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UPDATE ON COUNTYWIDE MORTGAGE PROGRAMS Single Family Home Mortgage Revenue Bond (SFHMRB) Program: In June of 2000, the County issued tax-exempt bonds, along with taxable bonds to provide annual funding for the County's SFHMRB First -Time Homebuyer Program. As a result, mortgage funds totaling $26,505,000 became available to fund 30 -year fixed rate mortgages at 7.9%. On January 23, 2001, the County submitted an application to CDLAC for approval to issue additional tax-exempt bonds for the SFHMRB program for the upcoming year. CDLAC approved an allocation of $12,299,637 for tax-exempt bonds to be issued by the County in 2001. In June of 2001, the County remarketed the balance of the 2000 SFHMRB bonds in conjunction with the issuance of 2001 SFHMRB bonds to achieve a lower mortgage interest rate on the remaining 2000 bond funds, making $23,312,789.50 available to fund mortgages at 6.9% as of July 1, 2001. Extra Credit Teacher Home Purchase Program (ECTHPP): The "Extra Credit Teacher Home Purchase Program" (ECTHPP or Teacher Program) is a "spin-off' of the SFHMRB, with the exception that the tax-exempt bond funds are targeted to provide first mortgage funds, plus $7,500 in down payment and closing cost assistance, to qualified teachers or principals who commit to serve for at least five years in an eligible low -performing school with an Academic Performance Index ranking in the lower 30% of public schools statewide. The County's new Teacher Program was officially implemented on January I, 2001. First mortgage financing from the 2000 ECTHPP bond issue is currently available through Participating Lenders at a fixed interest rate of 7.25%. The $7,500 contribution toward down payment and closing costs is provided under a 5 -year zero percent interest deferred silent -second mortgage that is forgiven proportionately as the 5 -year service commitment is met. California Cities Home Ownership Authority (CCHOA) Lease Purchase Program: In February of 2000, all Participating Cities/Towns 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 Resolution #2001-31 to continue to participate in the CCHOA Program. On June 21, 2001, CCHOA issued $55 million in bonds, the proceeds of which will be used to originate mortgages to fund lease - purchase acquisitions during 2001 and 2002. CCHOA is once again purchasing residences on behalf of lease - purchasers Countywide. Down Payment and Investment Note (DPAM Program: In March of 2000, the County Board of Supervisors approved the development of a proposed new down payment assistance program to be developed jointly by the County and Fannie Mae. The County's new DPAIN Program provides an additional 4% of the first mortgage amount under a 10 -year amortized second mortgage to homebuyers with incomes up to 140% of Statewide Median, subject to the income limits applicable to the first mortgage program being used. The second mortgage must be executed in conjunction with an approved FHA or Fannie Mae 30 -year fixed rate mortgage. Both loans will be serviced jointly with a single combined monthly payment during the 10 -year term of the second mortgage. The Program's initial funding of $500,000 is being made available through participating developers, to be made available to purchasers of new homes offered by these developers.