Loading...
HomeMy WebLinkAbout08-09-2017 PC Correspondence - Items 1 and 2 (Smith, Stephanie) From: Smith, Stephanie - 2 < Sent: Tuesday, August 08, 2017 4:34 PM To: Advisory Bodies Cc: Retail Sales Greater Los Angeles Subject: : SLO City PC and Avila Ranch in the subject line. To Whom it may concern, RECEIVED CITY OF SAN LUIS OBISPO AUG 0'8 2017 COMMUNITY DEVELOPMENT I have over 25 years in the Mortgage Industry helping people achieve their goals of home ownership. In our San Luis Obispo community we have a serious lack of affordable housing. Because of this I am recommending that you require that 75% of all homes sold are for Owner Occupied Home Buyers, not for investors. As it is buyers have so much to overcome to afford a home in this community they should not have to be competing with investors on securing a home to buy. You can write in these rules in the CC&Rs and this is not uncommon in many PUD and Condo Communities. It is not a fair lending violation as long as it is clearly disclosed and drafted correctly. We also should work to provide Low to Moderate income Borrowers with a local Community Down Payment Assistance Program to purchase homes as we used prior to the Housing Financial Crisis. Borrowers can apply for Down payment assistance and get funds based upon need. They can pay them back them back when they sell or refinance the home after 5 to 10 years. We had these programs in the past and they need to be brought back. I am a professional Mortgage Banker and part of Bank of America's Community of Volunteers. If I can be of assistance please let me know, I feel very strongly that home ownership is a cornerstone of all strong and viable communities. Thank your for your careful consideration of these issues. Stephanie Smith Bank of America Consumer Lending AVP,Retail Sales Manager, MLO San Luis Obispo County and Santa Maria Offices N M LS#518857 1105 Higuera Street SAN LUIS OBISPO CA 93401-3327 P:805-5038972 F:866 734-6509 stephanie3.smith@bankofamerica.com At Bank of America, we want you to be delighted with the service you receive. If at any time you are not satisfied with the level of service you receive, please let me know. If I am not meeting your expectations, feel free to contact my manager, Vijay Lala at 805-277-5788. Once your transaction is complete, you may receive an invitation to complete a survey rating your satisfaction with this experience. Your feedback is extremely important to us and provides valuable insight into how we can better serve our customers. This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message.