Parkview Services 8/14/2017 - Laserfiche WebLink

Exhibit "A" Scope of Services, Time of Performance, Budget, Payment, Notices, and Representatives I. Scope of Service A. Activities/Project Description The Subgrantee will be responsible for administering the Parkview Services HO-4 program in a manner satisfactory to the City and consistent with any standards required as a condition of providing these funds. Such program will include the following activities eligible under the Community Development Block Grant Program: Program Delivery Activity: Parkview Services will operate the Homeownership Program which provides purchase assistance for low-income homebuyers as defined in Section B below. Parkview Services will work with prospective first-time homebuyers to purchase existing single family detached homes, condominiums, town homes, and manufactured homes at scattered sites within the City of Everett or within Everett's Urban Growth Area. With the assistance of an approved realtor, each prospective homebuyer will select a home based on their needs and ability to purchase it. General Administration [Add description of general administrative services to be performed in support of activities noted above] In order to serve the low-income homebuyers, Parkview Services will provide a layered financing package that leverages funds from several public and private sources. In Snohomish County, these layers include the Washington State Housing Trust Fund, the Washington State Housing Finance Commission, the Federal Home Loan Bank, and the City of Everett. The layers consist of conventional mortgages and deferred payment loans. The City of Everett CDBG funds will be used by Parkview Services for zero percent(0%) or one percent (1%) deferred payment loans in the form of additional mortgages that are repaid upon the sale, refinancing, or transfer of the property. Program Income shall be used by the Agency to provide additional loans to future qualifying first- time low-income homebuyers. If the property is sold, the appreciation in the value of the property will be shared with Parkview Services as in Exhibit G, Subordinate Deed of Trust Note, to the Agreement. Parkview Services will also provide first-time homebuyers with home buyer education classes, financial counseling and post-purchase maintenance support. Potential homebuyers must complete the counseling program prior to the loan closing. If the property is sold or is no longer the principal residence of the homeowner, the CDBG funds will be returned to Parkview Services as program income to provide additional loans. A-1