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BAAHA (AMENDMENT)
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BAAHA (AMENDMENT)
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Last modified
12/13/2024 2:01:50 PM
Creation date
10/10/2024 12:09:20 PM
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CONTRACTS
Description Type
Professional Services
Contract Type
Amendment
NAME
BAAHA (AMENDMENT)
Contract Record Series
704-05
Munis Contract #
2024077
Contract Expiration
6/30/2025
NOTES
BAY AREA AFFORDABLE HOMEOWNERSHIP ALLIANCE
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<br />BAAHA Scope of Services Contract Year 2024/25 | Page7 <br />BAAHA will by acting as the real estate agency assigned to implement the resale process. <br />BAAHA has an affiliate real estate company that it works with, Home Quest Realty. Walter <br />Zhovreboff, the Administrative Director, is the owner/broker of Home Quest Realty. <br /> <br />Pleasanton Down Payment Assistance Program (PDALP) <br /> <br />BAAHA would charge a fee of two thousand five hundred ($2,500) dollars for each “closed” <br />PDALP transaction using its established preferred protocols for administering the PDALP <br />program. <br /> <br />Intake and Data Management System <br /> <br />BAAHA will coordinate with the City to conduct a lottery for prospective first time homebuyers <br />applying for a maximum $100,000 PDALP loan. The City funding is for three $100,000 subsidies. <br /> <br />BAAHA will handle all activities associated with the lottery, including: <br />• All follow up notifications to the Lottery applicants regarding requirements, key dates, <br />and outcomes associate with the lottery. <br />• Follow up to address questions, concerns, and disputes that lottery applicants may have <br />regarding their lottery draw and ranking determinations. <br /> <br />PDALP Outreach, Intake, Processing and Underwriting System and Administrative <br />Fee <br /> <br />BAAHA will apply its internal management systems to work through each element of the <br />PDALP administrative process. <br /> <br />BAAHA would send out program notifications to local Pleasanton real estate lenders. The <br />notifications will include: <br />• General description of the PDALP, including guidelines and parameters. <br />• Next steps the Lender will need to take to initiate the PDALP screening process with <br />BAAHA. <br />• Hard copy and electronic links to gain access to the PDALP Program application. <br />• Detailed instructions on how to submit a complete PDALP application for their client to <br />BAAHA. <br /> <br />Lenders will be required to submit completed DAP application packages for their clients directly <br />to BAAHA. The completed packages will include: <br />• The signed BAAHA/City PDALP application <br />• An approval letter and supporting underwriting documentation, such as an Automated <br />Underwriting System (AUS) finding. <br />• All requisite supporting documents required for BAAHA’s PDALP underwriting and <br />Program approval review. <br /> <br />BAAHA will conduct their preliminary review and PDALP approval underwriting process. Upon <br />completing this process, BAAHA will direct an approval or disapproval recommendation to the <br />City. If approved by the City, BAAHA will issue a 90 day reservation to the PDALP applicant. <br />This reservation could be further extended for 30 days if a) the applicant has entered into a real <br /> <br /> Docusign Envelope ID: 473ECB6B-08F5-49E6-8BF9-53FFB6D72DE6
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