2002 AGN MAR 05 I07 - Laserfiche WebLink

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l In addition to the Program, this Agreement is intended to include any additional home financing programs (the "Additional Programs") that the County elects to implement pursuant to the laws of the State of California, provided (a) that prior to the implementation of any such Additional Programs, the County shall provide the City written notice of its intent to include such Additional Program under the terms of this Agreement and (b) the County shall not have received written notice from the City rejecting the inclusion of such Additional Programs within 20 days of such notice, or terminating this Agreement as provided herein. The programs listed below shall be deemed to be Additional Programs included under the terms of this Agreement: I. The Extra Credit Teacher Home Purchase Program (the "Teacher Program") which is a home mortgage finance program that provide mortgages to qualified teachers or principals who meet certain conditions. In December 2000, the County issued $14,235,000 of such Teacher Bonds after providing notice to the City. 2. In February of 2000, all participating cities executed letters approving the County to act on their behalf in joining the California Cities Home Ownership Authority (CCHOA) in order to make an existing CCHOA Lease Purchase Program available Countywide. During the year 2000, CCHOA purchased approximately 85 residences within the County of San Bernardino on behalf of lease -purchasers. On January 23, 2001, the County Board of Supervisors approved the County's continued participation in the CCHOA Program. On June 21, 2001, CCHOA issued $55,000,000 in bonds to provide ongoing financing for its Lease Purchase Program. 3. In January of 2001, the County issued $500,000 of its Taxable Single Family Home Mortgage Revenue Notes (Fannie Mae Down Payment Assistance Program), 2001 Series A (the "2001 Notes"). The proceeds of the 2001 Notes are available for a down payment assistance program (the "DPAIN Program") that was developed by the County and Fannie Mae. The DPAIN Program provides supplemental funds that may be used toward down payment and closing costs in conjunction with other mortgage programs, including the Program, the Teacher Program, as well as the County's HOME Program Homeownership Assistance Program (HAP), and to provide down payment assistance for households with incomes up to 140% of statewide median (higher than the income limits of those three programs) when used in conjunction with any other mortgage program, subject to the income limits of such mortgage program. Section 7. The term of this Agreement shall extend (i) with respect to any Bonds issued in conjunction with the rights provided in the Agreement (including any refunding of such Bonds), until the Bonds issued or refunded under the terms of this Agreement, are fully paid and retired; (ii) with respect to the County's right to apply for and receive allocation in conjunction with the rights provided in the Agreement, until the terms of this Agreement have been terminated in writing by the City; provided (a) that prior to an application by the County requesting an allocation the County shall provide the City notice of its intent to continue the terms of this Agreement and (b) the County shall not have received with 10 days of such notice written notice from the City terminating the provisions of this Agreement applicable to such application; (iii) with respect to any Additional Programs in conjunction with the rights provided in this