City Council
February 14, 2023
AGENDA REPORT
TO: G. Harold Duffey FROM: Christina Mun
Interim City Administrator Interim Director, Housing & Community Development
Department
SUBJECT: Apply For CalHome 2023 Grant DATE: January 23, 2023
City Administrator Approval Date:
RECOMMENDATION
Staff Recommends That The City Council Adopt A Resolution Authorizing The City Administrator To (1) Apply For, Accept And Appropriate CalHome Grant Funds In An Amount Not To Exceed $5 Million From The California Department Of Housing And Community Development 2023 Homeownership Super Notice Of Funding Availability And (2) Execute A Standard Agreement And Any Amendments Thereto In Connection With The California Department Of Housing And Community Development 2023 Homeownership Super Notice Of Funding Availability.
EXECUTIVE SUMMARY
Adoption of this proposed resolution would authorize the City of Oakland (City) to submit an application to the California Department of Housing and Community Development (CA-HCD)’s 2023 Homeownership Super Notice of Funding Availability (Super NOFA) for a CalHome Program grant. If the application is successful, the awarded grant funds will be used to assist low income homebuyers and homeowners up to 80% Area Median Income (AMI). This resolution authorizes the City to:
• Apply to CA-HCD for a CalHome grant or grants in an amount not-to-exceed the program maximum of $5 million, and
• Enter into a funding agreement with CA-HCD if the City is awarded program funds, and • Accept and appropriate funds to fulfill the program purpose of providing first-time homebuyer mortgage assistance to low income homebuyers; and • Accept and appropriate funds to fulfill the program purpose of providing home renovation assistance to low income homeowners.
The Super NOFA application was released January 6, 2023 and the due date is February 28, 2023. The short lead time requires action by the February 21, 2023 City Council meeting or the opportunity to apply will be missed.
Feb 2, 2023
G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 2
City Council
February 14, 2023
BACKGROUND / LEGISLATIVE HISTORY
Table 1 shows that City Council (Council) authorized staff to apply for competitive CalHome grants nine times in the past; in 2022, 2020, twice in 2019, 2014, 2013, 2010, 2007, and 2003.
Of those, four applications for Mortgage Assistance received awards totaling $2,575,000 and the one 2019 application for Accessory Dwelling Unit (ADU) Rehabilitation Assistance received a $3,000,000 award.
Table 1: Prior CalHome Grant Applications for Mortgage Assistance (MA) or Accessory Dwelling Unit (ADU)
Legistar
File #
City Resolution Subject
21-0802 88906 CMS Apply for CalHome 2021 Grant (MA)
20-0693 88331 CMS Apply For CalHome 2020 Grant (MA)
20-0214 88060 CMS CalHome (2019) Grant Application Resolutions (MA) 20-0215 88061 CMS CalHome (2019) Grant Application Resolutions (ADU) 13-0600 85057 CMS CalHome Grant Application (2014 Grant) (MA) 12-0294 84237 CMS CalHome Grant Application (2013 Grant) (MA) 09-1435 82822 CMS CalHome Program (2010 Grant) (MA)
07-0065 80513 CMS Calhome Program Grant (2007) (MA)
03-0159 78107 CMS First Time Homebuyer Mortgage Assistance (2003 CalHome MA Grant)
Due to the state’s delayed release of the Super NOFA application worksheet and the competitive scoring scheme used to rank the applications, staff cannot yet determine if it is strategically advantageous to apply to both Mortgage Assistance and Owner Occupied Rehabilitation activities, or just to one of these options. For example, it would be more advantageous to submit one stronger-scoring application instead of receiving a weaker, blended score of one higher-scoring and one lower-scoring application This decisioning process will completed before CED committee, and as of January 30, this report and the resolution accommodates our possible application to both activities or to just one.activity.
The City’s Housing and Community Development Department (HCD) suspended the Oakland CalHome Mortgage Assistance Program in late 2020 due to the lack of funds. The new Oakland CalHome Accessory Dwelling Unit Loan Program was approved to operate in September 2022 and currently is processing its first cohort of applications for ADU legalization assistance..
Since 1993, the City has developed and implemented several programs to encourage and facilitate homeownership and has invested considerable funds to programs that increase and promote affordable homeownership opportunities. Increasing homeownership rates helps to stabilize neighborhoods and slow the effects of community gentrification by providing long-term housing affordability.
