HomeMy WebLinkAboutPurchase Foreclosures Program Policy established to eliminat Council/Agency Meeting Held: / O
Deferred/Continued to:
-*Ap ro ed ❑ Conditionall A proved ❑ De ied Po City lerk' Signat e
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Council Meeting Date: 12/15/2008 Department ID Number: ED 08-46
CITY OF HUNTINGTON BEACH
REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION
SUBMITTED TO: HONORABLE MAYOR/CHAIRMAN AND CITY COUNCIL
MEMBERS/REDEVELOPMENT AGENCY MEMB RS
SUBMITTED BY: FRED A. WILSON, Executive Director/City Adm' for
PREPARED BY: STANLEY SMALEWITZ, Deputy Executive Direc r/Director of
Economic Development
SUBJECT: Approval of Purchase Foreclosures Program
Statement of Issue,Funding Source,Recommended Action,Alternative Action(s),Analysis,Environmental Status,Attachment(s)
Statement of Issue: A Purchase Foreclosures Program is submitted for consideration.
The Program outlines the methodology by which the Agency will acquire vacant, lender-
owned residential properties (following foreclosure of the property) at discounted prices,
make minor repairs to the units as needed, and offer the units as affordable housing to
moderate income households who live or work in the City of Huntington Beach.
Funding Source: Redevelopment Housing Set-Aside Funds (account 30680301.89250)
in an amount not to exceed $1,050,000, to be used for housing purchase and rehabilitation
expenses, and down payment assistance to eligible low and moderate income home buyers.
Recommended Action: Motion to:
Redevelopment Agency Action:
1. Adopt and approve the City of Huntington Beach Purchase Foreclosures Program
Policy.
2. Authorize the Agency Executive Director and Chairperson, (or their designee) to take
any action and execute any and all City Attorney approved documents and
agreements necessary to implement the Purchase Foreclosures Program Policy.
REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION
MEETING DATE: 12/15/2008 DEPARTMENT ID NUMBER: ED 08-46
Alternative Action(s):
1. Do not approve the proposed Purchase Foreclosures Program Policy, as prepared; or
2. Continue this item for additional review.
Analysis:
The City of Huntington Beach, like the rest of the country, has experienced a moderate
number of foreclosures due to the sub-prime mortgage crisis and the depreciation of property
values. As of the writing of this report, there are approximately 48 homes undergoing the
final phase of the foreclosure process. These will be added to the 117 already existing
vacant, bank-owned properties throughout the City, waiting to be sold. Foreclosed
properties, due to a lack of maintenance and their vulnerability to crime activity, create blight
throughout the City placing a heavy drain on code enforcement and police services.
It is expected that the number of foreclosures may increase substantially as more and more
adjustable-rate mortgages start to re-adjust and homeowners find they can no longer afford
the homes they bought a mere few years ago. This expectation is strongly evidenced by the
fact that there are currently 272 borrowers in the pre-foreclosure phase, having received,a
Notice of Default on their mortgage loan. Some of these homeowners will manage to adjust
their finances and circumstances so as to keep their homes, but many will not be able to do
so.
The economic turndown in the real estate market can prove to be an opportunity for the
Redevelopment Agency of the City of Huntington Beach (Agency) to provide affordable
housing to low and moderate income buyers. In the past five years, single family homes and
even condominiums have been out of reach financially for moderate income households. By
utilizing the current market conditions the Agency may be able to produce affordable housing
and eliminate blight through-out the City at prices less than the cost of land acquisition and
new construction.
The proposed pilot Program will allow the Agency to negotiate with lenders for the purchase
of a vacant home at a price that would allow a low to moderate income household to
purchase the home with assistance from the Agency in the form of a second mortgage loan.
The details and methodology for implementing the Program are contained in the Purchase
Foreclosures Program Policy. Documents to be used in implementing the Program will be
prepared and approved by the City Attorney before use.
