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The term of the agreement has been extended to coincide with the Town's fiscal calendar and annual budget process (July 1 to June 30). FISCAL IMPACT: Sufficient fiends are available in the Below Market Price Program Deposit Account to cover the $96,250 increase in budgeted expenditures for the Community Development Department and transfer from the Housing In -lieu Fee deposit account. The current balance in the deposit account is approximately $1.7 million. CONCLUSION: Staff recommends that the Town Council authorize the Town Manager to execute an amendment to agreement with Neighborhood Housing Services Silicon Valley to administer the Town's Below Market Price Affordable Housing Program in an amount not to exceed $96,250 under the supervision of the Community Development Director. Attaclunents Updated proposal from Neighborhood Housing Services Silicon Valley, includes Exhibit A (nine pages) Distribution: Matt Huerta, Executive Director of Neighborhood Housing Services Silicon Valley, 31 N. Second Street, Suite 300, San Jose, CA 95113 SLB:EO:ct Proposal from Neighborhood Housing Services Silicon Valley To Town of Los Gatos For the Administration of the Town's Below- Market -Rate Rev. September 6, 2013 A. Entity NHSSV was incorporated in 1995 as a non - profit Community Development Organization by a group of local citizens with support from the City of San Jose's Department of Housing. NHSSV's mission is "to promote community revitalization and economic stability by providing responsible homeownership and neighborhood services to low and moderate income families ". NHSSV is a member of the NeighborWorks America Network, a congressionally created and funded effort, and a national affiliation of 235 independent, community - based nonprofit organizations committed to community revitalization. It is also certified by the US Department of Treasury as a Community Development Financial Institution (CDFI). NHSSV is the only community -based non - profit organization that is approved as a direct seller and servicer by Fannie Mae. NHSSV adheres to NeighborWorks America's philosophy of Full -Cycle Lending and commitment to put the welfare of the borrower first. Two elements of Full -Cycle Lending are the requirement that every borrower must attend at least 8 hours of homebuyer education and the lender's,commitment to provide post - purchase counseling to borrowers "throughout the life of the mortgage ". full Cycle Lending also includes Realty and Lending Services as well as community engagement opportunities. Since 1995, NHSSV's Homeownership Center has educated and counseled over 6,000 prospective homebuyers and in the last 3 years NHSSV has prevented 600 homes from foreclosure. Since 2001, NHSSV has provided direct loans to 400 low and moderate income homeowners for a total investment of over $120 Million in first and secondary mortgage financing. NHSSV has trained 200 neighborhood leaders to take action on issues most impacting their communities. ATTACHMENT 1 2 1. Identification of the NHSSV with names, positions, addresses, telephone numbers and email addresses NHSSV Below Market Rate Program Staff — all program staff members are housed at Neighborhood Housing Services Silicon Valley's main office — 1156 North Fourth Street, San Jose, CA 95112 2. Intended Role of each partner & staff member; Staff Position Program Role Name Phone Email Executive Director Organizational Matt Huerta 408.579.6505 mhuerta @nhssv.org Oversight Chief Business Program Julius Nyanda 408 - 579 -6521 iulius @nhsnow.org Officer Supervisor Chief Financial Financial Ilona Profota 408- 579 -6540 iprofota @nhssv.org Officer Monitoring BMR Program Daily Program Teresa Martinez 408- 579 -6565 tmartinez @nhssv.org Coordinator Operations Gonzale §°: _ ` -- '`°''" - BMR Real Estate Real Estate Sales Violeta Perez 408- 579 -6530 vperez @nhssv.org Services Manager Senior Program Eligibility Kathie Wells 408 - 579 -6580 kwells @nhssv.org Underwriter Underwriter BMR Program Ownership & Brandon Leon 408 -279 -2600 bleon @nhssv.org Associate Rental Monitoring Program /Contract Contract Lupe Hernandez 408- 579 -6570 lhernandez@nhssv.org Compliance Officer Monitoring B. History 1&2, General Description of Previous Programs Administered .& .Role of Staff Members in Programs. NHSSV administers several BMR municipal programs including contracts with the Cities of Santa Clara, Morgan Hill, Los Altos and Burlingame. We are a preferred lender for the City of Campbell's BMR Program. Key components of all of our BMR programs utilize elements of our Full Cycle Lending system including: 2) Pre - Purchase HomeBuyer Education 3) Flexible Mortgage Loan Products 4) Property Services 5) Post Purchase Counseling 6) Neighborhood Impact. City of Santa Clara BMR Start Date 2007 Scope of Services: • Establishment of Necessary Program documents and Procedures (BMR Staff) • General Administrative Activities & annual monitoring (BMR Staff) • Administrative Services Related to Sale and Resale of BMR Units — Exclusive Sales Agent (Marketing Assistant & Real Estate Manager) Preferred Lender for City of Santa Clara First Time HomeBuyer Loan (Lending Manager) HomeBuyer Education (HomeOwnership Center Manager) - - Foreclosure Intervention — as needed (HomeOwnership Center Manager) 3 Total Owner Occupied Units: 122 City of Morgan Hill BMR Program Start Date May 2012 Scope of Services • Establishment of Necessary Program documents and Procedures (BMR Staff) • General Administrative Activities & Annual Monitoring (BMR Staff) • Administrative Services Related to sale and Resale of BMR Units — Exclusive Sales Agent (Marketing Assistant and Real Estate Manager) • Administer Town's downpayment assistance loan program for Madrone Plaza (BMR Staff) • Process refinance and reconveyance requests for BMR owner occupied units (BMR Staff) • HomeBuyer Education (Homeownership Center Manager) • Foreclosure Intervention — as needed ( HomeOwnership Center Manager) Total Owner Occupied Units: 415 City of Los Altos BMR Program Start Date 2008 Scope of Services • Establishment of Necessary Program documents and Procedures (BMR Staff) • General Administrative Activities & Annual Monitoring (BMR Staff) • Administrative Services Related to sale and resale of BMR Units — 'Exclusive Sales Agent (Marketing Assistant & Real Estate Manager) • BMR Rental Program Compliance Activities (BMR Staff) • Loan Financing Activities — offer First Mortgage Lending products (Lending Manager) • HomeBuyer Education (Homeownership Center Manager) • Foreclosure Intervention — as needed (Homeownership Manager) Total Owner Occupied Units: 59 City of Burlingame BMR Program Start Date 2008 Scope of Services • Establishment of Necessary Program Documents and Procedures (BMR Staff) • General Administrative Activities & Annual Monitoring (BMR Staff) • Administrative Services Related to sale and resale of BMR Units — Exclusive Sales Agent (Real Estate Manager) • BMR Rental Program Compliance Activities (BMR Staff) • Loan Financing Activities — offer First Mortgage Lending products (Lending Manager) Total Owner Occupied Units: 5 (3 completed with 2 pending) Rental Units: 6 3. Program Successes NHSSV's breadth of services and our regional and national relationships ensures that we have the ability to deliver successful BMR program administration services for several municipalities simultaneously, These BMR programs provide homebuyers who would not ordinarily be able to afford to purchase a home, the opportunity to build lasting wealth through homeownership. S Since 2007, NHSSV has provided Full Cycle Lending services to over 100 Below Market Market Rate unit homebuyers in Silicon Valley. We partner with financial institutions, developers, and cities to serve low to moderate income BIVIR families by providing Homeownership Opportunities and Education, Realty and Lending services. We educate and counsel homebuyers throughout their homeownership experience. We provide the ultimate foreclosure intervention resource — we give them the tools they need for sustainable homeownership. Our successes in BMR administration are numerous. Some examples include partnering with financial institutions as preferred Lenders in Santa Clara, negotiating Affordable Housing Agreements with developers and assigning Affordable Sales Prices in Burlingame, providing homeownership opportunities to 80% AMI buyers in Los Altos, and administering the Madrone Plaza Downpayment Assistance Program in Morgan Hill. Our unique position as a NeighborWorks America Homeownership Center gives us a toolkit for m- aintaihing and expanding homeownership in today's tough. and:'s.ometi.me . un.predictable housiing-market :. Challenges include forging through the 2008 housing crisis to work with clients towards homeownership retention while simultaneously offering others pre purchase education and ownership opportunities. When some of our homeowners defaulted on their home loans or BMR program guidelines (i.e. owner occupancy), we partnered with them to ensure success. We offered in- house foreclosure intervention for those in need of retention services and flexible mortgage products for those who could benefit from refinance. NHSSV counseled some through program compliance accountability and activities. We continuously adapt to the market and counsel past and current clients to achieve mortgage readiness. 5 4. Program Costs Office Overhead —Rent, Phone, Website, Supplies Salaries Executive Director Chief Financial Officer Chief Business Officer Program /Contract Compliance Officer BMR Program Manager BMR Real Estate Agent BMR Program Underwriter BMR Program Associate Annual Admin Fee 5. Program References $55,000 (Paid by Town) Jeff Pedersen — City of Santa Clara, Housing and Community Services Division Manager 408.615.2491 & ipedersen@santaclaraca.gov Leslie Little - City of Morgan Hill, Assistant City Manager Leslie.little@morganhill.ca.gov David Kornfield — City of Los Altos, Planning Services Manager 650.947.2632 & dkornfield@losaltosca.gov Ruben Hurin — City of Burlingame, Senior Planner 650.558.7256 & rhurin@burlingame. 0 C. Proposal Scope of Work 1. Application —Attached 2, Proposal NHSSV hereby proposes to undertake responsibility for direct administration of services regarding the Town of Los Gatos (BMR) Affordable Housing Program. Administration will be in accordance with all Town ordinances and other directives, as well as any applicable State and Federal laws and regulations. NHSSV will provide Administration, Housing Sales & Rental Housing Services. Through its homebuyer education, NHSSV will produce "mortgage- ready" and program eligible homebuyers that are familiar with the Town's BMR Program. Participants will gain access to our real estate agents, mortgage products, and available local downpa:y.m_ent assistance from th;e::Housing Trust of Santa Clara County and other Local andy reg.ion :al . resources. We will provide on -going support to accentuate our homeowners' experience throughout their ownership tenure. 