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Hello Novato!Info Insights on Affordable Homeownership in NovatoHello Housing is a non-profit organization working on behalf of the City of Novato to managetheir Below Market Rate Homeownership Program. Our goal with this newsletter is to provide helpfulinformation and resources that may benefit you and your family and to provide answers to your mostFrequently Asked Questions.Won’t You Join Us?Inside this Issue— Upcoming Workshop: Resales & Transfers— Allowable Appreciation in 2017— A Closer Look: Your Silent Second Loan— Frequently Asked Questions— Capital Improvements Checklist— Homeowner Resources ListUpcoming Workshop: BMR Resales & TransfersTuesday, August 29th, 2017, 6:30pmWar Room at Meadow Park, 500 Palm Drive, Novato.Do you have questions about how much you can sellyour BMR home for and how the resale process works?Do you have questions about who can inherit yourBMR home and how to set this up? At the upcomingworkshop, we will discuss the BMR program guidelinesfor resales, inheritance and other transfers of title. RSVPby emailing sarah@hellohousing.org or by calling(415) 863-3036.Welcome New Homeownersto the Novato BMR CommunityCarla and Jason’s family is one of 20 qualifying householdswho purchased a home through the Novato BMRProgram last year. If you recently purchased your home,congratulations and welcome to the BMR Community!“We have always wanted to own a home andthe BMR program has allowed us to accomplishthis dream. Our monthly payments are actuallyaffordable and are an investment in our futureinstead of paying rent which gives you a roof overyour head each month, but that’s about it. We lovehaving a place to go home that’s ours, where wecan invite people to and make improvements to aswe wish. Our kids love it here and we feel likewe’re part of a community.To us, homeownership meansindependence, accomplishment,community and family.”How has the BMRProgram Impacted You?Send your answer* to hello@hellohousing.org bySeptember 1, 2017 and be entered into a drawingfor a 50 gift certificate to Whole Foods in Novato!* ANSWERS MUST BE A MINIMUM OF 25 WORDS TO QUALIFY!— C A R L A AND J ASO N, NO VATO BMR HO MEOWN ERSHave questions? We have answers! Please email Sarah at sarah@hellohousing.org or call(415) 863-3036 x103. We’d love to hear from you.
Allowable Appreciation in 2017How much was the increase to the Area Median Income in 2017?Area Median Income (AMI) increased by 7.06% in Marin County between 2016 and 2017. If you bought your home in 2004through 2008, the increase in AMI since your purchase is now at 20.01%. This means the price you can sell your home for hasgone up significantly since last year.How much can I sell my home for?Depending on the market conditions, your sales price will be limited by either (1) the Eligible Buyer Purchase Price as defined inthe restrictions recorded on your home or (2) be limited by how much an eligible buyer is willing and able to pay for your home.Please take a few minutes to review the following information so you can understand these limiting factors and take them intoconsideration when contemplating the sale of your home.1Your sales price is limited by the Eligible Buyer Purchase Price asdefined in the recorded restrictions.The Affordability Covenant, signed by you when you purchased your home, is the document that governs the BMR program in theCity of Novato. Section 4.5 of this Covenant includes a formula that calculates the “Eligible Buyer Purchase Price” based on yourspecific circumstances. You can think about the Eligible Buyer Purchase Price as the maximum amount you can sell your home foraccording to a calculation set forth in the program documents. Key variables in this calculation include:————The original price you paid for your homeThe year you purchased your homeThe year you are selling your homeThe change in the Area Median Income as defined by the U.S. Department of Housing and UrbanDevelopment (HUD) between your purchase year and your sales year.— The depreciated value of any City-approved capital improvements, if applicable, at time of sale.The Area Median Income (“AMI”) is published annually by HUD, typically in the Spring, and is therefore adjusted each year. Thefollowing chart can be used to show you the change in AMI between your original purchase year and the current year of 2017.For example, if you purchased your home in 2009, and are planning to sell in 2017, you would use 18.38% as the percentagechange in Area Median Income. Please note that if the change in the AMI is ever negative, the City will use 0% when calculatingthe Eligible Buyer Purchase Price, not a negative number.Year of 17% change in AMI asof 9%7.06%0%2Your sales price may be further limited by how much an eligible buyeris willing and able to pay for your home.In a traditional sale of a home, sellers can compare their home to similar homes recently sold to determine a sales price. BelowMarket Rate (BMR) homes have unique restrictions, so sellers of BMRs do not have the benefit of looking at comparable homesrecently sold in the area use when determining a sales price. In fact, even similar homes within the same BMR development (e.g.same number of bedrooms and bathrooms) may not serve as comparable sales because they are restricted for sale to householdswith varying income levels. It is this restriction that allows the City to provide long-term affordable homeownership opportunities tofuture generations.Let us know how we’re doing by sending an email to hello@hellohousing.org with any feedback, suggestions or compliments.Page 2Summer 2017
