06 - Laserfiche WebLink

For example, an applicant with $20,000 in Social Security payments and $45,000 in liquid assets would be assessed as having a household income of $65,000; therefore, ineligible for the program as the 80% Area Median Income (AMI) maximum income limit is $62,000 for a 1 -person household. Consequently, 5 of the 7 applicants denied for being over -income, per Table 1 on page 2, were denied due to their assets. Modifying how assets are calculated as income could make the Program qualification easier. Rather than calculating the full net liquid value of an applicant's assets, this calculation could be modified to only calculate 10% of the value of all assets in excess of $5,000. This 10% calculation of asset" adheres to guidelines for the state of California and is used by the City for its first time homebuyer and affordable rental housing programs. Furthermore, in order to ensure equitability in the Program, "asset cap" limits could be implemented. The following household assets limits could be considered: $50,000 for disabled and/or elderly applicants under 62 years old, and $100,000 for disabled and/or elderly applicants 62 years of age and over. Renew AC requires eligible applicants to have no more than $150,000 in assets. 3. Extend Program Eligibility to Renters. Under this option, City staff would be directed to redesign the Housing Rehab Program in order to provide Pleasanton renters the opportunity to also benefit from the program. The Program is currently only targeted to "income -qualified homeowner -occupants" living in Pleasanton. At its May 21, 2019 meeting, the City Council also directed staff to assess how the Program could begin to also assist renters. The City of Fremont, which also contracts with Habitat for Humanity to administer its housing rehabilitation program, currently provides grants for disabled and/or elderly property renters to make their rented units more accessible. The City could consider adopting a similar policy that provides financial and technical assistance to renters who are disabled or elderly. Prospective renter applicants must be income -eligible (household income at or below 80% of Area Median Income), but must also obtain their landlords' (i.e. property owners) approval. Eligible repairs under an accessibility grant for a qualified renter could include installation of wheelchair ramps, grab bars, and other accessibility upgrades to kitchen and bathrooms. 4. Other Consideration. Eliminate the requirement for applicants, who are requesting Housing Rehab Program grant funds, to provide proof of current homeowner's insurance policy. There are many low income applicants who cannot afford homeowner's insurance, and it's possible that this requirement could be deterring interested applicants from applying for the Program. Homeowner's insurance will still be required from loan applicants in order for the City to secure these loans. Page - 4 -