HomeMy WebLinkAboutAGENDA REPORT 2004 0616 CC REG ITEM 09D0
MOORPARK CITY COUNCIL
AGENDA REPORT
ITEM q.7:1).
TO: Honorable City Council
FROM: Nancy Burns, Senior Management Analyst
DATE: June 9, 2004 (CC Mtg. of June 16, 2004)
SUBJECT: Consider City of Moorpark Home Buyer Program and
Approving Proposal for Services Associated with the
City's Home Buyer Program (Workshop Presentations,
Spanish Translation, Application Review, Counseling,
Loan Packaging)
BACKGROUND
Seven (7) affordable Below Market Rate (BMR) units are nearing
completion in two (2) housing developments: Tract 5307
(Colmer's Moondance project) and Tract 5181 (the TR Partners
project). Both projects are in the Moorpark Redevelopment
Project area. The Colmer project includes three (3) units being
provided by the developer as a condition of the development and
3 units being constructed under contract with the Moorpark
Redevelopment Agency (4 Low Income and 2 Very Low Income units).
One (1) unit in the TR Partners project will be affordable to
Low Income. In addition, seventy -seven (77) more inclusionary
Low and Very Low Income units are expected to be completed in
Moorpark within the next two -three years.
INTRODUCTION
This report presents a brief overview of the procedures the City
will follow in the establishment and implementation of its Home
Buyer Program. These procedures will enable the City to select
eligible, qualified first time buyers for the 7 units discussed
above and will provide the foundation for ongoing management of
the program. Comprehensive Home Buyer Program Guidelines,
including underwriting criteria, will be presented at a later
date for Council consideration.
Honorable City Council
June 19, 2002, Meeting
Page 2
DISCUSSION
These affordable units will be sold at Below Market Rate (BMR)
to qualified low and very low income households. The units will
be deed restricted and can only be resold to other low income
households at a restricted price. Loan documents for the
individual BMR units have been developed to enable the City to
account for and capture anticipated property appreciation at
resale of a deed - restricted unit to another low income
household. The difference between the market value and reduced
sales price will be recorded as a 2nd Trust Deed, in favor of the
City.
Staff has held discussions with Cabrillo Economic Development
Corporation (CEDC) to determine what services CEDC could provide
to assist the City in the roll -out of its home buyer program.
These services include assisting in the planning and development
of the activities related to outreach, pre- screening of
applicants, selection of qualified buyers, and preparing
potential buyers for home ownership. An educational workshop
and one -on -one counseling for applicants who are not mortgage -
ready at this time has also been planned. In addition, loan
packaging services are available through CEDC's partner,
Neighborhood Housing Services of America (NHSA). NHSA is
experienced in addressing the financial needs of underserved
populations, using conventional sources of financing that are
tailored to the needs of low income buyers. NHSA has provided
the City with a forward commitment of funding for 1St mortgage
financing for the 7 units soon to be ready for occupancy at an
interest rate of 5.95% for a 30 -year fixed rate loan.
With the assistance of CEDC, staff has developed a tentative
schedule for the City's Home Buyer Program, contained in the
attached proposal (Exhibit "A "). Five Orientation workshops
were conducted and offered information about eligibility,
application procedures, and the deed restrictions to be recorded
on the properties. Three workshops were conducted in English
and two were presented in Spanish. Cabrillo staff and City
staff co- presented the workshops. Pre - screening applications
were provided at the workshops. Completed applications and
minimal documentation are due to City Hall Monday, June 21.
rrr��:
•
Honorable City Council
June 19, 2002, Meeting
Page 3
A "virtual voice mail box" was established to enable interested
parties to register for Orientation meetings. Both English and
Spanish instructions were provided. CEDC staff will respond to
questions from applicants regarding the loan process.
