HomeMy WebLinkAbout05/18/2010, C9 - GRANT APPLICATIONS FOR BEGIN AND FIRST-TIME HOMEBUYER PROGRAMS (ITEM C9) �Illllllll ����� lllllalll� l
council memoRAnoum
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city of SAn IUIS OBI po. community development lbcpmztment
DATE: May 18, 2010
TO: City Council
VIA: Katie Lichtig, City Manager
FROM: John Mandeville, Community Development Directopjt
BY: Michael Codron, Housing Programs Manager U
SUBJECT: Grant Applications for BEGIN and First-Time Homebuyer Programs (Item C9)
The purpose of this memo is to clarify that the proposed BEGIN and First-Time Homebuyer
Programs would both provide down payment assistance for the Moylan Terrace Project. In the
case of the BEGIN program, these funds would only be available to moderate income buyers in
the Moylan Terrace Project, per the BEGIN program guidelines. In the case of the First-Time
Homebuyers Program, down payment assistance is not tied to a specific project by rule.
However, because the amount of down payment assistance is limited, staff expects that these
funds will only be effective for buyers of designated low-income units at Moylan Terrace.
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MAY 18 2010
SLO CITY CLERK
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