City+of+Santa+Clara+Affordable+Housing+Program+Power+Point+Presentation+-+3.24.21+Session+5

HouseKeys-City of Santa Clara Affordable Housing Program Orientation T H UR S DAY, MA R CH , 2 :0 PM -7:30PM – S ES S I O N # House Keeping Chat Raise Hand Q&A Please use the Q&A button to submit questions Please hold all questions until the FAQ session (last 15-20 minutes of the Orientation) House Keeping -You must be present for the entire orientation and will be considered late if you join us after 6:10pm (you will have to register for the next orientation) -Please not take the Online Quiz during the Orientation If you do, your score will not count, and you will have to retake the quiz If multiple applicants are watching from the same device, that’s ok We will provide more information about how their attendance will be counted -Webinar Attendance Certificates will not be provided We Appreciate your Cooperation! HouseKeys’ Mission Statement Improve Programs that Improve Lives HouseKeys’ Role We don’t build the housing We don’t make the housing policies HouseKeys runs housing programs HouseKeys Websites Description Website HouseKeys Main Site (municipality website) www.housekeys.org HouseKeys Software Application Site (to register your household and obtain an Application I.D.) City of Santa Clara Program Specific Website www.myhousekeys.com www.housekeys[7].com “Key” Takeaways How to Navigate the process Understand Affordable Housing Basics How to Identify City of Santa Clara Affordable Housing Opportunities that work for you and your family Key Program Terminology Part # Program Term Definition Household Profile (Household I.D.) The most important information about a household that determines program eligibility and opportunity qualification This includes Household Size (Member Profiles) and Total Household Income (Income Profiles) and your email address Applicant (Application I.D.) An Application I.D lets us know which municipality (Santa Clara) program (BMR/BMP) you are interested in AND allows you to enter an Opportunity Drawing Opportunity Drawing A method of grouping prospective applicants with program opportunities for the purpose of determining selection order Key Program Terminology Part # Program Term Definition Preference (or Priority) Special designation given to applicants who meet certain program target criteria (e.g applicant works in the program location etc.) Example: Preference 1: Work/live for a minimum of months OR 2: Other Ranking Number The number assigned to ALL valid Opportunity Drawing Entrants who meet minimum requirements (INITIAL RANKING lottery/date and time stamp, FINAL RANKING initial ranking plus the preferences) Filtering The process for re-ordering a list of ranked Opportunity Drawing Entrants based on their Preference/Priority and any applicable Preference/Priority hierarchy www.myhousekeys.com Create an Account and Log In 10 Meet the Garcia’s (Family of 5) How Does HouseKeys Calculate Your Income (to ensure that the Household is below the Maximum Income Limits) ? All Family Members Income is Calculated Angela Garcia $50,000 Fabian Garcia $60,000 Jona Garcia (18) $12,000 $122,000 Projecting Forward 12 MONTHS April Garcia (7) Charles Garcia (9) Santa Clara County (Area Median Income (AMI) as determined by the State of California Housing and Community Development department as of 4/30/20) Maximum Annual Gross Household Income Per Household Size Area Median Income (AMI) Low 80% AMI 78,550 89,750 100,950 112,150 121,150 130,100 Median 100% AMI 99,100 113,300 127,450 141,600 152,950 164,250 Moderate 120% AMI 118,950 135,900 152,900 169,900 183,500 197,100 55 Meet the Garcia’s (Family of 5) How Do Lenders Calculate your Income (to ensure the Borrower(s) can afford the Financing)? Jona’s Income will be removed because he will not be on the loan/title and was 16 years old twenty-four (24) months ago Angela Garcia $50,000 Fabian Garcia Jona Garcia (18) $12,000 $110,000 Averaging 24-Months back We will use Fabian and Angela’ income only (they will both be on the Loan and on Title $60,000 April Garcia (7) Charles Garcia (9) Household Profile Overview Program Eligibility vs Lender Qualification ELIGIBILITY INCOME $122,000 All Family Members Income is Calculated It is Used to make sure that the Household is below the Maximum Income Limits (per Santa Clara County’s Income Limits) QUALIFYING INCOME $110,000 2-Year History Income It is Used to make sure the Borrower(s) can afford the Financing If you have questions, please email us programs@housekeys.org 58 City of Santa Clara BMP Priority Levels (eligible applicants selected from the highest priority level will have the first opportunity to purchase the available BMP home) Program Priorities Preference Application 1st Priority Level (Lives and Works) At least one qualifying household member who both lives within the City Limits of the City of Santa Clara AND operates a business or is employed by a business or a public or quasi-public agency in The City of