A Closer Look at YourCity of Novato Silent Second LoanWhen you purchased your BMR home, the City of Novato issued you a “Silent Second Loan”. Silent Second loans are acommon way that BMR programs ensure that the homes in the program remain affordable into the future. Take a lookat the information below to learn more about how the loans work and why they are important.Why does the City of Novato hold aSecond Loan on my property?All BMR homeowners in Novato received a silent secondloan from the City of Novato when they purchased theirhome. The amount was determined by calculating thedifference between the fair market appraised value of thehome and the below market rate value at which the homewas sold (see examples below). This is a silent loan,meaning that you are not required to make monthlypayments on it and it will be resized and assumed by thenext buyer when you sell the home to an eligible buyer atthe eligible buyer purchase price (see page 4 for how thisis calculated). The next buyer will receive a new silentsecond loan based on their purchase price and theappraised value at the time of purchaseExample #1 – Mendoza FamilyExample #2 – Jones FamilyFair Market Value at time of purchase: 500,000BMR Purchase Price:- 370,000Amount of Silent 2nd Loan: 130,000Fair Market Value at time of purchase: 530,000BMR Purchase Price:- 227,000Amount of Silent 2nd Loan: 303,000The Mendoza Family owns a 3-bedroom home in the MeadowPark community, which they purchased in 2005. Their home isrestricted to households earning below 110% of the Area MedianIncome.How do I find out the amount of mySilent 2nd Loan?You will find more information about your silent second loanby referring to your Promissory Note and Deed of Trust fromthe City of Novato. Hello Housing can provide you with a copyof these documents upon request.How would my Silent 2nd Loan affect myability to refinance my 1st mortgage?If you refinance your first mortgage, your lender will need theCity to “subordinate” their silent loan, so that the refinancinglender can have first priority position among the liensrecorded against your home. Hello Housing assists with thisprocess by reviewing documents from your lender, drafting aSubordination Agreement for the City to sign, andcoordinating the close of escrow with your title company.The Jones Family owns a 3-bedroom home in the Meadow Parkcommunity, which they purchased in 2006. Their home isrestricted to households earning below 75% of the Area MedianIncome.Do I have to pay off my Silent 2nd Loan?The only scenarios in which you could be required to pay offyour Silent 2nd Loan include:—If you are out of compliance with the BMR programrequirements, e.g. renting out your home.—If when selling the home, you do not follow the requiredprocess to sell the home through the BMR program at theaffordable sales price to an eligible buyer.How common are Silent 2nd Loans?Silent second loans are used by many BMR programsthroughout the country as a way for cities to ensure that thehomes in their programs remain affordable for futuregenerations and that the programs continue to benefit lowand moderate-income households. Silent second loans alsoensure that homebuyers don’t misuse these programs thathave received significant public subsidy by buying the homesat an affordable price and then selling them at market value.Page 3Summer 2017
Frequently Asked Questions“I think, at achild’s birth, if amother could ask a fairygodmother to endow it withthe most useful gift, thatgift would be curiosity.”— E L E A N O R R O O S E V E LTCan I rent out my home?No. The development of affordable housing requiressignificant public investment. These public resourcescome with conditions that must be met after thehomes are built. Your home was developed to be livedin by a homeowner. In contrast, there are affordabledevelopments in Novato that can only be rentals.Why do I have to recertify thatI live in my home each year?For the development of your home, the City of Novatomade a substantial financial investment of public funds toprovide and maintain an important supply of affordablehousing that is specifically intended to be lived in byowners. As homeowners, you gain the benefits ofhomeownership such as building equity in your homeover time instead of paying monthly rent, greater stabilityin your monthly housing payments and the freedom tomake your home just as you’d like it.The “Affordable Housing Covenants, Resale Restrictionsand Option to Purchase Agreement” you signed whenpurchasing your home states that the City may requestthat you submit an affidavit each year certifying that youlive in your home as your principal residence and that youare not renting or leasing any portion of the home. It isimportant that the City track