The City has operated the Oakland CalHome Mortgage Assistance Program to assist low- income first-time homebuyers since 2007. The program is popular with homebuyers, community lenders, and buyers’ agents, and as of January 17, 2023 seventy-four (74) households have received assistance through this program to purchase their homes.
G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 3
City Council
February 14, 2023
The City has operated various Owner-Occupied Rehabilitation Assistance Programs to assist low-income homeowners since November 11, 1975. In fiscal year 2022, 82 households received assistance through the programs to repair their homes.
The CalHome program was established by Chapter 6, commencing with § 50650) of Part 2 of Division 31 of the California Health & Safety Code (HSC). The administration of the CalHome program is governed by the applicable Program Guidelines that implement, interpret, or make specific the following laws:
• Chapter 364, (commencing with §50470) of Part 2 of Division 31, HSC, 2017 (SB2). • Chapter 365, (commencing with §5400) of Part 16 of Division 31, HSC, 2017 (SB 3), which was adopted by voters on November 6, 2018, as Proposition 1, provided funding for the CalHome and authorized the CAHCD Department to administer the Programs through the Guidelines. These Guidelines were explicitly exempt from the requirements of the Administrative Procedures Act (Chapter 3.5 (commencing with § 11340) of Part 1 of Division 3 of Title 2 of the California Government Code).
This Round 1 January 6, 2023 Super NOFA will be governed by the December 30, 2022 CalHome Program Final Guidelines (2022).
CA-HCD’s stated program purpose is to deploy funds to “assist the existing local homeownership programs aimed at lower and very low-income households in order to increase homeownership, encourage neighborhood revitalization and sustainable development, and maximize the use of existing homes.”
ANALYSIS & POLICY ALTERNATIVES
Staff recommends applying to the competitive Super NOFA to expand HCD’s funding resources. While a funding award is not guaranteed, choosing not to apply guarantees that we receive no new funding from this important funding provider and is not recommended since alternate funding sources as well as existing HCD funding eligible to further the Citywide priority of housing security are extremely limited. An award of CalHome funds from this Super NOFA would provide funding to operate the Oakland CalHome Mortgage Assistance Program, which expands the availability of affordable homeownership options for low-income Oakland households. A funding award would also allow creation of the Oakland CalHome Owner Occupied Rehabilitation Program to increase ownership sustainability of low income households. Should the City not apply, it will forego an opportunity to receive funding to assist low-income residents.
Past and Current First-Time Homebuyer Activity
The $2,575,000 in CalHome Mortgage Assistance program funds previously provided to the Oakland CalHome program resulted in down payment assistance for seventy-four (74) low- income families (households earning up to 80 percent of Area Median Income, or AMI) to purchase their first home in Oakland. Thirty-two percent (32%) of Oakland CalHome loans benefit Section 8 homebuyers, a demographic that is among Oakland’s most vulnerable.
The last CalHome grant award for homebuyer Mortgage Assistance received by Oakland was $1.5 million in 2010. This award was fully expended on December 13, 2013, after which the G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 4
City Council
February 14, 2023
program was suspended due to lack of funds. Since December 14, 2013, eleven (11) additional CalHome loans were made using program Re-Use funds.
During the same time period, the City operated three other down payment assistance programs:
• Mortgage Assistance Program (MAP) - funded 145 loans, • Shared Appreciation Mortgage (SAM) – funded 17 loans, • Building Equity and Growth in Neighborhoods Program (BEGIN) – funded 12 loans.
There is currently no funding available under the City’s First Time Homebuyer programs MAP.
In 2020, Council resolution 88332 CMS authorized reallocation of accumulated CalHome repayment revenues on a periodic basis to increase the program’s capacity to make new loans as per the program’s design. Currently there is a balance of $1,099,437 in CalHome funds (recently transferred from repaid CalHome loan funds previously re-appropriated to the ReUse account), and the program will make an additional 3-5 loans in 2023 from the revolving funds.
Similarly, there is a balance of $576,797 SAM funds and $8,075 BEGIN funds recently reallocated for reuse, the programs will also be unsuspended once the necessary program documents are in place.