The scarcity of land and high cost of construction make the development of affordable
housing a very difficult endeavor, especially affordable housing units suitable for families.
The Agency is required to spend 20% of the tax increment received on low and moderate
income housing. Redevelopment law also requires that housing funds be spent on low-
income households in proportion to the number of households with members 65 years of age
and under to the number of low-income households with members 65 years of age and older.
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REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION
MEETING DATE: 12/15/2008 DEPARTMENT ID NUMBED: ED 08-46
The most current Housing Implementation Plan Update indicated that the Agency allocated
30% of the Agency's Housing Set-Aside and Home Partnership (HOME) Program Funds to
senior housing projects. Subsequently, the Agency is anticipated to fulfill the required age
restricted housing expenditure test and new expenditures should focus on projects for
households under 65 years of age to obtain the required proportionality.
Currently, there are 320 properties (48 in the final stage, 272 pre-foreclosure) in Huntington
Beach in some stage of foreclosure. As mentioned, 117 of these properties are listed as
lender owned. With regard to many of these homes, the City of Huntington Beach Police
Department and Code Enforcement Division have responded to over 178 calls involving
vacant and foreclosed residential properties since January of 2008. Evidence shows that the
City of Huntington Beach is experiencing the same problems with foreclosed properties as
other cities: abandoned homes, unkempt properties, overgrown weeds, the attraction of
crime and misplaced neighbors. The costs to the City include an increase in property
maintenance violations and abatement, vacant homes, the securing and draining of open,
unsupervised swimming pools, mosquito abatement, securing of the building, accumulation
of trash and abandoned furniture, loss in collection of sewer and water bills, and the costs
that are hard to quantify such as the loss of neighborhood conformity and pride of ownership.
The high price of metals such as copper is also an invitation to vandals once they know a
property is vacant. In some cities homes and commercial properties are literally being
destroyed by scavengers trying to remove the copper piping and wiring.
The former housing market created extreme challenges to low and moderate income
household trying to purchase a home in Huntington Beach. The Program will allow the
purchase of single family detached homes as well as condominiums and townhouses. A
property would only be purchased if a price could be negotiated that would yield an
affordable unit, as required with the use of Housing Set-Aside Funds. Each property will be
inspected by a City Building Inspector as well as members of the Housing Division Staff prior
to making an offer. Only vacant properties will be considered for purchase; this eliminates
any relocation issues. Properties with swimming pools and spas would not be considered
due to the increased costs for maintenance and operation. Properties that need minor
rehabilitation will be repaired prior to offering the unit for sale. The maximum assistance
extended for repairs would be $50,000. The cost for repairs would be included in the
analysis of the purchase price from the lender. All improvements made would be done with
energy conservation in mind. Items such as enhanced insulation, florescent lighting, water-
saving toilets and plumbing fixtures are low cost improvements that will save resources and
make the home more affordable. Environmentally friendly items such as low emission paint,
flooring made from recycled products or renewable resources such as bamboo are also
considerations.
Applicants would need to meet the income and credit qualifications required for an "A" type
conventional loan. Applicants would not be allowed to have an existing interest in any real
estate within three (3) years of the time of application. Applicants would need a 5% down
payment and funds for closing costs. Applicants would need to qualify on their own income
and credit worthiness; co-signers and/or co-borrowers would not be allowed. The Agency
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REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION
MEETING DATE: 12/15/2008 DEPARTMENT ID NUMBER: ED 08-46
thirty-year loan would be set at 3% simple interest and the interest portion would be
forgivable after 20 years. There will also be an Equity Share program that will be tiered
based on length of time homebuyer resides in the dwelling.
The selection of applicants to purchase a property may necessitate a lottery system. Priority
would be given to current residents and/or employees that are working in Huntington Beach.
Additional weight would be given to public service workers such as Police officers,
Firefighters, Nurses and school teachers. Each applicant would be pre-qualified by an
approved lender. The Housing Division staff would also review their income and credit.
