RES 94080 - Laserfiche WebLink

V. Financial Activities Direct financial assistance to projects or activities winch are related to one or more of the categories described elsewhere in these policies (e.g., assistance to housing development corporations, equity participation loans, grants, subsidization, re~Ievelopment loan funds, participation leases, loans to develop affordable housing or other public/private parmership arrangements). Provision of funds to the City's Second Mortgage Home Loan Program to provide financial assistance in the form of second mortgage loans (maximum 20% of sales price) with deferred and/or below mazket interest payments to supplement the financing needed to acquire a home loan. The assistance shall be related to homes sold at lower-income or moderate income sales prices through participation in the Pleasanton Homeownership Assistance Program (PHAP). C. Encumbrance of specified mount(s) of the Housing Fund as a guarantee for loans against prepcries related to projects which are consistent with these policies. De Encumbrance of specified mount(s) of the Housing Fund as a mechanism to leverage funding from other seut'c,e~ to finance projects which are consistent with City Council Approval Required The use of Housing Funds for any activity shall be subject to review and approval by the City Council on a case-by-case basis to ensure consistency with Chapter 11.40 and with these policies. The application of these policies shall similarly be subject to the provisions and requirements of Chapte~ 17.40. As a condition of funding for any individual case, the city council may require the execution of an agreement between the City and the beneficiary to eslablish standards and restrictions for the use of Housing Funds, commitments to use the funding for its intended purpose, provisions for repayment of funds (e.g., upon resale of property), etc. 4