3 Implementation Plan A. NHSSV will maintain BMR procedures, including Town ordinance, resolution and Ongoing implementing guidelines, application materials, database lists, and as required, modify them from time to time to insure effective operation of the BMR Program. B. When requested by the Town, NHSSV will advise and assist staff on matters Ongoing related to the program. C. NHSSV will maintain the BMR Program files for each BMR owner and for each Ongoing rental unit. D. NHSSV will'maintain the BMR Program files for each BMR owner and for each Ongoing .rental unit. E. NHSSV will maintain the database list of BMR program for sale and rental units Ongoing owners and renter and BMR applicants. F. NHSSV will be the contact agency for the BMR Program and handle of inquiries. Ongoing We will send a BMR program summary and application to prospective buyers and develop application and program materials as needed. NHSSV will maintain a website of Town's housing programs. G. NHSSV will provide regular business office hours (closed for Holidays and Ongoing weekends) for applicants to ask question and obtain /drop off applications, including application intake. This service will also include the availability of staff to meet by appointment in the evenings or weekends to accommodate applicant and owner schedules. H. NHSSV shall act as the exclusive sales agent for the Town of Los Gatos and Ongoing potential buyers for the sale and resale of BMR homes. NHSSV is licensed by the Department of Real Estate to list and sell properties as needed and legally work with and represent customers. We will manage the entire sale process including advertising of available units. NHSSV will provide interested buyers an application and a flyer describing the units, sales price, amenities, deed restrictions, and selection procedures. NHSSV will charge transaction fees to Buyers as allowed by this Agreement. I. NHSSV will maintain a list of local lenders to identify those interested in working Ongoing with the program to provide financing to potential buyers. J. Upon request, NHSSV will supply the Town with current mortgage interest, Ongoing points, and PMI necessary to set sales prices of new units as outlined in the applicable BMR guidelines and ordinance. K. NHSSV will advertise the program, as needed to solicit buyers for the waiting Ongoing list and will prepare sales schedule for Town approval. NHSSV will then send notice of unit availability, sales price and unit size to waiting list with deadline of expression for interest. w L. NHSSV will be available to applicants to answer questions regarding deed Ongoing restrictions, and will help facilitate escrow closing. NHSSV will also facilitate recordation of Deed Restrictions and Program recording documents with Title Company prior to close of escrow. M. NHSSV will manage, for each sale, at least one "open house" for prospective Ongoing bueyrs to inspect the subject property. N. Upon receipt of applications, NHSSV will ensure that each application is Ongoing complete, verify eligibility and assign points. NHSSV will rank the applications according to criteria in the Town's current resolution and BMR guidelines. 0. NHSSV will provide verbal language translation as necessary Ongoing P. NHSSV will manage entire rental process including advertising of available units Ongoing if necessary to supplement the landlord's own marketing efforts. Q. NHSSV will provide property owner /manager of projects identified -by Town Ongoing with most current income guideline upon issuance by U.S. Department of Housing and Urban Development (HUD) each year. R. NHSSV will monitor BMR units annually in October to ensure compliance with Ongoing the maintenance of affordable rent levels. S. NHSSV will advise owner /manager regarding their compliance with the BMR Ongoing program. T. NHSSV will verify the eligibility of prospective tenants that have been qualified Ongoing by the property manager. U. NHSSV will, through information provided by the property manager and tenant, Ongoing verify tenant incomes on an annual basis. V. NHSSV will provide homebuyer education and training programs to best serve Ongoing the BMR client base. W. NHSSV will provide foreclosure prevention and intervention and mortgage Ongoing counseling to best serve the BMR client base. X. NHSSV will develop a report form in conjunction with the Town representative Ongoing and submit semi - annual activity reports. Schedule of Compensation Annual Administrative Fee: $55,000 ($4,583 /month) (1/4 of annual fees paid by Day 1: $13,750 with monthly payments commencing at Month 4) Real Estate Transaction Fees: As per BMR Resale Agreements — Traditional closing costs related to Town of Los Gatos: Sellers pay real estate commission. Supplemental one -time audit of the BMR rental and ownership units Fee: As agreed to by Town and NHSSV For services outside of approved scope of work r $55/hour_ Proposal Application 1. Organization Name: - Neighborhood Housing Services Silicon Valley 2. Address: 31 North 2nd Street, Suite 300 San Jose, CA 95113 3. Organization Contract /Title: Matt Huerta, Executive Director & Julius Nvanda, Chief Business Officer 4. Telephone Number: Matt - 408.579.6505 & mhuerta@nhssv.org Julius - 408.579.6521 & iulius @nhsnow.org 5. Title of Program: Los Gatos Below Market Price Program 6. Total Annual Cost: $55,000 7. BMR /BMR Units currently administered: 607 total in the Cities of Morgan Hill, Santa Clara, Los Altos & Burlingame 8. Signature & Date: EXHIBIT A Of Attachment 1 .This Page Intentionally Left Plank