Approved applicants must have incomes that would qualify as low or moderate-income
adjusted for household size.
Implementation of the Purchase Foreclosures Program will require the initial appropriation of
$1,050,000 of Redevelopment Low-Income Housing Set-Aside Funds for purchase and
minor rehabilitation of the units, and funding for down payment assistance loans to eligible
low to moderate income home buyer applicants. Additional funds may become eligible from
State or Federal generated initiatives and will be folded into this program. The funds
appropriated for use with the Program will function as a revolving fund into which all Program
revenues, net proceeds and loan payoffs are re-deposited for use in funding additional
purchases, minor rehabilitation, and/or down payment assistance loans to low and moderate
income households.
Strategic Plan Goal: L-3 "Preserve the quality of our neighborhoods."
Environmental Status: Categorically excluded under the National Environmental Protection
Act (NEPA). Categorically exempt under the California Environmental Quality Act (CEQA),
Section 15061 (b) (3).
Attach ment(s):
�(gpiNbmber • ® 0 0
1. Proposed City of Huntington Beach Purchase Foreclosures Program
Policy
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ATTACHMENT # 1
0
17, 1909
CITY OF HUNTINGTON BEACH
PURCHASE ECL SU ES PROGRAM
POLICY
December 1 , 2008
City of Huntington Beach Purchase Foreclosures Program Policy
I. BACKGROUND
The City of Huntington Beach, like the rest of the country, has experienced a high
number of mortgage loan foreclosures, due to the sub-prime mortgage meltdown
and a depreciation of property values. Foreclosed properties are often
abandoned and can sometimes sit vacant for months at a time. The lack of
maintenance of these properties creates blight in the City and neighborhoods
where they are situated. The lenders foreclosing on these properties are located
all across the country, making it difficult to communicate with them during the
foreclosure process (usually lasting four months or longer). Following foreclosure,
a bank will market its recaptured properties to the general public, often assigning
the management and sale of the properties to an asset management firm.
Problems occurring with vacant, foreclosed or bank-owned properties require
immediate attention and can be ongoing. Consequently they tend to cost the City
in increased code enforcement and police services.
Seen in a positive light, the availability of bank-owned properties could provide the
opportunity for the Redevelopment Agency of the Huntington Beach (Agency) to
provide affordable housing to low and moderate income home buyers. In the past
five years, single family homes and even condominiums have been out of reach
financially for moderate income households. By assisting moderate income
homebuyers to acquire an existing, vacant property owned by a bank or lending
institution (bank-owned property), the Agency may be able to produce affordable
housing and eliminate blight throughout the City at prices less than the cost of
land acquisition and new construction.
II. PROGRAM OBJECTIVES
The Purchase Foreclosures Program ("Program") has been established to
eliminate blight and encourage home ownership in the City of Huntington Beach
by providing financial assistance to eligible homebuyers who wish to purchase a
qualified, bank-owned property. The Program is designed to assist Low to
Moderate Income Eligible Households who, based on institutional underwriting
criteria, are unable to qualify for and/or afford to purchase a home and make the
necessary mortgage payments without Agency financial assistance. Qualifying
properties must be vacant, single-family homes, condominiums, or townhomes
located within the City of Huntington Beach. All properties will be purchased for
owner-occupancy at an Affordable Housing Cost.
The Program is funded by the Agency using Redevelopment Low and Moderate
Income Housing Funds ("Housing Set-Aside Funds"). Housing Set Aside Funds
must be used to increase, improve, and preserve the community's supply of Low
and Moderate Income housing. Housing Set-Aside funds will be combined with
funds of participating Low to Moderate Income home buyers, as provided in
Section IV herein, to enable the households to qualify for a new First Trust Deed
Loan and achieve affordable home ownership.