Flyers providing basic information in English and Spanish about
the Orientation meetings were mailed to the 324 individuals on
the list of interested parties that the City has maintained for
the last 4 years. Approximately 400 flyers were mailed to a
list of potential buyers that CEDC has maintained. The flyers
were distributed to real estate offices in Moorpark, Catholic
Charities, the Chamber of Commerce, and City staff.
A press release was issued regarding the roll -out of the Home
Buyer Program and display ads were placed in the Daily News,
STAR, and Acorn newspapers.
Applicants whose initial applications indicate apparent
eligibility for the program will be able to participate in a
lottery that will provide first preference to Moorpark residents
and second preference to those who work in Moorpark. This
lottery is tentatively scheduled for July 8, 2004. Based on the
outcome of the lottery, applicants with lower numbers will
submit complete loan applications and full documentation. These
loan packages will be reviewed by Cabrillo staff before final
review by City staff and submission to the lender. This review
process, but not the method outlined above for selection of
potential buyers, was used with Phase I of CEDC's Mountain View
project in Moorpark, and was found to be an efficient process.
Applicants must complete a home buyer education course prior to
close of escrow. A post - purchase workshop which discusses
foreclosure intervention, predatory lending practices, etc. will
be required of all buyers, as well. All inclusionary units will
be monitored annually to confirm continued owner - occupancy.
Display ads, flyers, and workshops have stated that deed
restrictions will apply to these properties. This means the BMR
houses can never be sold at market rate. The workshops have
provided an example of the effect of these restrictions on
resale price. Subsequent materials, including an annual
Honorable City Council
June 19, 2002, Meeting
Page 4
monitoring letter, will reference and explain the deed
restrictions on resale and other restrictions such as owner -
occupancy. City staff will meet with buyers at close of escrow
for the execution of the loan documents and resale restrictions.
The resale price which may be charged to a new low income buyer
of a BMR unit will be based on the increase in median income
from time of original purchase to time of resale of the unit.
The allowable resale price will be sum of the original first
mortgage loan plus the buyer's down payment, increased by the
percentage increase in median income. This amount may be
increased by the value of improvements with an initial cost of
one thousand dollars or more, providing the original owner can
document these costs.
Underwriting guidelines will be based on NHSA underwriting
standards, and will include City requirements. These guidelines
will include minimum down payment, limit on amount of down
payment from a gift, restriction on non - occupant co- borrowers,
etc.
The loan documents and deed restrictions (Promissory Note, Deed
of Trust and Security Agreement, and Resale Restriction
Agreement and Option to Purchase) have been prepared and are
currently in draft form. They will be presented to the City
Council at a later date for approval, along with the
underwriting guidelines.
At a Special Meeting of the Affordable Housing /Community
Development Committee (Councilmembers Hunter and Mikos) on June
2, 2004, the Committee accepted the staff recommendation to
recommend Council approval of the City's Home Buyer Program.
This Committee will be asked to review additional materials and
provide recommendations to the City Council on program details.
A summary follows of the process to be used in the selection of
eligible buyers for the initial 7 BMR units in the City's Home
Buyer Program. Staff will identify additional details as noted
above. It is anticipated that this process will provide the
foundation for the City's ongoing Home Buyer Program.