Despite discontinued funding, interest in the City’s programs remains strong, as evidenced by frequent public inquiries regarding program funding availability. Interest in the City’s Homebuyer Programs has increased in the last few years as home prices and rents have increased. Many lower income residents face being priced-out of Oakland by rapidly rising rents and home prices, and the tight supply of affordable rental housing.
The CalHome program funds are an important supplement to the flagship City-funded Homeownership Program Mortgage Assistance Program (MAP), thereby increasing the number of buyers that can be assisted. Additionally, when MAP funds run out, CalHome funds can continue to provide critical down payment assistance to those most in need (those with incomes below 80 percent of AMI). Funding for this income band is also critically important to providing opportunity to Section 8 buyers.
Past and Current Owner Occupied Rehabilitation Activity
Since 1975, the City’s Home Rehabilitation programs offer financial and technical rehabilitation, energy efficiency, weatherization, lead hazard remediation, and safety upgrades for existing housing stock for low-moderate income property owners. As a result of the 2012 dissolution of the Redevelopment Agency, funding for housing rehabilitation programs were reduced significantly. Currently, funding is primarily from the U.S. Department of Housing and Urban Development, Community Development Block Grant.
G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 5
City Council
February 14, 2023
Policy Alignment
In addition to CalHome Programs advancing the Citywide Priority of housing security, operating the Oakland CalHome Mortgage Assistance program supports HCD’s Budget Objective to “Expand anti-displacement programs, policies and initiatives focused on most vulnerable populations” (Source FY 2021-23 Adopted Policy Budget: Objectives).
Operating the Oakland CalHome Owner Occupied Rehabilitation Assistance program supports HCD’s Budget Objective to “Expand Residential Lending Programs to rehabilitate and preserve 1-4 (unit) properties”.
The recommendation to apply is shaped in part by the Racial Equity Impact Analysis findings showing the existing programs’ effectiveness in addressing mortgage lending disparities in Oakland, increasing affordable housing opportunities, and reducing burdens for the Black, Indigenous and people of color (BIPOC) communities most heavily impacted by lending and housing disparities.
Table 2 provides an analysis of HCD’s past distribution of CalHome Mortgage Assistance loans (includes all CalHome loans closed through December 31, 2022). It is anticipated that if grant funds are awarded, or program revenue is reallocated to make new loans, that the communities served will reflect a similar distribution with 70 percent of loan funds serving communities of color.
Table 2: Program Funds Distribution Through December 31, 2022
RACE ETHNICITY
Percentage Count Hispanic Non-Hispanic
45% 33 African American 0 33
30% 22 White (Non-Hispanic) 0 22
12% 9 Asian/PI 0 9
9% 7 Hispanic 7 0
3% 2 Other/Multiple Race 0 2
1% 1 Native American 0 1
0% 0 Decline to Answer 0 0
100% 74 TOTAL 7 67
Based on the historical data and the Racial Equity Impact Analysis findings, the proposed mortgage assistance loan funds are expected to result in a majority of assistance being distributed to historically underserved BIPOC communities, with the largest share to African Americans, thereby advancing the City’s racial equity policy goals.
Through a competitive application process, the Super NOFA offers a grant of up to $5 million to local jurisdictions. Grant applicants have flexibility in shaping the program for which they propose to use the CalHome funds as long as State program guidelines are met. One of these guidelines is that eligible borrowers must be lower income, having household incomes no higher than eighty percent (80%) of AMI.
G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 6
City Council
February 14, 2023
The Oakland CalHome Mortgage Assistance Program has been successful in structuring the program to provide gap loans to households at or below eighty percent (80%) of AMI, with interest rates of up to three percent (3%) simple interest and payments deferred for the 30-year term. No matching funds are required.
Proposals are evaluated on criteria which include the following:
○ Capability to operate the program demonstrated by prior experience. ○ Community need, based on the percentage of low-income households overpaying for their housing, and the percentage of low-income homeowners as reflected in U.S.
Census data.
○ Feasibility of the proposed program demonstrated by the extent to which the proposed program is responding to a community need and demonstrates a likelihood of success. ○ Factors beyond our control, such as recent sale prices of homes throughout Alameda county.
Use of CalHome Funds
If the proposed resolution is approved and the application for CalHome funding is successful, the CalHome funds will be used to make low-interest, deferred-payment mortgage assistance loans to low-income, first-time homebuyers, and to make low-interest, deferred-payment owner occupied rehabilitation assistance loans to low-income homeowners.