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City of Huntington Beach Purchase Foreclosures Program Policy
The Program is carried out and supervised by the Agency's Housing Division staff.
The resulting loan portfolio will be maintained on a day-to-day basis by the
Program Administrator in cooperation with participating private institutional
lender(s).
III. PROPERTY ACQUISITION
The Agency will contact lenders that own foreclosed vacant properties within the
City (or their agents). These properties can be single family detached homes as
well as condominiums and townhomes. The goal of the program is to negotiate a
price which would allow a low and moderate income household the ability to
purchase these properties with the Agency's assistance. The total amount of
purchase money will include funds for the purchase of the property and for minor
pre-sale rehabilitation of the unit.
The purchase price of the units must be at a level that will allow an
affordable housing cost adjusted for household size appropriate for the unit as
defined by the California Health and Safety Code Section 50052.5(b)(3).
The properties considered for purchase shall be vacant and subject to an
inspection from the City Building Inspectors and Economic Development
Department Housing Division staff. The inspections are crucial due to the fact that
most foreclosed properties purchased from lenders are not required to have any
warranties or disclosures regarding property condition.
The Agency Executive Director will review and approve the sales agreements.
After determining that a property is suitable for purchase the Agency shall
complete the purchase and prepare bids for rehabilitation. Title insurance will be
secured for all purchases.
IV. REHABILITATION
The goal of rehabilitating,the purchased property is to provide a safe, clean home
for an affordable buyer to purchase. The rehabilitation will allow the home to be
more affordable in the first few years by providing the following improvements:
• Termite inspection and remediation
• Insulation in attic spaces
• Low flow water fixtures such as toilets, faucets and showerheads
• Energy star rated appliances
• New low Volatile Organic Compound (VOC) interior and exterior paint
• Florescent lighting fixtures where possible
• Eco-friendly floor coverings (bamboo, linoleum, carpets made from recycled
materials and other options)
• Ensure all electrical plumbing and mechanical systems are in good working
order.
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City of Huntington Beach Purchase Foreclosures Program Policy
® Insulated high efficiency water heaters.
® Low flow irrigation systems.
Staff will prepare bids for individual items and submit to contractors. After bids are
received and compared, the most responsive contractor with the lowest quality bid
will be chosen. Staff will attempt to secure the best pricing possible for quality
work.
V. PROPERTY PRICING
Properties will only be purchased by the Agency if the cost combined with the
estimated cost of rehabilitation will produce an affordable housing unit with the
following assistance: $50,000 for a one bedroom unit; $100,000 for a two
bedroom unit; and $150,000 for a three bedroom unit.
Example:
Agency purchase price: $450,000
Rehabilitation $ 50,000
Total Acquisition $500,000
Agency Loan ($150,000)
Buyers Down Payment (5%) ($ 25,000)
1st Trust Deed Mortgage $325,000
VI. LOAN AMOUNT
The size of the loan offered to each participant will be dependent on the amount
needed to make the monthly housing cost affordable according to low and
moderate income households as determined by State law. The maximum loan
amount is as follows: $50,000 for a one bedroom unit, $100,000 for a two
bedroom unit and $150,000 for a three or more bedroom unit.
The Agency loan will have a 3% simple interest rate and the interest will be
forgivable after 20 years.
VII. MARKETING PLAN
The goal of the marketing plan is to provide affordable housing to households that
currently work or live in Huntington Beach. The Agency will actively market the
program and provide information to the public as needed to encourage
participation. The anticipated demand for these properties may create a situation
that would require a lottery. All potential buyers will need to be financially qualified
prior to being entered into a lottery for the purchase of one of the properties.
The priority list is established as the following:
1. People that currently live in Huntington Beach.
2. People that currently work in Huntington Beach.
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City of Huntington Beach Purchase Foreclosures Program Policy
If a lottery is determined as necessary, additional weight will be given to public
service workers such as police officers, firefighters and teachers as well as
residents who were displaced due to City, County, State or Federal Government
action.
