HAYWARD CITY COUNCIL
RESOLUTION NO. 23-______
Introduced by Council Member_______________
RESOLUTION AUTHORIZING (1) THE REALLOCATION OF $2 MILLION IN AMERICAN RESCUE PLAN ACT OF 2021 (ARPA) FUNDS FOR A DOWN PAYMENT ASSISTANCE (DPA) PROGRAM; AND (2) THE CITY MANAGER TO EXECUTE LOAN DOCUMENTS AND ADMINISTER THE LOANS INCLUDING SUBORDINATE, EXTEND OR MODIFY REPAYMENT TERMS TO PROVIDE DOWN PAYMENT ASSISTANCE LOANS IN AN AMOUNT NOT-TO-EXCEED $300,000 PER LOAN WHEREAS, on March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA), also known as the COVID-19 Stimulus Package, which included over $65 billion in direct federal relief to cities; and WHEREAS, on July 13, 2021, the City Council adopted Resolution No. 21-139 approving the City of Hayward Federal Stimulus Expenditure Plan for $38 million in stimulus funding and authorizing appropriation of $18.9 million in ARPA funding for immediate projects and programs, including $4.25 million for Housing programs; and WHEREAS, homeownership is recognized as a pathway to wealth creation and down payment assistance programs can help historically disadvantaged communities like lower-income families and people of color, make homebuying more affordable and can reduce the racial wealth divide; and WHEREAS, $2,000,000 of ARPA funds allocated to Housing programs is available to reallocate to a down payment assistance program to promote homeownership and wealth building; and WHEREAS, the City Council wishes to establish a revolving loan fund to ensure loan proceeds from the down payment assistance program will assist future eligible households.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Hayward, that $2,000,000 of the Housing ARPA funds be reallocated to a down payment assistance program; and BE IT FURTHER RESOLVED, that the City Council authorizes the establishment of a revolving loan fund for down payment assistance; and BE IT FURTHER RESOLVED, that the City Manager is hereby authorized to execute loan documents to provide downpayment assistance, administer the loans, and subordinate, extend or modify repayment terms, consistent with this resolution and its basic purpose, in a form to be approved by the City Attorney, in an amount not-to-exceed $300,000 per loan.
IN COUNCIL, HAYWARD, CALIFORNIA ______________, 2023
ADOPTED BY THE FOLLOWING VOTE:
AYES: COUNCIL MEMBERS:
MAYOR:
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ATTEST:
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City Clerk of the City of Hayward
APPROVED AS TO FORM:
__________________________________________
City Attorney of the City of Hayward
ATTACHMENT II