Staff recommends the following program options to serve targeted households:
1. A simple interest rate of zero (0%) to three percent (3%), consistent with the City’s existing loan programs.
2. A 30-year loan, with annual payments deferred, and payable upon sale or transfer of the home, or when the property ceases to be owner-occupied, or at maturity.
3. The maximum amount of the CalHome Program assistance loans of $200,000 or $250,00 per household as allowed under the Super NOFA.
4. The assistance loans will be evidenced by a Promissory Note.
5. The loans will be secured by a deed of trust recorded on the property.
6. Funds will be made be available on a first-come, first-served basis.
Although the maximum loan amount possible under the CalHome NOFA is $5 million, staff may apply for less than the maximum permitted to optimize the chances for an award, the determination specifying the request amount for mortgage assistance and for owner occupied rehabilitation cannot yet be made until staff have analyzed the worksheet that CAHCD is scheduled to provide on January 20, 2023. Balancing the amount of funds requested versus the points garnered will be strategically calculated. The minimum ask is $500,000 per each activity applied to, Mortgage Assistance and Owner Occupied Rehabilitation.
It is worth noting that the last rounds of CalHome NOFA scoring were weighted against those areas of the state with higher housing costs, including Oakland. As one of the few funding sources for affordable homeownership available, staff is confident that if awarded, the City can successfully deploy the funds to assist Oakland residents.
G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 7
City Council
February 14, 2023
FISCAL IMPACT
If awarded these funds, the City would receive grant funds in an amount not to exceed $5 million from the CA-HCD CalHome program for the purpose of making mortgage assistance loans and owner occupied rehabilitation pursuant to the program guidelines. Funds will be deposited into a grant fund to be determined. Table 3, below, provides the funding sources and amounts.
Table 3: Project Funding Codes
Fund Source Organization Account Project Program Amount California
Housing &
Community
Development
Homeownership
Programs
Municipal
Lending
Programs
Loan
Expenditures:
Grant-Funded
CalHome
Program
Home
Ownership
Municipal
Lending
Programs
Grant Fund 89989 Loan New NB32 A minimum of
TBD Expenditure Project $500,000 and not
Account TBD Code TBD to exceed
$5,000,000 over
both activities
Grant Fund 89939 Loan New TBD A minimum of
TBD Expenditure Project $500,000 and not
Account TBD Code TBD to exceed
$5,000,000 over
both activities
There is no match requirement, and existing budgeted staff will administer the program. Since 2012, the City First Time Homebuyer programs are operated by a one full-time Housing Development Services (HDS) staffer, a fraction of a one full-time HDS administrative assistant, and oversight by the HDS manager.
CalHome grant awards allow allocation of up to 10% of the funds to cover the cost of program development, a task which may be outsourced to allow staff to focus on program administration.
PUBLIC OUTREACH / INTEREST
There was no public outreach conducted regarding this specific agenda report and legislation due to the limited time between the January 6, 2023 grant announcement and the February 14, 2023 submission timeline for the agenda package. However, City leaders have publicly called for more programs supporting homeownership opportunities for Oaklanders and on an ongoing basis staff continue to receive inquiries from prospective applicants, homeowners, homebuyers, lenders, local nonprofits and housing counselors, and real estate professionals inquiring about availability of program funds to operate these vital programs.
The Bridge Association of Realtors, a local realtor association, convened a Minority Task Force in July 2020 to review the status of the City’s First Time Homebuyer Assistance Programs, including the Oakland CalHome Program. The group’s recommendations resulted in the G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 8
City Council
February 14, 2023
Association providing a letter of support (Attachment A) for the City’s First Time Homebuyer Programs citing their importance in assisting low-resource community members to not only stabilize their housing and strengthen community ties, but also to build intergenerational wealth .
The group has continued its targeted focus on activities to expand Black homeownership opportunities including advocating for resources that fund those activities.
Attachment B is a second letter of support, from the Legislative Committee at Associated Real Property Brokers (ARPB). ARPB is the Oakland Chapter of the National Association of Real Estate Brokers (NAREB) which was formed in 1947 out of a need to secure the right to equal housing opportunity, regardless of race, creed, or color. One of ARPB’s key initiatives is in addressing obstacles to Black homeownership through partnerships and advocacy with local governments and nonprofits. ARPB members have for many years partnered with the City’s Homeownership Programs at collaborative educational and outreach events.
