Free Foreclosure Prevention Event

FREE “SAVING THE DREAM” EVENT FOR SOLANO COUNTY HOMEOWNERS

If you are having trouble with your mortgage or are moving toward a foreclosure, then the "Saving the Dream" foreclosure prevention event on Sept. 11 may help you.

Representatives from Wells Fargo/Wachovia Bank, Bank of America, Chase Bank and HUD-approved housing counselors will help homeowners avoid foreclosure at this free foreclosure prevention event hosted by the Solano Association of Realtors.

HUD-approved housing counselors will assist homeowners who have mortgage loans with other financial institutions apply for HAMP and other mortgage loan modification programs.

The event will be 10 a.m. to 2 p.m. on Saturday, Sept. 11, 2010, at the Solano Association of Realtors, 1302 Springs Road, Vallejo >>Click for map>>

This event is co-sponsored by the City of Suisun City, and sponsored by the City of Vallejo, Vallejo Neighborhood Housing Services and East Bay Neighborhood Housing Services. Additional co-sponsors include the cities of Benicia, Dixon, Fairfield and Vacaville.

It is made possible with a grant from California Housing and Finance Agency and the National Foreclosure Mitigation Counseling (NFMC) program.

This event is FREE. The first 25 people to register are guaranteed an appointment with their servicer or a HUD-approved counselor.

Attendees must bring copies of their current paystubs, bank statements, recent tax returns and completed Counseling Service Request and Contract Application.

Interested homeowners should preregister by calling (510) 237-6459 ext 11 and download the program application at www.eastbaynhs.org.

Applications may also be obtained at any of the participating/sponsoring agencies. Se Habla Espanol.

Suisun City Pursuing Federal Neigborhood Stabilization Funds

FRIDAY HEARING TO COLLECT INPUT ON HOW FUNDING IS USED

In partnership with four other local cities and Solano County, Suisun City is applying for federal Neighborhood Stabilization Program (NSP) Funding that is being distributed by the State of California. The State has received $145 million it is distributing to local agencies.

This funding is designed to help government agencies address the challenges posed by home foreclosures in their communities. For nearly a year, Suisun City has worked proactively on the foreclosure issue, including using $3.4 million in local affordable housing funds to establish a First-Time Home Buyers Assistance / Foreclosure Eradication Program.

Suisun City is applying for approximately $665,000 in NSP funds. The program is designed to:

• Establish financing mechanisms for the purchase and redevelopment of foreclosed homes and residential properties;
• Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent or redevelop them;
• Establish land banks for foreclosed homes;
• Demolish blighted structures; and
• Redevelop demolished or vacant properties.
  

The first step in this process is a Public Hearing on the design of the local program to determine how the funding should be used. The public's input is important to help guide upcoming policy decisions that could impact the community.

The hearing is set for

Friday January 30, 2009
3:30 p.m.
Three Oaks Community Center
1100 Alamo Drive, Vacaville

Local action by the Suisun City Council is required to submit the application.

>>Click here for the full public notice>>

Redevelopment Agency Closes First Home Buyer Loan

FIRST-TIME BUYER ASSISTANCE PROGRAM TARGETS FORECLOSED HOMES

SUISUN CITY — Escrow closed this week on the first foreclosed home to be purchased through the Suisun City Redevelopment Agency’s First-Time Homebuyer Assistance / Foreclosure Eradication Program.

“We are moving quickly and aggressively to address this challenge in our community,” said Mayor Pete Sanchez. “I was delighted when I heard this first deal closed.”

Suisun City, which has a population of 27,950, committed $3.4 million in local affordable housing funds to underwrite about 100 down payment assistance loans for first-time home buyers of foreclosed properties. The loans can be worth up to 25% of the value of the property.

The program provides equity share loans on which the homeowner makes no payments. The Agency recovers the principal it invested and shares in any equity appreciation in the home upon future sale.

The Agency has received more than 108 inquiries and qualified 12 homebuyers who have 60 days purchase a home. Four additional homebuyers are in escrow with the help of a Suisun City down-payment loan.

“I’m very pleased with all the hard work that has gone into making this a successful program,” said City Manager Suzanne Bragdon. “We’re moving very rapidly to make a real impact on our foreclosure challenges and preserving the quality of our neighborhoods.”

The First-time Homebuyer Assistance / Foreclosure Eradication Program was designed to provide homeownership opportunities for qualifying families while helping to address the glut of vacant homes on the market as a result of the broader foreclosure crisis. The City Council, sitting as the Redevelopment Agency Board, wanted to move quickly without waiting to see what federal and state programs may be developed.

For more information on the program, visit www.suisun.com/ed.html or call 707-421-7307.

The down payment assistance program is one proactive step Suisun City has taken to buffer the impact of the broad national financial crisis, others include:

• City Council created the Foreclosure Task Force to investigate how to work directly with financially distressed homeowners
• The Task Force and Economic Development Department sponsored two community workshops
• The Agency launched Foreclosed Home Rehabilitation Program in partnership with local home builders
• The Agency launched Neighborhood Reinvestment Program offering matching grants up to $2,500 to make “curb appeal” improvements for homeowners to upgrade their homes and assist first-time homebuyers
• The City initiated revision to City’s Nuisance Ordinance to hold banks accountable for condition of foreclosed properties
• The City initiated application for approximately $665,000 in federal Neighborhood Stabilization Program funds through the state
  

First-time Homebuyer Program

The Suisun City Redevelopment Agency has launched its First-time Homebuyer Program to help bolster the quality of Suisun City's neighborhoods while providing affordable home-ownership opportunities.

Here are the basics:

• Loans are available to purchase newly renovated foreclosed homes. (The list is available from the RDA.)
• Down payment assistance of up to 25% of the home's purchase price, including closing costs.
• 3% min. homebuyer down payment.
• Income qualification required >>Click here to see the chart>>

Click here for more information on the program and the Neighborhood Reinvestment Program

Foreclosure Clinic set for May 22

The Suisun City Foreclosure Task Force and Economic Development Department are hosting a Foreclosure Clinic at 6:30 p.m. on Thursday May 22 in the City Hall Council Chamber.

The clinic is designed to offer information on

• Current real estate market conditions
• Talking to lenders about foreclosure
• Budget & expenditure management
• Loan modifications & refinancing options
• "Short sale" & tax ramifications

Click here for more information about this event.

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