000085
Honorable City Council
June 19, 2002, Meeting
Page 5
Summary of Home Buyer Program initial buyer selection process:
• 5 Orientation meetings (3 English; 2 Spanish)
• Pre - screening applications offered at orientation meetings;
due to City Hall with initial documentation by 5:00 p.m. June
21, 2004
• Lottery at 7:00 p.m. July 8, 2004, for applicants determined
to be apparently eligible
• Full loan application processing, based on lottery results
• Neighborhood Housing Services of America (NHSA) underwriting
guidelines to be used, subject to City requirements
• Home Buyer Education required prior to purchase, and post -
purchase Home Owner workshop (foreclosure intervention,
predatory lending, etc.) required after close of escrow
• City's loan documents and deed restrictions to be executed
with City staff; buyer to receive another explanation of deed
restrictions and to sign affidavit confirming receipt of
explanation (verbal and written) and the opportunity to have
questions answered on this matter
• Financial Fitness workshop and one -on -one counseling available
for applicants not determined to be mortgage -ready at this
time
• Names of qualified applicants who do not have the opportunity
to purchase at this time to be maintained on a list for
consideration when additional BMR units are available
• Another lottery to be held in the future, when additional BMR
units are nearing completion
• 4- bedroom units, when available, to be reserved for eligible
households of 5 or more, providing there are qualified
households of this size in the application process
Summary of initial Home Buyer Guidelines:
• Low Income and Very Low Income
• First time home buyers (no previous home or mobilehome
ownership)
• First priority for City of Moorpark residents who have lived
in the City of Moorpark since May 31, 2003
• Second priority to people who have worked within the City of
Moorpark since May 31, 2003
000086
Honorable City Council
June 19, 2002, Meeting
Page 6
• 5% minimum down payment, based on Effective Sales Price (no
more than 2% of Effective Sales Price may be a qualified gift
with remainder from borrower's own funds; under certain
circumstances, down payment assistance loan, not to exceed 1%
of Effective Sales Price, with 4% from borrower's own funds)
• Maximum amount of $5,000 combined (for all co- borrowers) to be
established for liquid assets, before such assets are imputed
to be generating interest income
• Property must be continuously owner - occupied (hardship
provisions to be developed that do not provide owner a
financial advantage in the event of unforeseen circumstances)
• No non - occupant co- borrowers
• Intention of City is that buyer's interest in BMR unit may be
transferable to eligible heirs (transfers due to death,
divorce, etc.)
• Following dissolution of marriage, or in the event 1 co-
borrower is no longer an occupant of the property, the
remaining co- borrower(s) may retain ownership and tenancy,
based on financial capacity to pay mortgage; an event of death
of 1 co- borrower will be treated in similar fashion
• Difference between BMR price and market value is recorded as a
2nd Deed of Trust (at 0% interest and no payments required,
unless default occurs, until liquidated at time of resale)
• BMR resale limited to another Low or Very Low Income buyer
• At time of resale, buyers will share in the equity
appreciation of the property (generally determined by
subtracting the sum of the original down payment amount,
original 1St Trust Deed amount, original amount of 2nd Trust
Deed and allowed value of any property improvements from the
then current net sales price) by the percentage increase in
median income that has occurred since purchase. In the event
market price declines, the City will provide for the first 50%
of the 2nd Trust Deed, after which this will be shared with the
buyer "50/50"
• Cost of interior /exterior property improvements in excess of
$1,000 may be recovered at time of resale, based upon building
permit valuation and /or assessor records and, if necessary, an
appraisal. Floor covering, window treatments and routine
maintenance type items such as built -in appliance replacement
and landscaping are not included.
0000817
A
Honorable City Council
June 19, 2002, Meeting
Page 7
• City will establish future market value and resale price of
BMR units based on median income at time of resale; if
necessary, an appraisal will be made.
• Increases in income of owners over time does not disqualify
them from continuing participation in the program.
• Insurance and maintenance requirements will be established and
monitored, along with owner - occupancy of the units.
Funding for the cost of CEDC's services in support of the City's
Home Buyer Program will be requested from the Moorpark
Redevelopment Agency, from Housing Setaside funds.
Exhibit "B" shows current income limits for Ventura County.
STAFF RECOMMENDATION:
1. Adopt general program guidelines as contained in this report
and authorize staff to complete preparation of all required
documents consistent with this report; and
2. Approve proposal from CEDC for Home Buyer Services, with exact
costs to be charged per Cost of Services schedule, estimated
to total $34,250 for June 2004 -May 2005. Authorize City
Manager to sign Agreement, subject to City Manager and City
Attorney final language approval.