COORDINATION
This report and legislation has been reviewed by the Office of the City Attorney and the Budget Bureau. Should we win grant funds as a result of this recommendation to apply, HCD staff will administer the programs from this funding source rather than other funding sources, so new coordination among internal departments and stakeholders is anticipated to be minimal.
SUSTAINABLE OPPORTUNITIES
Economic: Expanding affordable homeownership opportunities and habitable units for low- income families, seniors and Oakland’s disabled community, in addition to expanding economic opportunity and increasing family wealth.
Environmental: Expanding homeownership opportunities close to employment centers reduces greenhouse gas generation by avoiding long auto commutes from less expensive, geographically distant communities. Less bay area commuting translates into healthier air for all community members. Home repairs and renovations result in increased energy efficiency.
Race & Equity: The use of CalHome funds as proposed in this report promotes equity in both activities under consideration: providing mortgage assistance to low-income families to become homeowners and providing rehabilitation funding to repair and modernize owner occupied homes of low income Oaklanders.
Seventy percent of our CalHome mortgage assistance loans are anticipated to go to BIPOC borrowers, advancing the City’s racial equity goals (see Table 2 above). Homeownership has a positive impact on the quality of life for families, residents and their neighborhoods through stabilized community bonds, pride of ownership, and increased stability and wealth.
The City’s provision of down payment assistance serves to counter the imbalance in mortgage lending which is underrepresented in credit extended to disadvantaged communities. Federal data show that communities of color and low-income communities receive less mortgage financing than more privileged groups. Of the seventy-four (74) CalHome loans made, 70 G. Harold Duffey, Interim City Administrator
Subject: CalHome 2021 Grant Application
Date: January 23, 2023 Page 9
City Council
February 14, 2023
percent assisted households where the primary borrower self-identified as a person of color, and 100 percent assisted low-income households with incomes not exceeding 80 percent of AMI. Mortgage assistance demonstrably expands opportunities for disadvantaged buyers to secure stable and permanently affordable housing.
ACTION REQUESTED OF THE CITY COUNCIL
Staff Recommends the City Council Adopt A Resolution Authorizing The City Administrator To (1) Apply For, Accept And Appropriate CalHome Grant Funds In An Amount Not To Exceed $5 Million From The California Department Of Housing And Community Development 2023 Homeownership Super Notice Of Funding Availability And (2) Execute A Standard Agreement And Any Amendments Thereto In Connection With The California Department Of Housing And Community Development 2023 Homeownership Super Notice Of Funding Availability.
For questions regarding this report, please contact Christia Katz Mulvey, Housing Development Manager at 510-238-3623, or Nicki Duesberg, Homeownership Programs Coordinator at 510- 238-6158.
Respectfully submitted,
CHRISTINA MUN
Interim Director, Housing and Community
Development Department
Christia Katz Mulvey
Housing Development Services Manager
Prepared by: Nicki Duesberg
Homeownership Programs Coordinator
Housing Development Services
Attachments (2):
A. Bridge Realtor’s Association August 28, 2020 letter of support for the City’s Mortgage Assistance Program (MAP). MAP assists both low- and moderate-income first-time homebuyers, the program loan terms and requirements are in close alignment with the Oakland CalHome Program.
B. Legislative Committee at Associated Real Property Brokers’ (ARPB’s) October 15, 2021 letter of support for increasing opportunities for low to moderate income and underserved Black residents to obtain the dream of homeownership.
2855 T
elegraph Ave., STE. 600, Berkeley, CA 94705
A
ugust 28, 2020
R
e: African American Homeownership and Dedicated Funding for Oakland’s MAP (Mortgage Assistance Program)
D
ear Honorable Councilmembers,
We write to you do today not only to voice our continued support for increasing homeownership opportunities, but also to advocate for a sustained effort to increase African American homeownership in the City of Oakland. Unfortunately, African American homeownership remains at the same levels nationwide as it did when the Fair Housing Act was passed more than 50 years ago.
1 We also know that dwindling African American
homeownership has been a longstanding concern for Oakland City Council.2 To that end, we believe that fully realizing the potential of an already existing city program may help in bridging the homeownership gap for African Americans in Oakland.
