Office of the City Manager
Housing Division
777 B Street, 4
th Floor
Hayward, CA 94541-5007
T: 510.583.4454 | F: 510.583.3650 | www.hayward-ca.gov
Interoffice Memorandum
DATE: February 15, 2022
TO: Dustin Clausen, Director of Finance
THROUGH: Christina Morales, Housing Manager
FROM: Jennifer Ott, Assistant City Manager
SUBJECT: FY 23 Master Fee Schedule Update
The
Housing Division under the City Manager’s Office is tasked with servicing residential and rental housing development loans and administering the resale restrict ions related to the City’s Below Market Rate (BMR) housing portfolio. The Housing Division is re questing the addition of Loan Servicing Fees (see Table 1) to the City Manager Section of the Master Fee Schedule. These fees are intended to:
Recover costs related to the administration and servicing of th e C i t y ’ s l o a n a n d B M R p o r t f o l i o s ( S t a f f i s o n l y r e c o m m e n d i n g p a r t i a l r e c o v e r y f o r l i mited equity BMR units and h o m e b u y e r l o a n s d u e t o t h e n a t u r e o f t h e p r o g r a m s t o h e l p c o m m unity members b uild assets)
Standardize fees across p
rograms
Provide
transparency to the public about fees already existing i n t h e a f f o r d a b l e h o u s i n g agreements
E n ab l e t h e Ci t y t o i n c r eas e f ee s i n c l u d e d i n l o n g -t e r m af fo r d able housing agreements and mitigate c
ost increases
Table 1: Summary of New Fees Request
LOAN SERVICING
General
1. Title Report Actual Costs Per Report
2. Property Appraisal Report
Actual Costs Per Report
3. Recording Fee
Actual Costs or $50.00 Min. Per Document
4. Public Document Preparation Fee $100.00 Per Document Homeownership Loan Programs
1. Subordination Fee (does not apply to
CDBG a
nd HOME) $600.00 Per Transaction
2. Late Payment Fee The greater of 6% or $5.00
Min.
Monthly Loan Payment
after 15 days
ATTACHMENT IV
Office of the City Manager
Housing Division
777 B Street, 4
th Floor
Hayward, CA 94541-5007
T: 510.583.4454 | F: 510.583.3650 | www.hayward-ca.gov
Below Ma
rket Rate Program Fees
1. Subordination Fee $600.00 Per Transaction
2. Resale Fee 0.5% Purchase Price
3. Exercise City Option to Purchase 3%
Maximum Restricted
Resale Price
Affordable Rental Housing
1. Loan Modification Fee Actual Costs
Time and Materials
2. Subordination Fee Actual Costs
Time and Materials
3. Monitoring Fee
$50.00 Per Unit
4. Resale Fee Actual Costs
Time and Materials
5. Legal Fee
Actual Costs Per Transaction
Included:
Proposed Fees Analysis Excel Workbook