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a. Exception Request b. Annual Income Number Update c. Loan Repayment d. Foreclosure and Purchase e. Personally Identifiable Information (PII) Foreclosure Prevention A foreclosure prevention fund for the Program is an important tool to ensure homes remain affordable in perpetuity. The Program records a $10 Deed of Trust on all affordable homes. This ensures that the Homeownership Program Manager is notified in the event of foreclosure proceedings or an attempted sale outside of the Program. The Homeownership Program Manager will contact the owner to facilitate the sale of the home to an eligible buyer or in rare circumstances the Program will purchase the home prior to or after foreclosure. If the Program purchases a home, it will make all the necessary repairs and sell the home to an eligible buyer and the proceeds are returned to the fund. The $1.2M revolving fund ensures that sufficient resources are available in the event that 3-4 homes are required to be purchased at the same time to ensure the integrity of the Program. This is a revolving fund, so funds used to purchase an affordable home are returned at the time of sale. This revolving loan fund will also be used to cover any costs associated with the purchase (holding, repair, fees, etc.) in lieu of raising the price of the home to ensure deeper and longer affordability. However, in the majority of cases the Program will be able to work with the troubled homeowner to facilitate a sale to another eligible buyer and avoid the expense of foreclosure and the subsequent impact on the homeowner's credit score. The foreclosure prevention fund is only available for homes in Boulder County due restrictions in funding (i.e., ARPA). Covenant Enforcement Post -purchase, the Program continues to monitor to confirm owners comply with the agreements contained in the covenant. Renting an ownership unit outside of the parameters in the covenant is the primary violation. As a result, occupancy compliance work involves investigating potential rental violations, working with owners to get them back into compliance and, in some cases, commencing legal action. Program staff will work to regularly educate owners about occupancy requirements to prevent violations. Unfortunately, there are still issues and the Program is diligent about investigating issues. There will be instances where Program staff will need to partner with the local jurisdictions' staff and their legal counsel in the pursuit of resolution (e.g., confirm violation of owner occupancy through a home visit, preparing an existing document related to a purchase or foreclosure redemption, levy fines, etc.). Policies and Procedures (Rental Program) Affordable rentals in the Program will be marketed and available to eligible renters according to policies and procedures developed by the City of Boulder. The City of Boulder's Rental Compliance Program has been developed to not only ensure long-term compliance and preserve permanent affordability, but to also ensure that all publicly supported rental housing properties serve the most vulnerable residents. These policies and procedures are living documents that evolve to meet the needs of the Program and will continue to evolve with the involvement of the participating jurisdictions through the Policy Committee. 11