homeowners’ compliancewith these requirements each year - when a homeownerfails to honor the commitment they made when buying aBMR home, it reduces the opportunity for others tobenefit and puts innovative programs like this at risk. Notproviding the requested documentation may triggerfurther investigation and potential legal action. Yourinvestment of time in submitting a response to eachannual request is a vital component to ensuring that theBMR Program is serving its intended purpose and weappreciate your diligence in participating each year!Can I add a family member or friendto my home’s deed?No. The BMR Program prohibits transfers of title ortransfers of interest in the home to anyone except to aspouse in conjunction with marriage. Please contactHello Housing if you have questions about theserequirements. You can also learn more by attending theupcoming workshop on Resales and Transfers. See page1 for the workshop time and location.Can my children inherit my home?It depends. An owner’s children (natural or adopted) orsurviving spouse or surviving joint tenant could inherittheir home as long as they agree to comply with the BMRprogram requirement of Owner Occupancy. If they prefernot to reside at the home, they could sell it and receivethe proceeds. If the heir is someone other than your child,spouse or joint tenant, the home would need to be soldand the heir would receive any proceeds of the sale.PLEASE NOTE: The BMR Program does not allow foryour children or other individuals who were not copurchasers (except for a spouse) to be added to yourhome’s title. Please consult with an estate planner ifyou’d like to pass your home on to your children orsomeone else. You can also learn more by attending theupcoming workshop on Resales and Transfers. See page1 for the workshop time and location.Can I refinance and get cash out?The program documents prohibit taking cash out.However, on September 30, 2014, City Council approveda term-limited policy exception allowing limited cash outto eligible owners. Please contact Sarah Shimmin atsarah@hellohousing.org to learn more and to learnwhether you may be eligible.What about Home Equity Lines ofCredit and Reverse Mortgages?Home Equity Lines of Credit and Reverse Mortgages areprohibited. One of the main goals of the BMR program isto allow low and moderate-income families to accessbenefits of homeownership, such as building equity whenmaking housing payments. Home Equity Lines of Creditand Reverse Mortgages can put homeowners and the Cityat financial risk and reduce the benefit of affordablehousing programs.Page 4Summer 2017
Capital Improvements ChecklistThe Novato BMR Program allows certain improvementsyou make to your home to be captured in your home’srestricted resale value. To determine whether yourproposed home improvements can be considered aseligible capital improvements which will potentiallyincrease the resale value of your home, please followthe steps listed below. Contact your HOA to discuss the improvementsyou plan to make to your home and find out if theyare allowed by the HOA. Contact Hello Housing to find out if theimprovements count as eligible capitalimprovements per the definition in your AffordableHousing Covenants, Resale Restrictions andOption to Purchase Agreement. If requested by Hello Housing, submit a costestimate of the work you plan to have done,including materials and labor. Hello Housing willdetermine if the costs are reasonable based onindustry standard. Hello Housing will provide a depreciationschedule in writing for each approved item. Obtain building permits if necessary (visit http://novato.org/home/showdocument?id 467 for a listof what requires a permit). Save all receipts and invoices for the approvedcapital improvements once the work is complete. Submit receipts to Hello Housing for theapproved capital improvements via mail, email orfax. Hello Housing will provide a letter with theapproved costs and depreciation schedules foreach approved item. If you decide to sell your home in the future,Hello Housing will calculate the depreciated valueof the approved capital improvements at the timeof sale, and add this to the restricted value of thehome.What counts as a Capital Improvement?Section 1.12 of the City of Novato Affordable HousingCovenants, Resale Restrictions and Option toPurchase Agreement, defines Capital Improvements asfollows: “Capital Improvements” shall mean any capitalimprovements or upgrades made by Owner to the Unitwhich significantly increase the value of a Unit andwhich are pre-approved in writing by City. By way ofexample, upgrading an appliance shall not be a CapitalImprovement, but upgrading all appliances, flooring,countertops and cabinetry in the kitchen could beapproved by the City as a Capital Improvement underthe particular circumstances presented.Examples of Eligible Capital Improvements Upgrading from carpeting to hardwood or laminateflooring Remodels such as upgrading all appliances,flooring, countertops and cabinetry in the kitchen Installing an air conditioning systemExamples of Ineligible Capital Improvements Replacing a water heaterReplacing existing carpeting with new carpetingWindow coveringsPaintingAddition of closet shelvingImportance of PermitsPlease make sure to check on whether a buildingpermit is required by the City for any improvements youmake to your home. If you do not obtain a requiredpermit, you may be responsible for paying penalty feesof three times the regular permit fee when you sell yourhome in the future. Any unpermitted work would alsobe required to meet current City code at the time ofresale.Please note that the installation of air conditionersDOES require a building permit. You can find out whatrequires a permit and what does not by visiting http://novato.org/home/showdocument?id 467.Page 5Summer 2017
