ADMINISTRATIVE REPORT
MEETING DATE: January 8, 2025 AGENDA CATEGORY: Consent- Agreements TO: Honorable Mayor and City Council
FROM: Jennifer M. Byers, Economic and Community Development Director DATE: January 18, 2025
SUBJECT: Amendment No. 3 to Agreement 2020 -255 with VCCDC for the Hope to Home Down Payment Assistance Program
RECOMMENDATION:
Staff recommends approval of the amendment.
BACKGROUND:
On April 8, 2020, City Council approved the Fiscal Year 20 20-2021 Action Plan, allocating $250,000 for a Down Payment Assistance program.
On December 16, 2020, Council approved Agreement No. 2020-255 with Ventura County Communi ty Development Corporation (VCCDC) to provide the Hope to Home Down Payment Assistance Program. The program utilizes HOME Investment Partnership grant funds to provide down payment assistance to at least ten (10) eligible low-income households, in an amount of up to $23,000 per household.
On March 8, 2023, City Council approved Amendment No. 1 to Agreement No. 2020 -255 increasing the purchase price from $230,000 to $337,250, increasing the grant amount per household from $23,000 to $40,000 and extending the term of agreement to March 1, 2025.
On May 4, 2021, City Council approved the Fiscal Year 2021-2022 Action Plan, allocating $250,000 to Down Payment Assistance.
On May 28, 2024, City Council approved Amendment No. 2 to Agreement No. 2020 -255 to increase the amount of the grant to $500,000 and increase the eligible program delivery and administrative costs to $3,000 per file.
The City now desires to enter into Amendment No. 3 to Agreement No. 2020-255, to extend the term of the Agreement to March 1, 2027, increase the amount of grant to $770,000 to provide down payment assistance to 18 eligible households, and increase the maximum purchase price to $385,700.
FISCAL IMPACT:
Funds were budgeted as part of the Fiscal Year 24-25 Department of Hous ing and Urban Development Action Plan and will result in no impact to the general fund.
COUNCIL GOAL:
Safety and Resilience
ATTACHMENT:
Amendment No. 3 to Agreement No. 2020-255