> Introduction
> Corporate Philosophy & General Strategy
> Specific Components
> Corporate Accomplishments
> Community Involvement and Programs
> Managers and Directors

Introduction

First Home, Inc. (FHI) was incorporated in August of 1995. The primary objective of the corporation is to service the rewarding and multi-faceted first time homebuyers (FTHB) market.

FHI has incorporated distinctive and successful market and operational strategies to capture and service FTHBs. The primary elements of our strategy include developing and administrating FTHB programs for cities, developers, corporations, and associations. In addition FHI maintains a high level of involvement with organizations and in housing issues within the community it services.

First Home, Inc. provides first time homebuyers with essential financing services and programs:

• Extensive home buyer education.
• Comprehensive short and long term home purchase counseling.
• Community homebuyer subsidy program placement assistance.
• First time home buyer loan programs.
• Providing a coordinated approach and effort in working with and through all elements of the real estate transaction.

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Corporate Philosophy and General Strategy

FHI's corporate philosophy is to assist "all" households who desire to become homeowners. Great attention is focused towards median and low income households. FHI carries out its corporate philosophy by establishing unique programs and services directed towards the first time homebuyer (FTHB) market. The uniqueness and high quality of the programs enables FHI to position itself as a leader within its market niche. Direct areas of program concentration and development include:

• Working with and for municipalities to develop programs to promote homeownership within the community - This market sector has proven to be one of FHI's corner stones in the development of the company. FHI's services are in great need and demand by municipalities to assist in expanding homeownership opportunities to renters
• Establishing joint collaborations to promote extensive FTHB educational and counseling programs -FHI has found that education and counseling are the key components is assuring the advancement of homeownership opportunities in the community. In order to maximize on educational and counseling activities FHI has organized and implemented joint ventures with the private and public sectors. These joint ventures concentrate on combining and coordinating resources from all involved parties to maximize results.
• Corporations - the high cost of living associated with housing costs has become one of the largest problems for human resource division in corporations. FHI has instated programs that enable corporations to work in conjunction with city/municipal programs to assist their employees in all aspects of the home purchase process.
• Developers - many municipalities now require that developers provide a percentage of the units in all of their new developments to be directed towards low to moderate income households. By servicing developers with their below market rate units, FHI will also be able to service additional transactions with the developers market rate units. FHI is also now starting to expand its involvement with non-profit developers to specifically assist low to moderate income households in purchasing their homes.
• Administration speciality underwriting programs - FHI is involved in the administration of a number of very advantageous and distinctive first time homebuyer programs. These programs are essential in promoting affordability for homeownership.

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FHI had concentrated on the following elements in establishing itself as a leader within the FTHB market:

• Program design and administration - FHI's success has been fostered through the unique capacity of the company to structure effective and desirable programs for its market participants. These programs combine both public and private resources to maximize benefits for all parties involved while providing the greatest degree of safety from default and hardship for first time home owners. Essential elements incorporated in the program design and administration include:
  • Extensive homebuyer education programs
  • Unique and very successful FTHB individual counseling program
  • The design, execution, and administration of public private funding ventures directed to assist median and low income households.
  • Bringing together the collaboration of public and private industry related companies and organization to pool resources to further homeownership opportunities.
• Mortgage brokering/lending - FHI has taken great measures to carefully select a group of lenders that it associates with. All selected lenders provide a specialized product to help service the FTHB market niche. Through its lender associations, FHI has been able to obtain geographic exclusivity for a diverse range of programs, providing a strong market edge over other mortgage brokers.

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FHI now maintains an active database of approximately 2000 households that it interacts with. Our diverse business development hubs have enabled us to establish a highly effective and sanctioned outreach program to approximately 75,000 households. The outreach program focuses on working closely with both the public and private sector

Public/Municipal Sector Contracts and Program Development

FHI's direct involvement with cities and communities has proven to be highly beneficial for all parties involved. Over the past twenty four months, FHI has educated in excess of 1,000 households, provided one-on-one counseling to over 400 households, and has placed over 250 households into homes.

Program Specific Contracts and Working Alliances

Community Housing Investment Partnership (CHIP)
FHI is one of the key influential participants and partners in the formation of CHIP - an alliance of eighteen cities within the San Mateo County region. CHIP's participants include the directors of planing and economic development divisions and city council members. The primary objective of the alliance is to create homebuyer opportunities through the county through a coordinated assortment of standardized first time homebuyer programs. The current focus is in structuring a down payment assistance program that would be applied towards all of the cities within the region. This program is being designed to incorporate funding through municipal and corporate contributions. FHI anticipates capturing either a master administrative contract or the majority of the individual administrative city contracts in executing the proposed first time homebuyer program(s).

City of Redwood City (RWC)
FHI had designed and is currently executing and administering a First Time Homebuyer Program which was initially directed towards RWC city employees (including police officers and firefighters) and RWC School District teachers. The program has recently opened up to all live and or work residents. Eligible households participating in the program can obtain up to a$100,000 down payment assistance subsidy. The program also incorporates a comprehensive first time homebuyer educational and counseling curriculum.

San Mateo County Employee Homebuyer Education and Counseling Program
FHI provides all San Mateo County employees access to a comprehensive homebuyer education and counseling program. This program has been specifically structured to assist employees in becoming homeowners. The program which consists of educational seminars, workshops, and one-on-one counseling is offered through the County's employee benefits division. Participants in the program are also introduced to all of the public subsidy programs offered throughout the region. The County has expanded the program to assist all interested staff members for all the non-profit enterprises that contract with the County. In addition FHI is currently reviewing the viability of structuring a down payment assistance program in conjunction with the County Employees retirement system. The County employee contract has an outreach to approximately 7,500 households.

