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Under the BCRHP, the City of Boulder Department of Housing and Human Services will take responsibility for Program administration. For the homeownership and rental program this responsibility will commence when an affordable home is brought into the program or when the program designated covenant is attached to an existing home. Specifically, the regional homeownership program will not participate in the management or sale of homes with covenants different from the regional homeownership covenant (i.e., existing affordable homeownership units). Resources & Funding The Program presents a two-year funding proposal to startup the program and establish a one- time revolving fund for region -wide foreclosure prevention: Budget Rental & ownership compliance, implementation, administration and strategic leadership staff $584,243 Database licenses & support $13,098 Foreclosure prevention (revolving fund) $662,000 Total 2-Year Budget On- $1459,341 This funding will address all resources needed to implement the Program for two years. Thereafter, a permanent funding source from each of the municipalities or County will create a sustainable approach for the Services. Similar programs today work regionally and are paid for between jurisdictions. These programs include: the County's Housing Help Line, Longmont's housing rehab program, and Boulder's Mediation and Resolution Program. Participating jurisdictions contribute a share of the costs to the administering jurisdiction. Program Policy Setting The Program will incorporate a committee structure to advise on policy setting for the Program: Policy Setting Committee AL Policy Exceptions Committee (homeownership) One member from each participating jurisdiction > External volunteer participation Committee Participatio > Regional Homeownership Program Manager > Regional Homeownership Program Manager (5-year term) Regional Compliance Program Manager ` Purpose is to provide jurisdiction's with an advisory Considers unique and individual (case -by -case) > / role of program activity in their community. circumstances that don't meet current procedures Committee Structure ` Twice annual meeting to review data; recommend Makes a recommendation to the jurisdiction's liaison, > adjustments to program as needed who makes final decision Example: The program mortgage policy needs to Example: A new home -buyer would like to make an be updated to reflect the changing lending investment 1-year ahead of the policy allowance, due to environment. their personal and unique circumstance of moving into their new home.