RES 00101 - Laserfiche WebLink

that its role is that of a secondary partner. Apartments will be placed under regulatory agreements similar in structure to existing BMR agreements; however, the City will scck a term which will reserve the rental restrictions in perpetuity whenever possible. The City will also consider opportunities 1o acquire mobile home parks li>r tlae purpose ofot'li~ng rental spaces at subsidized rates. B. Any property offered by the City through the Home Acquisition Program will bc affordable to low income households at 80% or lcss of the AMI. For rental units, the program will tbcus on providing apartments that are affordable to very low income households at 50% of the AMI. C. The City acknowledges that in order to achieve below market sales prices and rents, it may be necessary to subsidize properties acquired through this program. The primary City resource for this subsidy will be the City's Lower Income 110using Fund. Unless olherwise determined by the City Council, the maximran city assistance per ownership unit shall be $75,000 and $50,000 liar rental units. The City will strive to partner with other entities whenever possible and to use other existing forms of assistance (CASA and CaItLIF 1,oans, lease purchasc programs, non-city programs such as Section 8 rental assistance) to facilitate the implementation of this program. In addition to this assistance, the City may offer low income second mortgages to property owners. Mortgagc terms shall be consistent with Pleasanton Homeownership Assistance Program (PHAP). D. Any property made available through this program shall require a deed restriction regulating the appreciation of the property to assure that it remains aflbrdable to low income households in perpetuity. E. llhe City will use its preference system to administer ownership and/or rental opportunities created through this program. For ownership units, the City will develop a process to solicit and pre-qualify perspective buycrs. F. There will be no overall limit or cap on the number of units acquired through this program. However. the City will track the program on an ongoing basis relative to the General Plan both to maintain existing stock and to assure that the program is reasonable in size and scope. IV. Parties Involved in the Program G. City' Staff City staff will provide routine administration of the program, including public outreach, marketing, and working with outside parties (e.g., developers. consultants, realtors. etc.). H. Housing Developers. Housing developers (both nonprofit and for-profit) will