ECHO HOUSING HBE CONTRACT AMENDMENT

ATTACHMENT 3 Summary of Services Provided in Previous Contracts ECHO Housing Between April 2020 and March 2023, ECHO Housing has also successfully met objectives set forth in its agreement with the City for the Homebuyer Education program which aims to provide potential home buyers, specifically first time home buyers, with educational training to better understand what is involved in finding, financing, and owning a home. Highlights include the following: Provided a total of 32 Zoom-based 8-hour First Time Homebuyer (FTHB) workshops to 321 Pleasanton residents. At the start of the pandemic, ECHO Housing initiated and shifted from its traditional in-person Saturday workshops to virtual workshops via Zoom. These Zoom workshops have proven to be popular and successful as it made the workshops accessible to residents who wished to receive homebuyer education through social distancing. ECHO Housing continued to receive an influx of participants mainly because of the low mortgage interest rates even in the middle of the pandemic. Provided a total of 58 one-on-one Pre-Purchase Counseling services to Pleasanton residents. These counseling services are individualized to participants who are interested in understanding their "affordability" and create a plan that addresses barriers to homeownership. Ten (10) of these households successfully transitioned into homeowners. Bay Area Affordable Homeownership Alliance (BAAHA) Since May 2021 through May 31 , 2023, BAAHA has been an effective administrator for the City's homebuyer programs. Highlights include the following: Processed and closed a total of six (6) refinances in FY 2021/ 22. Due to the increases in the interest rates, there has not been any refinances in FY 2022/23. Developed and implemented the marketing process, performed the lottery to establish the priority list, identified and worked with eligible buyers, drafted loan documents, and coordinated the close of escrow to income-eligible first-time homebuyers for two (2) Below Market Rate home resales in FY 2022/23. Incorporated additional resources that enhanced the capacity of low-income homebuyers to participate in homeownership opportunities. Through partnerships with local lenders, such as Mechanics Bank, First Citizens Bank, and the Federal Home Loan Bank, prospective homebuyers were provided additional subsidies (e.g. up to $59,000 of down payment assistance loan/grants that's forgiven over five years), and loan terms (e.g. lower fixed interest rates and elimination of mortgage insurance requirements. These resources were applied in assisting the two homebuyers who purchased the two (2) BMR homes. Collaborated with City staff to revamp the Down Payment Assistance (DPA) program to the Pleasanton Downpayment Assistance Loan Program (PDALP). BAAHA conducted the PDALP lottery, which included collecting and screening 108 PDALP applications and placing 39 of these applications into the PDALP lottery. One Pleasanton homebuyer successfully obtained a PDALP loan to purchase a home in Pleasanton in July 2022. Initiated one-on-one monitoring activities for all Below Market Rate homeowners and Down Payment Assistance Loan Program homeowners to ensure the homes are owner-occupied and in compliance with the City's restricted covenants and loan agreements. Created a database of prospective interested and qualified Pleasanton households, consisting of a total of 237 households, of which 153 live and/or work in Pleasanton. Docusign Envelope ID: F53F1E05-ADA3-465D-BE20-156E055217E3