2002 AGN MAR 05 I07 - Laserfiche WebLink

Browse Search

Execution of the replacement Cooperative Agreement which covers all existing Countywide programs and contains evergreen provisions, will eliminate the need for executing annual letters to extend the Cooperative Agreement and will also eliminate having to execute new letters to cover new programs that meet the expanded criteria of the new Cooperative Agreement. However, notwithstanding the preceding sentence, each Participating City shall retain the right not to participate in any future program or any additional program created by the County. Under the terms of the expanded Cooperative Agreement term of the Cooperative Agreement shall extend (i) in a situation where Bonds have already been issued , until the Bonds issued or refunded under the terms of the Cooperative Agreement, have been fully paid and retired; (ii) in a situation where the County is applying for and has received an allocation, until the terms of this Agreement have been terminated in writing by the City; provided (a) that prior to an application requesting allocation of debt ceiling amounts to the County it will notify each Participating City of its intent to continue the terms of the Cooperative Agreement and (b) the Participating City may reject its continued participation by providing written notice that it does not wish to continue such participation within 10 days of such notice by terminating the provisions of the Cooperative Agreement applicable to such application; (iii) in a situation where an Additional Program is involved, the City has the right to refuse to participate in such Additional Program. In addition, the City has the right to terminate its participation in the Cooperative Agreement by providing written notice of termination of the Cooperative Agreement at least 10 business days prior to a date selected for termination and provided the other provisions of this Agreement are not violated. As proposed in the County's January 9, 2001 resolution, the new Cooperative Agreement covers the SFHMRB Program, as well as the California Cities Home Ownership Authority (CCHOA) Lease -Purchase Program and Extra Credit Teacher Home Purchase Program (ECTHPP / Teacher Program), that were implemented during the year 2000 under the Cooperative Agreements with Cities. The County's January 9, 2001 resolution also provides for automatic inclusion of additional County -developed mortgage assistance programs under the Cooperative Agreements with Cities. The County's new Fannie Mae Down Payment and Investment Note (DPAIN) Program that was mentioned in that resolution is now available. Under the terms of the Cooperative Agreement, the County is obligated to periodically provide information updates to keep Participating Cities advised on the status of its various Countywide Mortgage Programs. An update on the four existing Countywide programs is included with this letter. A supply of brochures on these programs is being sent out to Participating Cities under separate cover. As noted in the new Cooperative Agreement, the County will also provide all Participating Cities with information on any new programs which may be proposed, developed, and/or implemented in the future. Thank you for your participation and support in providing affordable housing opportunities for low- to moderate - incomes families. If you have any questions about the mortgage assistance programs offered by the County, please contact Roberta Keyes at (909) 388-0914. Sincerely, DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT TI"Ll- THOMAS R. LAURIN, Director Enclosures cc: David R. Zamora, Community Development Director