Exhibit "A" Proposal from Cabrillo Economic Development
Corporation (CEDC) dated May 25, 2004
Exhibit "B" Income Limits for Ventura County
000088
CEDC
Nancy Burns
Senior Management Analyst
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
May 25, 2004
Dear Nancy,
EXHIBIT A
Thank you for the opportunity for the Cabrillo Economic Development Corporation
(CEDC) NeighborWorks® Home Ownership Center (HOC) to work with the City of
Moorpark to help move families into affordable homeownership. Attached is:
• A revised flowchart outlining the key steps to select qualified buyers for homes
that are nearing construction, along with dates for the process that will take
place in the next three months
• A revised cost of services based on our conversation on Monday, May 17 and
a description of CEDC's roles at each step of the process
• A copy of the revised memo from May 17`h that describes CEDC's courses,
services, and impact in more detail
The cost of services reflects the same hourly rate as originally proposed, with a
slight increase for the cost of the post - purchase class because it is now 2.5 hours instead
of 1.5 hours, and to reflect time for curriculum adjustment. CEDC anticipates spending .5
hours per client in the pre - screening process and .75 hours per client in the advanced
screening process, at a charge of $100Jhour. CEDC will invoice the City quarterly based
on the number of clients that we see. The cost of services represents the City's
anticipated number of clients; CEDC will update the City regularly on the exact number of
clients that go through the screening process.
Please feel free to contact me with any questions at 805 - 659 -3791 x31, or
bmgarcia ncabrilloedc.org. Again, the HOC staff is very excited to assist you and the City
in your work; thank you for the opportunity.
Sincerely,
Bertha M. Garcia
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000089
Clients comp!
application
City of Moorpark/CEDC Homeownership Services Flowchart
Orientations
(3 English- June 3, 7, 9)
(2 Spanish - June 8, 14)
Applications Distributed
Application Due Date -
Monday, June 21
Pre - Screening
June 21 -June 25
City approves pre - sreening decisions -
notices sent out to applicants stating
if they qualify or not for the lottery
LOTTERY
Tuesday, July 8
Advanced screening
July 9 -15
City approves advanced
screening decisions -
Client determination letters
One-
sent (July 18)
time
appeal
process
Applica t denied
Financial Education Class
(6 hours)
(Offered 2nd and 4th
Quarters)
Future
Lotteries
SYMBOLS
Joint activity Due Date Client action activity Mpk, CEDC ���
000090
Page 1
Post-
purchase
Loan application
Homebuyer Education
ESCROW
course
(2.5
Applicant
and escrow
Workshop (8 hours)
CLOSES!
hours, 1
accepted
process begins
August 14 (English)
Monday,
English, 1
July 26
August 28 (Spanish)
August 30
Spanish,
offered 2-
4th
j quarters
Future
Lotteries
SYMBOLS
Joint activity Due Date Client action activity Mpk, CEDC ���
000090
Page 1
City of Moorpark
Cost of Services
June 2004 -May 2005
Orientation participation
$150.00 14 $2,100.00
Preparation of PowerPoint summarizing CEDC and HOC's role with City of Moorpark program
Five orientations in first quarter, three in each subsequent quarter
Presentation and all materials will be available in both English and Spanish
Pre - Screening
$100 /hour 200 0.5 $10,000.00
Review applications to meet initial criteria for lottery
exact # TBD
Summarize applicant status to Moorpark staff
Assist City to prepare and send letters alerting applicants of status
CEDC will invoice the City quarterly based on # of clients seen
Advanced Screening and One -on -One Counseling
$100 /hour 150 0.75 $11,250.00
Review applicant's credit, financial history, and pertinent information in detail
exact # TBD
Manage all correspondence with applicants, including the appeal process
Summarize applicant status to Moorpark staff
Assist City to prepare and send letters alerting applicants of status
Cost includes any one -on -one meetings between HOC and clients
CEDC will invoice the City quarterly based on # of clients seen
Pre - purchase workshops
$900.00 8 $7,200.00
8 -hour group courses using "Opening New Doors" curriculum
Taught at Moorpark facility
Adapt curriculum slightly to include time for Mpk. presentation
Two workshops per quarter (one in English, one in Spanish)