Millbrae Redevelopment Agency Program
FHI administers the Millbrae program. This program is directed specifically towards San Mateo Union High School, San Mateo Community College, and Millbrae Elementary School District employees. The program offers a comprehensive educational and counseling program with an $80,000 subsidy for qualified households. This contract has an outreach to approximately 2,500 employees.

City and County of San Mateo (First Time Homebuyer Education and Counseling)
FHI has recently been contracted to oversee and administer the First Time Homebuyer education and counseling program for both the City and County of San Mateo (two separate entities and contracts). FHI provides both public seminars and one-on-one counseling with these contracts. Our outreach efforts with this program encompass all of the major corporations within the San Mateo region and many professional associations, such as the California Teachers Association. Outreach efforts in servicing these contracts are usually directed towards 50,000 to 100,000 households per an event.

San Mateo City CASA Program
FHI is the administrator of this program which offers a $60,000 down payment subsidy for qualified and eligible households. Participants are provided with extensive homebuyer education prior to getting involved with the program. This program is under review to increase subsidies to $100,000 per a household.

Joint Effort Programs
FHI works closely in conjunction with a multitude of programs with San Mateo County including the Mortgage Credit Certificate Program (MCC - FHI is the largest originator of MCC in the San Mateo County region), Belmont's FTHB program, Forster City's FTHB program, East Palo Alto's FTHB program, San Carlos FTHB program, San Mateo County/s Start program, and Menlo Park's FTHB program. In addition, FHI is active in a multitude of Below Market Rate Unit transactions. FHI has also recently started to expand its program involvement with Santa Clara's Mortgage Credit Certificate program.

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San Mateo Housing Leadership Council (SMHLC)
FHI is a member of the Board of Directors - SMHLC is a non-profit organization whose primary objective is to increase housing opportunities within the San Mateo County region. Extensive concentration is directed towards the promotion and development of inclusionary units throughout the region.

San Mateo Countywide Home Investment Program (CHIP)
FHI is a founding member and advisor - CHIP is an alliance of eighteen cities within the San Mateo region. Members include directors of planning and housing for each city, city council members, corporate affiliates, and real estate professionals.

Bay Area Housing Finance Agency
FHI is working with Chilton Associates (Investment Bankers) in the development and administration of the Bay Area Housing Finance Agency. This agency is currently under development to underwrite up to $200,000,000 in lease purchase transactions within Marin, Sonoma, San Francisco, San Mateo, and Santa Clara counties. The lease purchase program will be directed towards low to moderate income households.

Member East Bay, San Francisco, Marin, and San Mateo County Board of Realtors. Licensed and in good standing with the California Department of Real Estate.

First Home Inc's direct municipal program administration:

• Redwood City First Time Homebuyer Program
• San Mateo City CASA First Time Homebuyer Program
• San Mateo County First Time Homebuyer Seminars
• San Mateo City First Time Homebuyer Seminars
• Millbrae Redevelopment Agency First Time Homebuyer Program
• East Palo Alto First Time Homebuyer Program
• Daly City First Time Homebuyer Education and Counseling Program.
• Brisbane First Time Homebuyer Program

Affiliated Municipality Programs FHI participates in:

• City of San Mateo Below Market Rate Homebuyer Units
• San Mateo County Start First Time Homebuyer Program
• Belmont First Time Homebuyer Program
• San Carlos First Time Homebuyer Program
• Foster City First Time Homebuyer Program
• Menlo Park First Time Homebuyer Program

Cooperate and Organizational Programs FHI administers:

• Lick Wilmerding High School - down payment homebuyer assistance, education and counseling program - 100 employees.
• DPR Construction - Homebuyer education and counseling program - 1500 employees
• Stanford Medical Clinics - Homebuyer education and counseling program - 7000 employees
• San Mateo County Employees - Homebuyer education and counseling program - 5000 employees
• San Mateo Community College District - Homebuyer education and counseling program - 1200 employees
• San Mateo Union High School District - Homebuyer education and counseling program - 1000 employee

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FHI maintains a highly specialized group of senior managers and directors. All senior managers have played a significant role and are essential in the continued growth of the company.

Walter Zhovreboff, President

Mr. Zhovreboff has over twenty five years of experience in the real estate industry. His primary concentration and focus has always been directed towards real estate finance. As one of the pioneers in the low to moderate income first time homebuyer market, Mr. Zhovreboff had constructed one of the first private / public housing purchase and rehabilitation models for low to moderate income households in the state of California. In addition Mr. Zhovreboff has structured the first and most comprehensive and effective alliance (California Dream Alliance) which joins the public and private sectors to promote first time homebuyer opportunities to low to moderate income first time homebuyers.

Mr Zhovreboff holds a Bachelors Degree in Finance with Minors in Real Estate and Economics from Golden Gate University. He has also completed extensive graduate course work in real estate finance and taxation. Mr. Zhovreboff is licensed as a real estate broker with the California Department of Real Estate.

Sergei Andruha, Vice President

Mr. Andruha has spent the past four years with FHI in structuring and implementing real estate lending processing procedures specifically targeted towards effectively servicing the special situations and needs of first time homebuyers. Systems established by Mr. Andruha have placed a great degree of concentration towards optimizing quality control formats and increasing processing efficiencies to reduce risk and maximize production. Mr. Andruha maintains a bachelors degree in finance from the University of San Francisco.

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