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THE CITY OF <br />._.___. <br />�:. :: -w 111 : pl wfwr <br />PLEASANTON.,. <br />CALL TO ORDER — PLEDGE OF ALLEGIANCE <br />Housing Commission <br />Minutes <br />[SUBJECT TO APPR0VAL]TO APPROVAL] <br />Chairperson Tony Soby called the meeting to order at 7:00 p.m. on Thursday, August 22, 2019, <br />in the City Council Chambers, 200 Old Bernal Avenue, Pleasanton, California. <br />The Pledge of Allegiance was recited, led by Chairperson Soby. <br />ROLL CALL <br />Present: <br />Absent: <br />Staff: <br />PUBLIC COMMENT <br />None <br />Commissioners Kate Duggan, Matthew Gaidos, Jay Galvin, Anne Welsh, and <br />Chairperson Tony Soby. <br />Zarina Kiziloglu <br />Brian Dolan, Assistant City Manager; Steve Hernandez, Housing Manager; and <br />Edith Caponigro, Recording Secretary. <br />4. Review and approve proposed changes to the Pleasanton's Down Payment Assistance <br />(DPA) Program <br />Mr. Hernandez provided information about the Down Payment Assistance (DPA) Program <br />maintained by the City of Pleasanton since 2003 to assist first time homebuyers become <br />homeowners. He noted that at the May 15, 2019 meeting the Commission had discussed a <br />proposal for making the program more viable for people in Pleasanton since the program was <br />currently not working for people in the area and had only been used once since 2015. <br />Commissioners were advised that staff had met with Matt Warner Program Director for Hello <br />Housing to discuss making the program becoming more effective as had been considered at the <br />at the May meeting and were asking the Commission to review the following three options: <br />1. Increase the maximum loan amount from $20,000 to $100,000 <br />2. Restructure the DPA loan to a "Deferred Payment Loan", and <br />3. Adopt a "Shared Appreciation Loan" <br />Details of all three Options was provided and discussed. It was noted that the current DPA <br />program is underutilized, the City currently receives nominal monthly repayment amounts from <br />its existing DPA loan accounts, and the high cost of Pleasanton homes makes it difficult for <br />hopeful homebuyers in Pleasanton to benefit from a "revamped" DPA Program and borrowers <br />will likely be required to utilize both the AC Boost and DPA Programs. <br />P(Igc - I - <br />