Homeowner ResourcesNot sure where to turn? Hello Housing is here to help. We are part of a network of serviceproviders who are trained to assist homeowners facing various challenges. It is better to actearly and fast than to wait until problems get bigger and harder to solve.Housing and Financial ResourcesFair Housing of Northern California (formerly FairHousing of Marin) Are you facing foreclosure orhaving difficulty making your mortgage payments?Fair Housing of Northern California (FHONC) offersfree foreclosure prevention services to homeownersin Marin, Sonoma, Solano and Napa counties. As aHUD-approved housing counseling agency,FHONC’s counselors can help you determinethe best options and identify resources andprograms specific to your needs. For moreinformation, visit www.fairhousingcal.org orcall (415) 457-5025.Keep Your Home California offers multipleresources for people directly hit by the housing andeconomic crisis. Low and moderate-incomehomeowners who have experienced hardships suchas unemployment, disability, illness or death in thehousehold may be able to benefit from Keep YourHome California. More information is available atwww.keepyourhomecalifornia.org or by calling (888)954-5337. Fair Housing of Northern California(contact information listed above) can also assist youwith understanding your eligibility and qualificationsto participate in Keep Your Home California’sPrograms.Novato Human Needs Center provides an arrayof services for low-income children, adults andseniors who are facing financial hardships and needinformation, resources and guidance. One of theprograms they administer, Emergency Family Needs(EFN), can assist people with mortgage paymentsamong other emergency needs. While there are noincome restrictions for the EFN program, applicantsmust show that they meet one or more of thefollowing: have minor children living at home, seniorcitizen, disabled, veteran or victim of domesticviolence. For more information, visitwww.nhnc.org or call (415) 897-4147.Resources for Energy Savingsand Home RepairsGreen & Healthy Homes Initiative Marin County(GHHI Marin) is a new network of local providers workingto make residents’ housing healthier, more accessibleand energy-efficient. By coordinating the services ofmultiple partners, the program makes it easier forincome-eligible Marin residents to receive information,incentives and the necessary services to improve theirhousing and quality of life. A sample of the homeimprovements and repairs that are provided at no cost toeligible applicants through GHHI Marin include:————roof, door, window and foundation repair;pest remediation;installation of grab bars and ramps;installation of energy conservation measures andheating/cooling systems;— waste reduction strategies;— and social service referralsGHHI Marin’s housing services are free to individuals andfamilies who meet specific eligibility criteria. Any senior orfamily of moderate means can apply for services throughthe program. To apply or request more information visitwww.GreenHealthyHomesMarin.org orcall (415) 464-6688.Rising Sun Energy Center provides no-cost homeenergy and water conservation services to homeownersand renters, regardless of income level. During thesummer, they install energy-efficient LED light bulbs,water-efficient aerators and showerheads, and more, aswell as conduct a home energy and water assessment.You can sign-up for this service on their website, www.risingsunenergy.org, or by calling 510-665-1501 EXT 5.Appointments available through August 10, and areavailable on a first-come, first-served basis.
Hello Novato! Info Insights on Affordable Homeownership in Novato Hello Housing is a non-profit organization working on behalf of the City of Novato to manage their Below Market Rate Homeownership Program. Our goal with this newsletter is to provide helpful
Info Insights on Affordable Homeownership in Novato Hello Housing is a non-profit organization working on behalf of the City of Novato to manage their Below Market Rate Homeownership Program. Our goal with this newsletter is to provide helpful information and resources that may benefit you and your family and to provide answers
City of Novato General Plan Adopted by Novato City Council on March 8, 1996 by Resolution No. 21-96 Latest Revision March 25, 2003 by Resolution No. 33-03 Refer to General Plan Amendments Table for Complete List of Revisions City of Novato Community Development Department 901 Sherman Avenue Novato, CA 94945 (415) 897-4341
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