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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 0000(A 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. 0000("-2