Review and Discussion of the Equity Sharing Policy. City of Culver City California Agenda Item Report Meeting Date: 03/08/2010 REDEVELOPMENT AGENCY AGENDA ITEM: Review and Discussion of the Equity Sharing Policy. Contact Person/Dept.: Tevis Barnes/Lillian Ikeda/CDD Fiscal Impact: Yes General Fund: Yes No X Phone Number: 310 253 5780 Item Number: D 2 No X Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: Meetings and Agendas Redevelopment Agency (03/03/2010) Department Approval: Sol Blumenfeld (2/12/10) Chief Financial Officer Approval: Mark Scott (by N. Kimball) (03/03/10) Agency General Counsel Approval: Murray Kane (2/17/10) Executive Director Approval: Mark Scott (03/03/10) RECOMMENDATION: Staff recommends that the Culver City Redevelopment Agency Board (Board) review and discuss the Equity Sharing Policy pertaining to the removal of long term affordability covenants for homes purchased utilizing the Mortgage Assistance Program (MAP). INTRODUCTION: In 2003 the Board approved an equity sharing option for homes purchased with financial assistance in the form of a 2nd trust deed through the MAP Program. To date twenty one (21) MAP participants have exercised the equity sharing option and removed the affordability covenant. As a result the Agency can no longer count these units as part of the City s affordable housing stock. BACKGROUND: The premise of the Agency s Housing Set Aside Fund is to create preserve and improve the community s supply of affordable housing opportunities for persons/ families of low and moderate income Health and Safety Section 33334.2 (a) . Various activities are allowed under Redevelopment Law to fulfill this premise. Providing financial assistance to assist first time homebuyers to purchase a home is an allowed expenditure. In 1993 the Board created the MAP. The MAP was designed to lend up to twenty percent (20%) of the purchase price or $60 000 whichever was less i...
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