Financial Education workshops
$675.00 4 $2,700.00
6 -hour group courses using MoneySmart curriculum
Taught at Moorpark facility
Classes taught in 2nd and 4th quarters, one class each in English /Spanish
Loan Packaging Services
Cost to buyer N/A
Post- Purchase Classes
$300.00 2 $600.00
2.5 -hour class offered in English and Spanish
Material to cover combination of predatory lending, foreclosure prevention, tax preparation
Cost includes adaptation of existing curriculum
Materials
$100 /quarter 4 $400.00
Costs cover all education, orientation, and post - purchase course materials
Costs to cover all administrative materials for client correspondence
TOTAL (subject to change based on number of clients for pre- screening and advanced screening) $34,250.00
000091
May 11, 2004
Scope of Work
CEDC NeighborWorks® Home Ownership Center (HOC)
Homebuyer Education and Counseling Services
City of Moorpark
Thank you for your interest in contracting with the Cabrillo Economic
Development Corporation NeighborWorks® Home Ownership Center (HOC) to provide
homebuyer education and counseling services to residents of the City of Moorpark.
Since launching a home ownership education, counseling, and loan packaging division
in 1998, CEDC has provided over 2,000 hours of education and one -on -one counseling
to over 1,500 households preparing for homeownership, and has helped more than 210
families to purchase a home. The HOC welcomes the opportunity to work with the
families on the waiting list for Moorpark's affordable units, as well as other families who
plan to purchase a home in the city.
Below is an overview of core and supplemental services that the HOC can
provide to Moorpark residents; the narrative also includes a brief discussion of the
impact and value of our services have on clients.
1. CORE SERVICES
A. Pre - Purchase Education
CEDC's pre - purchase education curriculum provides up to 16 hours of
instruction, consisting of 6 -8 hours of financial education and eight hours of homebuyer
education. The financial education curriculum will likely be taught over three evening
courses lasting approximately two hours, or one full Saturday session. The homebuyer
education curriculum will likely be taught over a full -day Saturday. Classes are typically
around 15 -20 people. The HOC will make every effort to offer all courses at a suitable
location in Moorpark, to reduce travel time for Moorpark residents.
Financial Education. CEDC uses the FDIC MoneySmart curriculum, which
is offered in English and Spanish across 10 self- contained modules. Each
lesson plan includes a self- assessment and worksheets to help clients tailor
the course to their particular needs. The goal at the end of this course is for
clients to have the knowledge and confidence to make informed financial
decisions for themselves, their families, and their communities.
2. Homebuyer Education. The CEDC Homeowner Course, offered in English
and Spanish, will continue where the FDIC curriculum left off, with a review of
credit information and the loan process. The curriculum will then focus on
several key steps to home ownership, including real estate agents, home
inspection, hazard insurance and escrow and title. The course will include its
own curriculum and will incorporate presentations from housing and real
estate professionals around the County.
000092
May 11, 2004
Please see attached for financial education and homebuyer education agendas.
In addition, the HOC will work with the City to adapt the curricula of both classes to make
the information most relevant for Moorpark buyers, including adding time to speak about
resale and affordability restrictions on Moorpark homes.
B. Counseling
CEDC will provide one -on -one counseling to help clients better understand
their financial history and current financial situation, and prepare for homeownership.
Topics typically covered at counseling sessions include a review of credit and credit
counseling, money management, and budgeting. The first counseling session usually
lasts one hour, with subsequent sessions of 30 minutes apiece. During counseling
sessions, clients complete an action plan with concrete steps to help them with the
homeownership process. Counseling will take place at the CEDC offices, 11011 Azahar
Street, Saticoy, CA 93004.