The successful applicant will enter escrow with a pre-determined escrow
company. The escrow will provide all documentation for the transaction.
Vlll. BUYER ELIGIBILITY CRITERIA
Homebuyer Eligibility Requirements
A. Income
Gross annual household income may not exceed 120% of the Orange
County median income adjusted for family size as provided by the U.S.
Department of Housing and Urban Development (HUD).
Income will be calculated using standard methods such as tax returns, pay
stubs, retirement benefit statements, etc. Credit reports are also required.
Eligible Applicants must have an acceptable credit "score" and a sufficient
credit worthiness to qualify for and obtain a fully documented conventional
"A" rated First Trust Deed financing as determined by an institutional
lender.
If a credit report shows that the homeowner's current credit liability
payments combined with payment statements from other sources including
credit unions or entities exceeds the reported income the application will be
declined, as this is considered a financial risk.
B. Liquid Assets
Total household liquid assets, excluding the amount necessary for the
homeowner's down payment and closing costs, may not exceed a total of
five thousand dollars ($5,000) plus six (6) months of the Participant's
expected housing expense (principal, interest, taxes and insurance). Liquid
assets include all funds held in savings, checking, money market, and
brokerage and trust accounts. Furthermore, equity held in any and all real
estate holdings will be considered liquid for the purpose of this program.
Assets held in Individual Retirement Accounts (IRA's), 401(k) and other
qualified deferred compensation retirement accounts, and whole life and
whole life derivative insurance policies shall not be considered liquid for the
purposes of this program. Household assets shall be calculated in
accordance with Section 6914 of Title 25 of the California Code of
Regulations.
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City of Huntington Beach Purchase Foreclosures Program Policy
C. Legal Residency
Eligible Applicants must be legal residents of the United States.
D. Ownership and Owner-Occupancy Requirements
The income eligible Applicants must hold record fee simple title to the
property, and must occupy the property as a principal residence. The
Applicants may not own or have interest in any other real estate. Applicants
must not have had an ownership interest in real property for three (3) years
prior to application to the program.
E. Co-Signers or Co-Borrowers
Co-signers and/or co-borrowers are not allowed. Applicants must qualify
on their own income and credit worthiness.
F. Hazard Insurance
All properties must be insured with an all-risk property insurance policy in
an amount equal to the full replacement value of all structures located on
the property. Furthermore, all properties located within the 100-year
floodplain that receive assistance under the Program must maintain flood
insurance in the amount of the improvements for the term of the loan.
G. Property/Income Tax Delinquency Or Liens
All property taxes and assessments must be kept current. Any recorded
property tax liens or outstanding mechanics liens will be considered a
default of the loan.
H. Outstanding Judgments and Obligations
All outstanding mortgages recorded against the subject property must be
current. Furthermore, no outstanding tax liens, mechanics liens and/or
judgments may be recorded against the property to be rehabilitated. All
utility billing must be current.
IX. DEFAULT
Failure to occupy the property as the Participant's Principal Residence and/or
defaults in payments on the first mortgage, Agency Program loan, property taxes
and/or hazard insurance constitute a default of the Agency Program loan and
acceleration thereof may result in foreclosure. Failure to maintain the property to
standards listed in the City of Huntington Beach Municipal Code will constitute a
default.
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City of Huntington Beach Purchase Foreclosures Program Policy
Exception: Participants may request a temporary waiver of the Principal
Residence requirement in situations involving extreme hardship as determined by
the Director of Economic Development. Extreme hardship may consist of a
transfer of career location (exceeding 100 miles), loss of job or unexpected
expenses that force a move to less expensive housing or other events of this
nature. However, rental of the property shall be prohibited without the express
written consent of the Director of Economic Development. If allowed, rental shall
be permitted only to low and/or moderate-income persons at, affordable rent
depending upon the income category of the Participant, the Participant's monthly
housing cost and applicable market rents for a period of no more than six months.
