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Source: Redfin (July 30, 2018 - July 29, 2019) <br />Leverage the AC Boost financial assistance <br />As previously discussed, the high price points in Pleasanton will most likely require hopeful <br />borrowers to have to utilize both the AC Boost and the DPA Program just to have the required <br />down payment to enter, and more importantly, be competitive in today's Pleasanton housing <br />market. City staff have the confidence that Hello Housing staff is capable of assessing how to <br />most effectively and efficiently leverage the AC Boost financial assistance and supplement it <br />with the DPA loan to fully assist hopeful homebuyers purchase their first homes in Pleasanton. <br />STAFF RECOMMENDATION <br />Staff recommends the Housing Commission review the proposed changes to the Pleasanton's <br />Down Payment Assistance (DPA) Program and forward them to the City Council to discuss <br />whether the housing resources required to fund such a program are best used in this way. <br />Page -S- <br />Number of Homes Sold <br />Sales Price <br />Single -Family <br />Townhomes/Condos <br />$500-$550k <br />0 <br />18 <br />$550-$600k <br />0 <br />14 <br />$600-$650k <br />2 <br />18 <br />$650-$700k <br />2 <br />20 <br />$700-$750K <br />3 <br />11 <br />$750-$800k <br />4 <br />23 <br />$800-$850k <br />11 <br />21 <br />Total <br />22 <br />125 <br />Source: Redfin (July 30, 2018 - July 29, 2019) <br />Leverage the AC Boost financial assistance <br />As previously discussed, the high price points in Pleasanton will most likely require hopeful <br />borrowers to have to utilize both the AC Boost and the DPA Program just to have the required <br />down payment to enter, and more importantly, be competitive in today's Pleasanton housing <br />market. City staff have the confidence that Hello Housing staff is capable of assessing how to <br />most effectively and efficiently leverage the AC Boost financial assistance and supplement it <br />with the DPA loan to fully assist hopeful homebuyers purchase their first homes in Pleasanton. <br />STAFF RECOMMENDATION <br />Staff recommends the Housing Commission review the proposed changes to the Pleasanton's <br />Down Payment Assistance (DPA) Program and forward them to the City Council to discuss <br />whether the housing resources required to fund such a program are best used in this way. <br />Page -S- <br />