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Trachlne-Arr" Tri-Valley, ousin Upportg nity To: Troy Brown,City of Livermore Date:September 28,2012 Amy Cunningham,City of Dublin Steven Bocian,City of Pleasanton From: Milly Seibel,Executive Director Subject: Request for a Loan to assist Tri-Valley Housing Opportunity Center The Tri-Valley Housing Opportunity Center (Center) is requesting financial support in the amount of 1) $155,000 to cover residual financial obligations from the 2010 reorganization; 2) up to $100,000 to be held in trust to facilitate the anticipated costs associated with the sale or refinancing of the commercial portion of the property (147-149 N Livermore Avenue);and,3)$30,000 per jurisdiction per year for the next three years for general operations. Background Having a long-standing history and commitment of working together to address housing need; of Tri-Valley residents, the Cities of Dublin, Livermore, Pleasanton, San Ramon,and the Town of Danville (Tri-Valley Jurisdictions) assisted with funding and staff resources in creating the Center. In September 2005,the Center opened for business and became a "one-stop-shop" to provide Tri-Valley residents with financial tools and resources necessary to secure affordable housing and build assets within their communities. The Center is able to provide accredited course material and services in a neutral unbiased format to assist residents achieve housing stability thus creating stable communities.The Center became a true civic partner offering services to ease the workload of the local jurisdictions.The Center is able to offer these services at a cost that is less than what a city/town would pay if they delivered these services in-house. In March 2011,the Center and the Tri-Valley Jurisdictions entered into a Funding Agreement in the amount of$125,000 to address a cash flow deficit and to stabilize and sustain operations of the Center. The deficit was in the wake of an unprecedented downturn in the housing market and economic recession. As a condition of the funding the Board of Directors agreed to perform a comprehensive management and financial restructuring. The Center's Board of Directors undertook the monumental task of developing a Strategic Plan to assist the Center in making budget decisions to restructure the organization, develop and expand the board of cirectors, and retool the Center's mission, vision, and value statements. In addition, the Board created Business and Action Plans to guide the Center over the next few years. Prior to the change in leadership, the Center was in distress. When clients called the Center,they never got a "live" person and then there was little effort to return calls and the doors were seldom open. Only 160 households received services such as homebuyer education,one-on-one counseling and foreclosure recovery counseling in FY2010. With the support of the Tri-Valley jurisdictions, the Center established and staffed regular business hours,calendared workshops and classes on a regular schedule and provided opportunities for households to meet with a counselor. With a consistent presence, the Center served 327 households in FY2011 through homebuyer education, one-on-one counseling and foreclosure recovery counseling, more than doubling the core services provided to Tri-Valley households. This would not have been possible without support from our city partners. (Refer to Attachment 1). Page 1