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3. Adopt Renew AC policy on assets. Currently, the Housing Rehab Program guidelines require the net family assets of applicants be included in the income calculation to determine eligibility. 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 percent Area Median Income (AMI) maximum income limit is $62,000 for a 1 -person household. Adopting the Renew AC requirement that applicants cannot have more than $150,000 in assets would make qualifying for the Housing Rehab program much easier. Habitat and the City could also re -assess the eligibility of five applicants who have been denied due to their assets. City staff also recommends the following proposed policies, which the Housing Commission also supported at its June 20, 2019 meeting: 1. Extend Program Eligibility to Renters. The Housing Rehab Program would be redesigned 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 proposed revision to the Housing Rehab program would replicate the City of Fremont's program which currently provides grants for disabled and/or elderly property renters to make their rented units more accessible. Prospective renter applicants must be income -eligible (household income at or below 80 percent of Area Median Income), and 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. 2. Eliminate requirement for homeowner's insurance for homeowners applying for grants. Whether a homeowner is applying for a grant or loan, the Housing Rehab program requires 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. This new policy would eliminate the requirement for applicants, who are requesting grant funds, to provide homeowner's insurance documentation. Homeowner's insurance will still be required from loan applicants in order for the City to secure these loans. Page - 3 -