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Having the same loan structures would avoid confusion among potential borrowers and <br />could simplify the home buying process for these borrowers. There could also be an <br />administrative advantage as Hello Housing already administers both the County's AC <br />Boost and the City's DPA program. Hello Housing could assist borrowers with a <br />streamlined down payment assistance program that "layer" these two assistance <br />programs to provide borrowers with larger DPA loan amounts vital to be competitive in <br />today's real estate market in Pleasanton. <br />4. Terminate the Program. Under this option, the City would cease offering the DPA <br />Program. The cities of Alameda and Menlo Park, for instance, are currently not <br />accepting applications for its down payment assistance loans. While there is still <br />genuine interest in the program, loan issuance remains difficult, and this situation will <br />likely continue in the future unless home prices begin to drastically decrease from the <br />historical peak levels. Staff, instead, will rely heavily on Hello Housing, the City's <br />administrator for its home buyer programs, to administer the AC Boost program to assist <br />as many Pleasanton first time homebuyers as possible. <br />STAFF RECOMMENDATION <br />This report is for the Commission's information only. No specific action is required at this time, <br />though, the Commission is welcomed to provide feedback on the current status of and <br />potential improvements to the DPA Program. <br />Page - 5 - <br />