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Using its resources Hello Housing staff compiled the tables below that break down what
<br />potential Pleasanton homebuyers can afford, based on household size, with the assumption
<br />that these households would be approved for an AC Boost loan that is layered with a
<br />Pleasanton DPA loan.
<br />Staff is recommending the Pleasanton DPA loan to be capped at $100,000 for households
<br />earning no more than 120% AMI, but per the request of the Housing Commission, the
<br />maximum loan amounts of $50,000 and $150,000 as well as the Income Limits at 150% AMI
<br />and 175% AMI are also provided. The calculations assume 5% down payment contribution
<br />from the buyer, a 4.5% interest rate, and an income 10% below the maximum income limit.
<br />Scenario 1- $50k in Pleasanton DPA
<br />Home Prices
<br />Household Size
<br />120%*
<br />150%
<br />175%
<br />2
<br />$469,852
<br />$495,327
<br />$582,569
<br />3
<br />$517,891
<br />$556,567
<br />$654,745
<br />4
<br />$565,833
<br />$617,534
<br />$726,599
<br />5
<br />$604,206
<br />$666,472
<br />$784,275
<br />Scenario 2 - $100k in Pleasanton DPA
<br />Home Prices
<br />Household Size
<br />120%*
<br />150%
<br />175%
<br />2
<br />$509,431
<br />$534,905
<br />$622,148
<br />3
<br />$557,470
<br />$596,146
<br />$694,324
<br />4
<br />$605,412
<br />$657,113
<br />$766,178
<br />5
<br />$643,784
<br />$706,050
<br />$823,854
<br />Scenario 3 - $150k in Pleasanton DPA
<br />Home Prices
<br />Household Size
<br />120%*
<br />150%
<br />175%
<br />2
<br />$549,009
<br />$574,484
<br />$661,726
<br />3
<br />$597,048
<br />$635,724
<br />$733,902
<br />4
<br />$644,990
<br />$696,691
<br />$805,756
<br />5
<br />$683,363
<br />$745,629
<br />$863,433
<br />*Only 120% AMI is compatible with AC Boost.
<br />The table below lists the number of transactions that closed at varying pricing points in the last
<br />twelve months (July 30, 2018 through July 29, 2019), per real estate brokerage firm Redfin. It
<br />appears that there is a small inventory of homes in Pleasanton that these buyers could afford
<br />and compete for.
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