II. ADDITIONAL SERVICES
CEDC staff can build on the aforementioned core services in several ways.
These include:
A. Loan Packaging. In addition to pre - purchase and post - purchase education
and counseling, CEDC offers loan origination services according to need
and the type of financing offered to the family. HOC loan packaging services
are offered through partnerships with a variety of lender partners and
Neighborhood Housing Services of America, a secondary market provider.
B. Post - Purchase Education and Counseling. Studies prove that post -
purchase education is essential to retain homeowners, especially those that
are purchasing for the first time. The HOC post - purchase curriculum is
divided into two tracks, each comprised of four 1.5 -hour classes. Classes
start with a topical overview followed by a presentation by an expert in the
related field. The financial track covers foreclosure prevention, refinancing,
avoiding predatory lending, and long -term savings. The maintenance and
safety track is currently under development, with anticipated topics to include
repairs and home maintenance, understanding homeowners' associations,
and connection with one's community.
The HOC also offers post - purchase one -on -one counseling to families. In
the last 18 months, the HOC has experienced an increase in calls from
homeowners in the community who are delinquent on loan payments or who
have filed Notices of Default. In these situations, the HOC works with the
family, the bank, and other outside entities to create a work -out solution that
satisfies the needs of all parties involved. While the HOC does not
anticipate this problem for families who receive pre - purchase education and
counseling services and sound loan products, the service is available for
those families in need in the greater community and could be part of its
scope of services with the City of Moorpark.
000093
May 11, 2004
III. VALUE AND IMPACT
Research has proven that pre- and post - purchase education and counseling
enables families to increase their understanding of the homeownership process and take
the appropriate steps to move toward homeownership readiness. Education and
counseling also increases the chances that homeowners will be able to retain their
homes and experience the personal, economic, and societal benefits of being a
homeowner. For families who are purchasing for the first time, or who are at greater risk
of becoming victims of foreclosure or predatory lending, education and counseling are
invaluable to ensuring their success at homeownership.
To confirm this research, the HOC recently conducted an internal study to
determine the personal, economic, and community impact of homeownership education
and counseling services on clients. A core component of the study was the
dissemination of a written survey to a random sample of 400 renters and 170
homeowners who utilized HOC services. Key findings included:
Eighty -four percent of all respondents noted that their spending habits had
changed "greatly" or "somewhat" since receiving HOC services. Clients were
most likely to change spending habits by "reducing debt/paying off bills,"
"shopping smarter," and "changing the way [they] use credit cards." These
are all key economic steps toward preparing for the financial responsibility of
purchasing and owning a home.
• Almost 75 percent of all respondents noted that their understanding of the
homeownership process had increased since receiving HOC services
• Eighty -nine percent of homeowners indicated that they would recommend
HOC services to others, and 82 percent of homeowner respondents noted
that HOC staff prepared them for homeownership "extremely well' or "well."
The survey and in- person focus groups revealed high customer satisfaction with
HOC education and counseling services, and the positive impact of HOC services on
moving clients toward homeownership. The HOC expects similar feedback and positive
change from Moorpark clients.
Thank you again for the opportunity to work with the City of Moorpark. We look
forward to discussing this proposal further, and to supporting your efforts toward
providing affordable homeownership opportunities to Moorpark residents.