As many of you may know, the City’s Mortgage Assistance Program (MAP) is loan program that assists low and moderate income first time homebuyers with the purchase of homes in the City of Oakland. MAP loans provide assistance that fills the gap between what a household can afford and the purchase price.
3 This assistance is combined with homebuyer
education workshops to guide first time buyers through the process of purchasing a home. In the last 5 years Oakland’s MAP has assisted 103 residents, with African Americans making up the largest number of Oaklanders successfully becoming homeowners.
Demographic Data for Last 5 Years of Oakland MAP
1. African American 36 35%
2. Hispanic 32 31%
3. White 22 21%
4. Asian/PI 10 10%
5. Other/Mixed 3 3%
6. Native American 0 0%
7. Decline to Answer 0 0%
TOTAL 103* 100%
*In the past 5 years, Oakland MAP has been able to administer $6 million in mortgage assistance to help 103 first -time home buyers. This averages at $1.2 million for approximately 21 permanently affordable homes per year for the program. That is an avera ge of $57k per home , which is a n outstanding outcome when creating permanently affordable housing for Oaklanders.4 1 https://www.washingtonpost.com/news/get-there/wp/2018/04/05/black-homeownership-is-as-low-as-it-was-when-housing- discrimination-was-legal/
2 https://www.oaklandca.gov/documents/city-of-oakland-2015-2023-housing-element 3 https://www.oaklandca.gov/topics/first-time-homebuyer-mortgage-assistance-program-map#page-about 4 Data provided by Oakland’s MAP Program
Attachment A
Homeownership not only allows households to accumulate intergenerational wealth, it is also the basis for a number of positive social, economic, family and civic outcomes. 63.7 percent of all U.S. households who own their home currently are enjoying these benefits.5 It is our hope that the City of Oakland not only continues to encourage the benefits of homeownership in Oakland through MAP, but also builds on this highly successful model by creating a dedicated funding source for the program.
In the past, Oakland MAP has needed to make a case for itself in order to secure funding on a yearly basis. Funding has not always been guaranteed and, in some years, funding has been reallocated to other programs despite MAP’s proven track record of success. We believe now is the right time for the City to allocate from its budget at least $2 million dollars a year towards furthering this goal.
We look forward to further discussing the goals outlined in this letter and hope to schedule appointments with each of you to that end in the coming weeks.
Sincerely,
Eric Wong Stephanie Christmas 2020 President 2020 Housing Committee Chair Bridge Association of REALTORS® Bridge Association of REALTORS®
5 Yun, L., & Evangelou, N. (2016). Social Benefits of Homeownership and Stable Housing. National Association of Realtors.
October 15, 2021
Dear Oakland Councilmembers,
Associated Real Property Brokers (Realtist) is submitting this letter of support for increasing opportunities for low to moderate income and underserved Black residents to obtain the dream of homeownership. The National Association of Real Estate Brokers (NAREB) along with its State and Local Chapters are the predominant
It is shocking to know that homeownership for Blacks has been stagnant and at the same levels nationwide as it was over 50 years ago. Lack of affordable housing, displacement, gentrification and diminishing Black homeownership has been an ongoing issue in the City of Oakland. ARPB believes that one of the major solutions to closing the homeownership gap is to fund the existing Mortgage Assistance Program (MAP) to assist first-time homebuyers with down payment, point of sale and closing cost fees.
The ARPB Legislative Committee recently spoke to all our City Council Members and Mayor about the benefits of funding the
which assists low
and moderate-income first-time homebuyers with purchasing their first home in the City of Oakland. MAP loans provide funding to subsidize and helps fill the gap between what buyers can afford and the purchase price. This assistance is combined with homebuyer education to help navigate first time homebuyers through the process of purchasing a home . In the last 5 years of which Black households were the largest number to
benefit from the assistance and went on to be successful, proud, first-time homeowners. It is imperative to fund this program and to allow low to moderate income residents the opportunity to build wealth.
Best regards,
ARPB Legislative Committee
Imani Breaux Smith, Pres.
Erich Harris, 1st VP.
Associated Real Property Brokers
5754 Foothill Blvd., Oakland, CA 94605 510.682.3990
Attachment B