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• Provision of homebuyer orientations and financial education workshops throughout <br /> the TVHOC service area. <br /> • Homebuyer counseling to prepare low and moderate income families for <br /> homeownership using pre-purchase counseling sessions and a HUD-approved 8- <br /> hour curriculum. <br /> • Administration of the resale of below-market price-restricted homes developed under <br /> the Pleasanton Homeownership Assistance Program (PHAP). <br /> • Foreclosure counseling to assist impacted homeowners to apply to lenders to <br /> renegotiate existing loan packages. <br /> • Foreclosure recovery assistance to households that have experienced foreclosure <br /> through the provision of housing resources and information, credit counseling, <br /> service referral, and other services aimed at economic recovery. <br /> Key features of the recommended loan and governance agreement are as follows: <br /> • Provides for the City Manager or designee from each city to be added to TVHOC's <br /> Board of Directors to assure overall oversight of TVHOC's activities. (Note the city's <br /> felt this critical to provide adequate oversight regarding ongoing activities.) <br /> • Provides for the cities to monitor programs to assure that those providing core <br /> services to the cities are prioritized. <br /> • Allows the cities to monitor TVHOC financial resources and other financial matters, <br /> including audits and financial records, to assure appropriate financial planning and <br /> accounting. <br /> • Provides parameters for determining a loan repayment plan, including recognition <br /> that repayment is linked to cash flow and therefore may need to be forgiven. <br /> • Requires TVHOC to provide financial reporting detailing that the loan was used for <br /> the intended purpose of meeting specific outstanding financial obligations <br /> Currently, staff is in discussions with the TVHOC Board regarding full implementation of <br /> the agreement and expects that one outcome that may include amending the <br /> organization's by-laws to reflect city representation on its Board of Directors. Staff will <br /> inform the council regarding the outcome of this activity. Staff anticipates addressing <br /> these issues within sixty days. <br /> Submitted by: Fiscal Review: Approves by: <br /> teveG n ocia n Emily VV goer Nelson Fia o <br /> Assistant City Manager Director of Finance City Manager <br /> Attachments: <br /> 1. Recommended Loan Agreement <br /> 2. TVHOC letter dated September 28, 2012 <br /> 3. TVHOC Annual Report 2011 <br /> Page 5 of 5 <br />