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Mr. Dolan noted that if the Commission decides to move a proposed change forward to City <br />Council that funding is currently at $100K and the Housing Fund has a total of $8M. He advised <br />that staff has spoken with the City Manager who has suggested that Council may be open to <br />making a change that is reviewed on an annual basis for up to three applications. Mr. Dolan felt <br />it was important that the Commission understand the funding issue when making a <br />recommendation. <br />Commissioner Welsh questioned how applicants would be chosen and Commissioner Gaidos <br />felt any recommendation made by the Commission should include criteria that consideration be <br />given to Pleasanton residents. Commissioner Welsh agreed that Pleasanton residents should <br />be given priority, but again questioned how applicants would be chosen. She was also <br />concerned about how funds would be returned to the Lower Income Housing Fund (LIHF) and if <br />Council would consider taking funds from the General Fund and not the LIHF. Mr. Dolan <br />advised that funds would come from the LIHF. <br />Commissioner Galvin expressed concerns on who would be able to qualify for these loans. <br />Having worked in the mortgage business he was concerned about how lenders look at things in <br />order to provide funding. He felt the City should have a method by which builders should be <br />required to set aside funds to provide loans, and that a Subcommittee needed to be put in place <br />to look at how such a proposal could be put in place. Mr. Dolan advised that what was <br />presented to the Commission in May mirrors an Alameda County implemented program and <br />part of the proposal is to use these funds in tandem with other sources. <br />Mr. Warner provided details about the Alameda County Program and lenders that have been <br />brought along to participate in the program. He felt that with the additional funds from <br />Pleasanton people would be able to qualify. Commissioner Galvin questioned how many <br />homes in Pleasanton would fit into the home sales criteria, and Mr. Warner provide information <br />about homes sold. <br />Commissioner Duggan commented on the strict criteria and felt this would need to be for market <br />rate housing and not below-market housing. She discussed income required for qualifications, <br />shared appreciation and the program offering opportunities, but questioned what would happen <br />if the housing market were to crash. Mr. Dolan advised that the City of Pleasanton would follow <br />whatever steps were taken by the County. <br />Commissioner Duggan discussed funding being provided by the City and felt turnover funds <br />would come back to the City. She indicated she did not see any benefit to changing the <br />Ordinance and felt it should be kept as is and this program would provide loans for moderate <br />income/moderate rate housing opportunities. <br />Commissioner Galvin questioned whether the City has received any funds back from the Bernal <br />properties involved in the current program a few years ago. Mr. Hernandez advised that little <br />funds have been received by the City of Pleasanton. <br />Mr. Dolan discussed with Commissioner Galvin aspects of the Bernal property and felt the <br />Commission should be considering how low-income people can be helped. Commissioner <br />Welsh felt these homes had been a lot less than market -rate at the time. <br />Chairperson Soby was unsure how funds would be regained by the City if there was to be a <br />market crash. Mr. Warner commented on risks in the program, and Chairperson Soby felt if the <br />City were to move forward with these changes that it was important they understand all negative <br />Page - 2 - <br />