(241) Home Loan Fund

The home loan fund was created as a special revenue fund to track and monitor various housing programs mainly funded through federal or state programs.

• San Benito County Health & Human Services Agency, in cooperation with the non-profit Community Services Development Corporation (CSDC) applied for a project specific HOME Investment Partnership Program (HOME) grant for the Riverview II Estates subdivision. The HOME grant is a Federal and State funded grant program administered by the State Housing and Community Development Agency (HCD). San Benito County and CSDC received a $1.1 million 2018 HOME grant to provide first-time homebuyer loan assistance to qualified very low- and low-income applicants.
  

• Based on the current project timeline, HCD does not believe their agency can provide the funding in time to the qualified applicants. HCD suggested the County cover the budget expense to ensure the funds are provided to qualified applicants faster. Then when the County submits the fund drawdown request to HCD all funding will return to the County as a refund.