REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Division
SUBJECT
Title
***RESOLUTION - Authorizing the submission of a grant application and acceptance of funds from the California Department of Housing and Community Development's 2024 Homeownership Super NOFA for funding under the CalHome Program for Homebuyer Mortgage Assistance, and authorizing the City Manager or designee to sign all necessary implementing documents (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends approval of a Resolution authorizing the submission of a grant application to and acceptance of grant funds from the California Department of Housing and Community Development's 2024 Homeownership Super NOFA for funding under the CalHome Program for use as Homebuyer Mortgage Assistance and authorizing the City Manager or designee to sign all necessary implementing documents.
EXECUTIVE SUMMARY
On December 12, 2024, the California Department of Housing and Community Development (HCD) issued a 2024 Homeownership Super NOFA, offering approximately $176.8 million in total grant funds, with $143.1 million specifically allocated for the CalHome Program. As an eligible Local Public Entity, the City of Fresno may apply for up to $5 million in CalHome Program funds to support homeownership programs for lower and very low-income households. If awarded, the City will use the funds to provide mortgage assistance loans of up to $100,000 per household for eligible first-time homebuyers whose income does not exceed 80% of the area median income for Fresno County.
BACKGROUND
The California Department of Housing and Community Development (HCD), under California Assembly Bill 434 (AB 434) (Chapter 192, Statutes of 2020), issued the 2024 Homeownership Super Notice of Funding Availability (HOSN...
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