X. EQUITY SHARING
If during the forty-five (45) years of the Agency Loan, the property is sold or
transferred for a price in excess of the then applicable affordable housing cost
and/or to persons whose income exceeds one hundred and twenty percent (120%)
of the Orange County area median income and/or the Agency Loan is accelerated
because of default, the Participant shall pay to the Agency (in addition to principal
and deferred interest) a percentage share of the net appreciation in the value of
the property, as follows.
Agency Loan - The loan provided by the Agency for Down Payment
assistance.
Capital Improvement—Any improvement that extends the life or
increases the value of a piece of property rather than a maintenance
item to keep the property in operating condition. Generally a repair is
maintenance; a replacement is a capital expense. For example, a
window repair is maintenance; a window replacement is a capital
improvement. Most capital improvements will require a building
permit. The permit valuation will be used in those cases as the
improvement value.
Appreciation — The difference in value accrued between the sales price
and the purchase price.
Purchase Price— The original sales price of the home.
Sales Price— The amount a buyer is willing to pay for a home.
The Equity Sharing formula is the following:
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City of Huntington Beach Purchase Foreclosures Program Policy
(Agency Loan/Purchase Price) x (Sales Price— Purchase Price — Capital
Improvements)
Year Percentage of Equity Share
Payment
1-10 100%
11-15 75%
16-20 50%
21-30 25%
30-45 10%
Using Example from Section V. If the amount of the Agency loan equals
$150,000 and the Participant's purchase price was $500,000, the Equity
Share percentage is 30% ($150,000 / $500,000). If in five years the
Participant sells the home for $750,000, appreciation is $250,000. Equity
share would be 100% of the 30% equity share of the appreciation or
$75,000. If the same sale was made eleven years after the purchase, with
Capital Improvements of $20,000, the equity share would be 75% of the
30% equity share minus capital improvements or $45,000. If the same sale
was made twenty one years after the purchase, the equity share would be
50% of the 30% equity share or $30,000. In both cases the equity share
plus any deferred interest, plus the principal balance of the Agency Loan is
due at time of sale.
Year 5 Year 11 Year 21
Sale Price $750,000 $750,000 $750,000
Payoff First Loan ($350,000) ($350,000) ($350,000)
Payoff Agency Loan 1 ($150,000) ($150,000) ($150,000)
Return of Down ($25,000) ($25,000) ($25,000)
Payment
Closing Costs ($5,000) ($5,000) ($5,000)
Value of Capital $00 ($20,000) ($20,000)
Improvements
Gross Proceeds $220,000 $200,000 $200,000
Agency Loan ($22,500) ($49,500) $00
Interest Repayment
Equity Share ($66,000) ($45,000) ($30,000)
calculation
Net Proceeds after $131,500 $105,500 $170,000
Equity calculation
No share in appreciation shall be due and payable in the event of sale
to an income eligible person or family at affordable housing cost. A
new agreement will be executed with the new buyer at that time.
Furthermore, the Equity Sharing provisions of this policy shall not
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City of Huntington Beach Purchase Foreclosures Program Policy
apply if the net appreciation, as calculated using the formula above, is
less than or equal to zero.
XI. REFINANCING, RESALE ARID SUBORDINATION
Refinancing of the first trust deed will be permitted only upon written approval by
the Agency, and only when the outstanding indebtedness is not increased (except
by the amount of reasonable closing costs as determined by the Program
Administrator). In all other cases, refinancing shall be allowed only where the
Participant will fully repay the Agency loan together with interest thereon (if any)
plus any Equity Sharing Amount (if applicable) as specified in the Program
documents. An appraisal by an Agency approved appraiser must be conducted at
the Participant's expense to establish the market value of the property. The
market value of the property, as determined by the independent appraiser, will be
used in determining the Equity Sharing Amount applicable to the repayment of the
loan. Assisted properties shall not be sold for less than the sum of the existing
liens, encumbrances, and interest, including property tax liability, without the
express written consent of the Agency.
