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Desk Items 11-14-2019E� I V\l 55 ON COIV-- 0 2 In 2016 Measure A Affordable Housina Bond Funding Allocations for Voter Approved 2016 Measure A Housing Bond Total of $950 million Multifamily Rental Extremely Low Income Below 30% of AMIt Multifamily Rental.& Homebuyer Programs Moderate income 50-1 20% AMIt r Multifamily Rental Very Low-income 31 -50°l of AM It t'Area Median Income (AMI) www.supportivehousingscc.org/housingbond Eold power cmebuyers SCC Pn:--3grc�m The Co unt-y of Scintca CDcirci and the Hous'mg Trus'� Soflhcon Voifley hcive �ciuinchend Empower How ebuyers SCC Er m p on v\ier Homebuyers SCC O�s caxpected To cisMst 0 approz,,Iumwey 250 househoHs over The foffsflv(a yec,]U-�o Empower Homebuyers os Omtended to put homeo�//vnership w "Th) m reach for bw to m o-derate 'hcorne households 4 EM PA1WER HOM EBUYERS COUNTY OF SANTA CLARA 2016 MEASURE A FIRST-TIME HOMEBUYER PROGRAM I"�OUSIIICI T r uj s V H cr-)) nn e-:� bb u el r P r o g r n) m :i A nonprofit comrnunoiry �end er L� or OM 2000 cis a 501 Qc)(3) public benefit crorporciflon • Housing Trust has cissNTred over 2,500 homebuyers • We offer o offl appfic-ants for our boon programs n, Pre-purchoise counseNng L-1 Homebuyer CounseNng Funds are civedIoNe foro mi r,-,-mp(mAdaT H(DmebuyaTz 5CC —Couny 0 Scoinkoi Ckoiroj 2016 Mecoissum Z\� FkaAkme N-M)mebuyev Pmqmoim coidmhn'M�rared by M75W L17 Homebuyer Empowerment Loom Progroirn (HELP) F"))MP Acmh'strcitor for the 0�,w of Scinmi Goira Housing Trust Silicon Valley Empower Homebuyers SCC-County of Santa Clara County 2016 Measure A First -Time Homebuyer Program o Maximum Gross Household Income cannot exceed: Household 1 2 3 4 5 6 7 8 Size Income $110,400 $126,150 $141,950 $157,700 $170,300 $182,950 $195,550 $208,150 ,o Household Income must not exceed the income limit according to the household size �� Down payment assistance up to 17% of the purchase price ❑ Maximum purchase price $800,000 ❑ Subject Property must be located in Santa Clara County 61 EMP�WER HOMEBUYERS COUNTY OF SANTA CLARA 2016 MEASURE A FIRST-TIME HOMEBUYER PROGRAM U -CC mpower fAomebuyers -5, o Term of she Door �s 300 years o No payments unflfl eNpkaflon of "d"h( "�erm, sofle, cgr (rani sh- 11 oit refinance. No prepoiymempenafly 0 o Principal and a Share of Apprecommon MR be due n Share &�'- Apprec'J'aflon - % of Empower ooin amount 13 Allows for dledluc-Hon of Boorrower ControjbuNon = G_-,),)uaHfyO�ng Capital improvernen�s cind AcqWMflon CbMng Coss (non- recurrMg doMng cosN) ppreda Share n Q]pped for he r-1 of Aflon Y first ten 0 0) years of the �ocin o Cannw exceed she oHgoMod Empower prOMd)pcfl ban aimoun� How o oo uyer,(-c_-� dpp)lye StIWV 3 FApplication lenderContact an I L., With 1M pre -approval, complete Program +! Application i contact Housing Trust staff for appointment Buyers must attend an 8 Hour HUD certified Homebuyer Educ ciflon Oass oo'ect Senflnel, www.housm' .orr, 408-470=3732 dELP Borrower El*lg*lb*ll*liy Mol;Jmum gross arnual household incorrc (141 0% of Area Median Income: �( ((-,on a ,�� 1 2G) r>(� �_.� $1417e 1400 165o5®® $1 83e9 0 ,_,o660 2 13,26)0 ❑ Mcixo nurn Purchase Pr'ke- $800,000 ❑ Deferred Doom of 1 00% of purchase pHce ❑ Can be used on0y for down payment ❑ Terra ok 30 years ❑ Pr® , rarn G�v�arket rea- Property must be Docaite09 M Sointa Odra County � � r oM �hc cofoos of Meng o Park cind East Poi�o Am Housing Trust Silicon Valley p r no--i HE A No payments until e,-\,,7-p'j'rciVbn o'� ��he ��erm, sofle, or cci�h-oW refinance o P r cn c 0� p Lai � a n (d S h a raa� of A p p r e c o a -fl o n w o � b e du r-1 Share of Apprecl'ciflbn % of HELP ban cirinoun"�" o Example �repciyrnen�� M 7 yecirs�-O r7 $800,000(OH)ghciPurchase PHce) x] 0%--J'd')0')0,000 (HELP ban cimount) F131 $)900,000 (Faoff Market Vodue)=$ 800,000(OHgoMcd Purchase Prke)® $10000„©0000 (Apprecomflon/EqWty� $10000,0000 QApprecOMflon/EqWty)A'l 0%—$) 10,000 QShoir` of Appredaflon to Hous'Mg Trust)