Santa Clara for at least months prior to the application date 2nd Priority Level (Lives) At least one qualifying household member who lives within the City Limits of the City of Santa Clara for at least months prior to the application date 3rd Priority Level (Works) At least one qualifying household member who operates a business or is employed by a business or a public agency or quasi-public agency within the City Limits of the City of Santa Clara for at least months prior to the application date 4th Priority Level (All Others) Any other qualified applicant household without regard to residency or employment Notes: The qualifying household member must be the person or a dependent (a dependent is qualifying applicant who is going on title who lives or works within the City limits of the City of Santa Clara It would not include children dependents) of a person whose name will appear on title and who will use the unit as their primary residence City of Santa BMP Clara Ownership Occupancy Standards Room Size Minimum Maximum One Two Three Four Five 11 BMP Ownership “Approved Applicant” Approx Timeline Plan For an estimated - Months Escrow or longer • Mortgage • Down Payment Assistance • Closing Cost Assistance • Restrictions • Property • 1st Mortgage • All Subordinate Mortgages 61 City of Santa Clara BMR/BMP Checklist Part ❑ ALL interested Applicants MUST Register and Attend an online City of San Santa Clara BMR Rental or BMP Ownership Orientation at www.housekeys7.com ❑ All interested Applicants MUST Visit www.housekeys7.com>Program Info Pages>Rental-INFO or www.housekeys7.com/city-of-santaclara-bmp-buyer-info, scroll down, view (BMR RENTAL) short videos or (BMP Ownership) and take the Quiz All interested Applicants must pass the quiz with a score of 10 or better ❑ Please Add Our Contact Information to Your Email Contacts programs@housekeys.org ❑ All interested Applicants MUST Create a Household Profile, Request and Obtain an Application I.D at https://www.myhousekeys.com ❑ Connect with an Approved Loan Officer – BMP Ownership Only All interested Applicants MUST Provide proof of completion of a HUD Certified 8-Hour Homebuyer Education Online Class by obtaining a Homebuyer Education Completion Certificate • Including household member who will be co-borrowers and non-borrowing spouses 62 City of Santa Clara BMR/BMP Checklist Part ❑ Check housekeys7.com and your Email for Upcoming BMP Ownership or BMR Rental Opportunity Drawing Notification(s) ❑ Enter an Opportunity Drawing (BEFORE entering an Opportunity Drawing, ALL applicants must review the City of Santa Clara’s BMP Ownership OR BMR Rental Program Guidelines You must complete all application forms, exhibits and supporting documents Please keep in mind that entering an Opportunity Drawing does not guarantee you the unit ❑ While you wait for an opportunity, keep an organized file at home ready to submit When and IF your file is requested by our Program Coordinator, you will have business days to submit your complete FILE (i.e., Program Application Forms, Exhibits, and supporting documents) When and IF your FILE is requested by HouseKeys (via email), it will enter a waiting QUEQE for a possible processor review If tenant(s) OR owner(s) is/are not identified per the Final Opportunity Drawing ranking order, HouseKeys will continue to request FILES until tenant(s) OR owner(s) is/are identified 63 Sites to Remember INFORMATION ITEM HouseKeys Municipality Site AND HouseKeys-City of Santa Clara Designated Website SITE www.housekeys.org or www.housekeys7.com for The City of Santa Clara HouseKeys Phone Number 1-877-460-KEYS (5397) HouseKeys Email Address (Questions) Programs@HOUSEKEYS.ORG To Register and Obtain an Application I.D Number www.myhousekeys.com 64 List of HUD Approved Counseling Agencies in the Bay Area First Time Home Buyer Education Classes Agency Operation HOPE (East Bay) A-1 Community Housing Services (East Bay) EDEN Council for Hope and Opportunity ECHO (East Bay) NID Housing Counseling Agency (East Bay) Project Sentinel (South Bay) Contact Information Contact: Mel Rogers (510) 535-6700 Contact: Nancy Rivera to register and complete intake nrivera@a1chs.org Main Number (510) 581-9380 Contact: Olga Tovar (510) 268-9792 https://www.housing.org/first-time-homebuyer-education Online First Time Home Buyer Education Class Scroll Down to Online Home Buyer Education Class and Follow Steps 1-4 65 Dates to Remember City of Santa Clara Zoom Orientation Dates Please visit housekeys7.com to register FAQ Friday OR Saturday Webinar Broadcast (these webinars does not substitute the mandatory program orientation They are an additional resource only) Please visit housekeys7.com to register Wednesday, April 14, 2021 6pm-7:30pm Weekly Friday Webinar 12pm-1:15pm Wednesday, May 26, 2021 6pm-7:30pm Every Other Saturday 10am-11am March 27, 2021 April 10, 2021 April 24, 2021 Thursday, June 24, 2021 6pm-7:30pm 66 If you have questions, please email us programs@housekeys.org 67 QUESTIONS ???? 68