The Program loan will be subordinate to the first mortgage. The following
business terms or structure of any proposed refinancing will be strictly enforced:
1. No increase in the principal (except by an amount of reasonable closing
costs);
2. No cash/equity withdrawal;
3. No variable interest rate;
4. No negative amortization schedule;
5. No interest only payment structure;
6. No subordination below second position.
XII. TERMS AND CONDITIONS OF PROGRAM ASSISTANCE
A. Maintenance/Occupancy Requirements
Assisted properties shall be maintained in compliance with all City of
Huntington Beach Municipal Codes and ordinances. Assisted properties
shall maintain occupancy not to exceed the maximum occupancy limits as
established by the United States Department of Housing and Urban
Development (HUD). Property owners shall not permit criminal activities to
occur on the property or permit property improvements to suffer deterioration
or decline, or maintain, cause to be maintained, or permit to be maintained
any public or private nuisance on or about the property.
B. Hazard Insurance
Property owners receiving Program loan assistance shall maintain,
throughout the term of the loan, an all-risk property insurance policy,
including flood insurance if the property is located in a flood zone, insuring
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City of Huntington Beach Purchase Foreclosures Program Policy
the property in an amount equal to the full replacement value of the
structures on the property. The insurance policy or policies shall name the
City of Huntington Beach as an additionally insured/loss payee.
C. Nondiscrimination
There shall be no discrimination against or segregation of any person or
group of persons, on account or race, color, creed, religion, sex, marital
status, national origin, or ancestry, or in the sale, leasing, transferring, use,
occupancy, tenure, or enjoyment of assisted properties.
D. Compliance with Program Policies and Procedures
Throughout the applicable term of Program assistance, Program participants
shall comply with all Program requirements and procedures as set forth in
these Policies and Procedures, and as required by the Program
Administrator, and as set forth in Loan Agreements and related attachments.
XIII. PROGRAM AMENDMENT PROCEDURES
Any and all amendments to the Redevelopment Agency of the City of Huntington
Beach Lender Owned Property Purchase Program Policy must be approved
through the following process:
A. The Redevelopment Agency of the City of Huntington Beach must consider
and approve any proposed policy amendment before it would become
effective.
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RCA ROUTING SHEET
INITIATING DEPARTMENT: Economic Development Department
SUBJECT: Purchase Foreclosures Program Policy
COUNCIL MEETING DATE: December 15, 2008
A ATTACHMENTS STATUS
Ordinance (w/exhibits & legislative draft if applicable) Attached ❑
Not Applicable
Resolution (w/exhibits & legislative draft if applicable) Attached ❑
Not Applicable
Tract Map, Location Map and/or other Exhibits Attached ❑
Not Applicable
Contract/Agreement (w/exhibits if applicable) Attached ❑
(Signed in full by the City Attorney) Not Applicable
Subleases, Third Party Agreements, etc. Attached ❑
(Approved as to form by City Attorney) Not Applicable
Certificates of Insurance (Approved by the City Attorney) Attached ❑
Not Applicable
Fiscal Impact Statement (Unbudgeted, over $5,000) Attached ❑
Not Applicable
Bonds (If applicable) Attached ❑
Not Applicable
Staff Report (If applicable) Attached
Not Applicable ❑
Commission, Board or Committee Report (If applicable) Attached ❑
Not Applicable
Findings/Conditions for Approval and/or Denial Attached ❑
Not Applicable
EXPLAHAT�oO�I FOR My WO G ATTACHMENTS,
:REVIEWED' ' RETURNED F®R DED
Administrative Staff ( )
Deputy City Administrator (Initial) ( )
City Administrator (Initial) ( ) ( )
City Clerk ( )
EXPLANATION FOR RETURN OF ITEM:
RCA Author: Terri King