MEETING DATE:
July 14, 2020
SUBJECT:
Title
RESOLUTION NO. 2020-8798 - APPROVE AN AUTOMATIC RENEWAL OF THE COOPERATIVE AGREEMENT TO FORM A HOME CONSORTIUM
Body
Recommendation
Recommendation
ADOPT a resolution approving the automatic renewal of the existing Cooperative Agreement to Form a Home Consortium (Cooperative Agreement).
Body
Board or Commission Action (If not applicable, please state not applicable below)
Not applicable
Relevant Council Strategic Theme (If not applicable, please state not applicable below)
Quality of Life
Relevant Department Goal (If not applicable, please state not applicable below)
Not applicable
Executive Summary
The Home Investment Partnerships (HOME) Program is a federal housing program administered by the Department of Housing and Urban Development (HUD). HOME funds are provided annually to eligible local and state governments and may be used for low-income (80% Area Median Income) first-time homebuyer loans, homeowner rehabilitation loans, rental unit development, and tenant-based rental assistance.
Under the current HOME program, the City is not large enough to receive a direct allocation of HOME funds from the County of San Diego. However, under the program local governments that would not qualify for HOME funds directly are able to join together to form a HOME consortium in order to receive federal HOME funds. On April 22, 2011, the City of San Marcos joined the existing HOME Consortium which is administered by the County of San Diego as the lead agency. Participating jurisdictions include Encinitas, Carlsbad, Vista, San Marcos, La Mesa, and Santee. As a participating member of the HOME Consortium, San Marcos residents may apply for County-administered HOME programs. The County of San Diego currently uses its HOME funds for assistance with affordable housing developments, the Down Payment and Closing Cost Assistance (DCCA) program for first-time homebuyers, and the Tenant-Based Rental Assistance (TBRA) program ...
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