- ing group with NHSSV and Fannie Mae on City’s rights for non-judicial BMR foreclosures

 Monitor housing production and assist with Housing Element Update

 Report back to City Council on direction provided at May 7, 2014 Housing strategy meeting

 Coordinate the City’s annual CDBG CIP grant application to the Urban County, HOME funds, and the award of pub- lic service grants in partnership with the County

 Facilitate the financing or pre-development activity for one new affordable housing project during the current housing element period or issue RFP to ascertain developer interest

 Assist with annual review of housing related fees

 Assist with the review of the annual RDCS applications

 Explore partnership with The Housing Trust for additional programs or leverage funds in another fashion

 Purchase new software to help Finance manage and track loans and BMR units

CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET

265