The Vendor is required to provide products and services related to the city down payment assistance program.
- The program aims to assist eligible homebuyers in purchasing their first homes in the city by providing financial assistance that supports down payments and closing costs.
- Services to facilitate program administration, marketing, outreach to potential buyers, and ongoing program evaluation.
- Program Administration:
• Provide detailed management of the application process for down payment assistance.
• Develop a tracking system for monitoring assistance distribution, applicant eligibility, and program performance metrics.
- Outreach and Marketing Services:
• Create marketing materials, including brochures, flyers, and social media content promoting the program.
• Develop a targeted outreach strategy to ensure awareness among low-to-moderate-income households, including but not limited to flyers in local community centers, presentations at community events, and partnerships with local organizations.
- Eligibility Assessment:
• Verify applicants' income levels in accordance with state Department of Housing and Urban Development (HUD) guidelines.
• Conduct a thorough review of applicants' credit reports and debt-to-income ratios to ensure eligibility.
- Program Evaluation:
• Provide quarterly reports summarizing program performance, including the number of applications received, approved, and funds disbursed.
•Implement a mechanism for program feedback, assessing both participant satisfaction and program impact.
- Compliance with Local, State, and Federal Regulations:
• Ensure compliance with all local ordinances related to housing and economic development.
• Adhere to all relevant federal laws, including the Fair Housing Act and applicable HUD regulations.
- Full Program Documentation:
• Create comprehensive program guidelines detailing eligibility criteria, funding amounts, and application processes.
- Applicant Training Sessions:
• Host workshops for potential applicants to explain eligibility requirements, application processes, and available assistance.
- One-on-One Support:
• Provide personalized support for applicants, assisting them in completing the application and documentation requirements.
- Collaboration with Financial Institutions:
• Work with local banks and credit unions to ensure seamless integration of financial assistance with mortgage loans for homebuyers.
- Ongoing Support to Homebuyers:
• Establish a support line for homebuyer’s post-purchase, providing resources and assistance for first time homeowners.
- Homeowner Counseling Services
• Provide homebuyer education to low/moderate income households.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: April 28, 2025