05 - Laserfiche WebLink

BACKGROUND The Tri- Valley Housing Opportunity Center (TVHOC) is a cooperative housing resource center involving the active participation of the five Tri - Valley cities (Danville, Dublin, Livermore, Pleasanton, and San Ramon). Over the last five years, the TVHOC has coordinated homebuyer programs including homebuyer education counseling, down payment assistance programs, lease purchase programs, and inclusionary housing programs through its main office in Livermore and community outreach forums in the Tri - Valley cities. By consolidating the affordable housing service needs of the five jurisdictions into the TVHOC, each jurisdiction has realized administrative cost savings and more efficient services are being provided to each community. People looking for housing in the Tri - Valley are able to go to a single location for housing - related information that encompasses the entire region. With the creation of this regional public /private clearinghouse, local jurisdictions are able to leverage their scarce housing resources enabling them to meet a larger percentage of the public's housing need. Working regionally, the TVHOC provides a one -stop shop reaching over 260,000 people in the Tri - Valley Area and assures that the full value of current programs available through private lenders, state and federal programs are realized. By working with local lending institutions, title companies, real estate associations and their affiliate organizations, the TVHOC provides information regarding private sector lender resources, funding sources, and homebuyer training, helping to match those in need with the programs and services that benefit them most. The TVHOC has recently expanded its services to include foreclosure and mortgage restructuring assistance, and the demand for these services has increased dramatically over the last several years. Funds provided by the jurisdictions would support the Centers efforts in reaching out to Tri - Valley residents in need of this service. The TVHOC has also provided free tax preparation services for low- income households for the past several years under the VITA program, facilitating the return of thousands of dollars to these households that have been used to establish down payment savings programs. DISCUSSION Due to internal changes in the organization resulting in a need to restructure financially, the TVHOC has been unable to meet its short-term administrative and operating obligations. To overcome this gap, the TVHOC is requesting $125,000 in financial support in the form of a loan from the Cities of Dublin, Livermore, Pleasanton, San Ramon and the Town of Danville to address short-term cash flow and operating deficits. These funds would be used to help stabilize and sustain operations of the TVHOC as it completes its restructuring and long -term asset development plans. TVHOC has a financial plan in place that staff believes would allow the organization to get back on its feet and continue to provide these vital services to our community. If Page 2 of 4