HomeMy WebLinkAboutAGENDA REPORT 2007 1017 CC SPC ITEM 04ATo:
From:
Date:
Subject:
BACKGROUND
4.A.
CITY OF MOORPARK, CALIFORNIA
City Council Meeting
of
MOORPARK CITY COUNCIL ACTION: dAi214 &"k4AL
AGENDA REPORT
BY: `1h
Honorable City Council
Nancy Burns, Senior Management Analyll k
October 12, 2007 (CC Spec. Mtg. of October 17, 2007)
Consider Conducting Lottery to Determine Order in Which
First -Time Home Buyer Applications Will Be Processed
Round Three of the City's First Time Home Buyer Program will provide up to twenty -
five (25) units for low income households in Pardee's Waverly Place development.
Nine (9) of these condominium units in Waverly Place (a Common Interest
Development in Planning Area 5 of Tract 5045) are expected to be completed in
November - December 2007.
DISCUSSION
Three (3) Orientation Workshops were conducted September 4 -6, to explain the
process for participating in this program and key applicant requirements. Two (2) of
the workshops offered simultaneous Spanish translation. Two hundred fourteen
(214) people attended the workshops and most obtained pre- screening applications.
Sixty -nine (69) pre- screening applications were submitted
Staff has reviewed these initial applications, to identify those applicants which
appear to be eligible to advance to the lottery. The purpose of the lottery is to
determine the order in which full loan applications will be processed for final
approval.
Sixty -nine (69) pre- screening applications were submitted to the City by the
September 21, 2007, deadline. Those which appear to be income - eligible have
been organized into three (3) groups to give preference to those who are residents
of the City of Moorpark (Tier 1), those who work in the City of Moorpark and live
elsewhere (Tier 2), and all others (Tier 3). For Round Three there are 13 eligible
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Honorable City Council
Special Meeting of 10/17/07
Page 2
applicants in Tier 1, no eligible applicants in Tier 2, and 10 eligible applicants in Tier
3.
This applicant list will remain valid until October 31, 2009.
STAFF RECOMMENDATION
Direct staff to conduct lottery to determine the order in which full loan applications
will be processed.
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