000094
City of Moorpark
Home Buyer Education Workshop
Presented by the
Cabrillo Economic Development Corporation (CEDC)
NeighborWorks O HomeOwnership Center
English /Spanish Workshop Agenda
8:30 -10:00 AM INTRODUCTION CEDC Staff
• Introductions
• Review of agenda and workshop expectations
• Value of having a loan prior to shopping for a home
• Advantages & disadvantages of renting vs. owning
Credit
• Definition and components
• Lender view of credit
• Reading and understanding a credit report
• Review of a credit report
• Credit cleaning companies
• Options for those with no credit established
• Non - traditional credit
10:00 -10:15 AM BREAK
10:15 —10:45 AM BUDGETING
• Importance of budgeting
• How to budget
10.45 -11.45 AM LENDING /LOAN PROCESS — Guest Sneaker
•
Documentation needed for a mortgage loan
•
Importance of job stability
•
Types of downpayment (401 K, gift, savings, tax returns)
•
Points
•
APR vs. Interest Rate
•
Explanation of GFE and TIL
•
Disclosures (ECOA, Fair Housing Act, etc.)
•
Interest rate lock —in
•
FHA loans vs. conventional loan
•
Review of Form 1003 loan application
•
Components of a mortgage payment (PITI)
•
Front end and back end ratios
11:45 AM -12:15 PM LUNCH
000095
12:15 -1:00 PM REAL ESTATE AGENTS - Guest Speaker (Agent)
• Shopping for a real estate agent
• New vs. old homes
• Observation of neighborhood and its surroundings
• Components of an offer
• Sales contracts
1:00 —1:30 PM HOME INSPECTION Guest Speaker (Home Inspector)
• Role of the home inspector
• Components of home inspection
1:30 -2:00 PM HAZARD INSURANCE Guest Speaker (Insurance Agent)
• Overview of hazard insurance
• Components of hazard insurance
• Other coverage that protects the borrower
2:00 -2:15 PM BREAK
2:15 -2:45 PM ESCROW AND TITLE
• Definition of escrow
• Definition of title
• Holding title, and importance of how title is held
• Escrow and title documentation
2:45 -3:45 PM PRESENTATION: CITY OF MOORPARK
3:45- 4:30 PM CLOSING CEDC Staff
• Jeopardy Game
• Workshop evaluation
000096
City of Moorpark
Financial Fitness Workshop
Presented by the
Cabrillo Economic Development Corporation
(CEDC) NeighborWorksOHomeOwnership Center
8:30 - 8:45 Introduction to Financial Fitness
8:45 —10:30 Introduction to Credit
- Importance of Credit
- Repairing your Credit
- Understanding your Credit Report
- How Credit history affects you
10:30 —10:45 Break
10:45 —12:00 Budgeting (Money Management)
- Why is it important to budget
- How to create a budget
- Paying yourself first
12:00 —12:30 Lunch
12:30 —1:30 Introduction to Banking Systems
The benefits of Banks /Credit Unions
How to chose and use a checking/savings
1:30 — 2:15 Your Rights as a Consumer
- How to avoid Fraud
- Know what questions to ask
2:15 — 2:30 Break
2:30 — 3:00 Test, Workshop Evaluation,
Answer questions and Adjourn
00009'7
C
C
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CO
00
EXHIBIT B
UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
HOME, CDBG AND ESG PROGRAMS
Household Income Limits and Fair Market Rents
For
Ventura County, California
1111 J: r7- @77 Ann
G:\Regional Dev \Community Dev\ADMIN \HUD 2004 FMR.doc REV: 3112104
INCOME LIMITS (Effective January 2004)
—
1
2
3
4
5
6
7
8
Person
Persons
Persons
Persons
Persons
Persons
Persons
Persons
30% Median
16,250
18,600
20,900
23,200
25,100
26,950
28,800
30,650
(Extremely Low Income
50% Median
27,100
30,950
34,850
38,700
41,800
44,900
48,000
51,100
(Very Low Income
80% Median
40,250
46,000
51,750
57,500
62,100
66,700
71,300
75,900
(Low Income)
FAIR MARKET RENTS (Effective January 2004)
-- 0
1
2
3
4
Bedrooms
Bedroom
Bedrooms
Bedrooms
Bedrooms
$785
$902
$1,142
$1,518
$1,769
G:\Regional Dev \Community Dev\ADMIN \HUD 2004 FMR.doc REV: 3112104