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Policies include: a) higher maximum income limits, and b) higher debt -to -income ratio. <br />3. Leverage the AC Boost Financial Assistance — this option would allow City Staff to <br />collaborate with Hello Housing staff to determine most effective and efficient leveraging of <br />AC Boost financial assistance and supplement it with the DPA loan. <br />4. Terminate the Program — with this option the City of Pleasanton would stop providing the <br />DPA Program. Staff would rely heavily on Hello Housing, the City's administrator for its <br />home buyer programs, to administer the AC Boost program to assist as many Pleasanton <br />first time buyers as possible. <br />Commissioner Kiziloglu was provided information about Measure Al funds by Mr. Hernandez. <br />He noted that these funds were approved by Alameda County voters to be used for affordable <br />housing. Mr. Dolan advised that Measure Al funds received by the City of Pleasanton were <br />used for senior housing projects. <br />Matt Warner, Program Director for Hello Housing reviewed a PowerPoint presentation with <br />Commissions commenting on an overview of the program that included: <br />• application process <br />• reservation timeline <br />• Lottery process <br />• ready -to -go process <br />• allocation of funds <br />• buyer requirements <br />• live/work/displaced residency <br />• income limits <br />• first time buyer requirements <br />• homebuyer education <br />• liquid assets <br />• income ratios <br />• transit benefit <br />• AC Boost loan amounts <br />• Appreciation sharing <br />• First mortgage requirements <br />• Loan pre -approval <br />• Important requirements, and <br />• Documentation submission timelines <br />Commissioner Kiziloglu questioned how realistic the program was with home values being so <br />high and was concerned about its success because of the lack of affordable homes. <br />Commissioner Gaidos had questions about working with the 125% AMI requirement and the <br />debt -to -income ratios for loans. <br />Commissioner Welsh also questioned what was being counted as income and how many <br />people could be served. Mr. Warner advised that the goal is to originate 70 loans per year in <br />Alameda County. Commissioner Welsh was provided information about the Shared <br />Appreciation Program in Livermore. <br />Mr. Dolan commented on how Bond funds were divided to each of the cities and noted that <br />information on the AC Boost Program was being provided because the Commission has <br />requested they be provided information on other programs. Mr. Hernandez advised that staff <br />Page - 3 - <br />