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THECITYOF ASHEVILLE starr REPORT City Council Meeting Date: February 12,2019, ‘Subject: Down Payment Assistance Policy ‘Stat Resource ‘Paul D'Angelo, Housing Development Epecait ‘Action Requasted: Adoption ofthe Down Payment Assistance Poicy Background. ‘° The City of Ashevila has $1 lon of bond funds allocated for down payment assistance (OPA) to upport hamecnership oppertuntia fr hovsshokls making 8O% ar las of the area median incame a. ‘+ StafThas been working wit he Afordable Housing Advisory Commitee (AHAC) presenting potential partnorships for DPA funds, including the Housing Author in support of thee Housing Choice Voucher {HCV) Homeaunership program, OnTrack WNC, Mountain Housing Opportunies (MO) and Habitat for Humanity to fully understand how our funding can work with local pariners and families i-noed, ‘+ The North Carina Housing Finance Agency provided guidance on best practices in a DPA policy 1 The City of evils ae another etream of funcing in partnership ith the Federal Homa Laan Bank of ‘Nlanta(FHLBA) that wl provide combined total of $400,000 in Down Payment Assistance to Indviduals whe work forthe Gy of Ashoullo as well as local Teachers who serve atone of our local ‘Ashovile Gy schools who make between 80% and 120% of AML $300,000 is coming fam our wn Housing Trust Fun whe tha FHLBA is providing $100,000, ‘+The Poley was passed unanimeusly by he Mfordable Housing Advisory Committ (AHAC) at heir January 3, 2019, meeting, ‘© Counats Housing & Community Development Commitee (HCD) asked fra fow caficatons tothe poly at ther January 15, 2019, meting ad voted to move i forward to full eaunl fora vote, These {arifcaion are highlighted inthe poe Council Goaf): ‘© Qualty Afordable Housing Equitable and Diverse Community commitee(s): *AMfordable Housing Advisory Committ - January 3, 2019 + Counais Housing and Cemmunty Development Comittee - January 15,2019 Daca DPA Pull sts rade tnd anes ated preside 7 iui ‘ch fa key goal of or afloraable housing haves ‘+ The Potey begins ung Heung Bond fundng that was pase in November, 2016 ‘Ms Potey was vated morougiy wit ca stakeholders, tanks matgage lenders, and ctor experts ontPA ons): "© Tho funding is timited Time lmiatons ‘© Bond Funds must bo spent by October, 2023 © FHLBA Funds may have tobe spent by March, 2020, Fiscal Impact "© Upto $18 from the AMlordable Housing Bon as needed; $300,000 ftom Housing Trust Fund as needed wh te program balance of $100,000 provided bythe Federal Home Loan Bank, ‘Suggested Motion: Motion to adopt tha Down Payment Assistance Poly [Attachment(s ‘> Resouton 2 Draft Down Payment Assatance Poy RESOLUTIONNO, 19- RESOLUTION AUTHORIZING THE ADOPTION OF A CITY DOWN PAYMENT ASSISTANCE POLICY THAT INCLUDES $1M IN FUNDING FROM THE HOUSING BOND AND $400,000 IN FUNDING IN PARTNERSHIP \WITH THE FEDERAL HOME LOAN BANK OF ATLANTAS COMMUNITY HEROES DOWN PAYMENT ASSISTANCE INITIATIVE WHEREAS, pursuant to N.C.G.S. 160-456, the ity is authorized to engage in and expand funds for community development programs and activites thal assist persons of ow and moderate income: and WHEREAS, the Cy of Ashevil's Community Development Department has been assigned the task of developing an facitating @ Down Payment Assistance (DPA) Program as part ofthe $25M Housing Bond passed by the votes n the Cy of Ashavile asthe Aordable Housing General Obigation Bond funds in November, 2016; and WHEREAS, Cly Counol allocated $10¢ of the $25M avalable fo drect project investment in affordable housing: anc WHEREAS, Cty Council futher recommended, upon issuance ofthe General Obligation Bond, that ‘51M ofthe 10M be allocated for Down Payment Assistance; ad WHEREAS, Clty Council approved the allocation of he $10M, including $1 for Down Payment ‘Assatane, in August, 2017, Resolution No, 17-198; anc WHEREAS, a Down Payment Assistance policy was created fo include this $1M to assist individuals _and families eaming 80% ofthe Area Median Income (AN) ot less In Her pursuit of homeownership and paid ‘out adherence tothe OPA Poly; and WHEREAS, an accitional source of DPA funcing was secured from the Federal Home Loan Bank of ‘Mtont's(FHLBA) Community Heroes iiative to assist iy of Ashevile employees, to include Cty of Asheville teachers, eaming between 80% and 120% of AM|in thelr pursuit of homeownership in adherence tothe DPA In pecnership wth FHLBA wil consist o a otal of $400,000, wih $100,000 in funds fom the FHLBA as wll as $300,000 fom the Housing Trst Fund, pursuant to Resoluion 18-272 and ‘adopted on October 22,2018, and pal out in adnerencefe the DPA Policy, and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASHEVILLE THAT: City Counc! authorizes the adoption af a new Down Payment Assistance Policy containing two sources ‘offunding, $1Min Bond funds assisting individuals an faies making under 80% AM, and $400,000 in partnership withthe FHLBA assting Cy of Ahevile employees and local ty of Asheville teachers making Detweon 80% and 120% AN Read, approved and adopted tis 12th day of Fobruary, 2019, ye ‘ayo ‘Approved ast form: iy Rtomey