082219 - Laserfiche WebLink

THE CITY OF n1, PLEASANTON. CALL TO ORDER — PLEDGE OF ALLEGIANCE Housing Commission Minutes Chairperson Tony Soby called the meeting to order at 7:00 p.m. on Thursday, August 22, 2019, in the City Council Chambers, 200 Old Bernal Avenue, Pleasanton, California. The Pledge of Allegiance was recited, led by Chairperson Soby. ROLL CALL Present: Commissioners Kate Duggan, Matthew Gaidos, Jay Galvin, Anne Welsh, and Chairperson Tony Soby. Absent: Zarina Kiziloglu Staff: Brian Dolan, Assistant City Manager; Steve Hernandez, Housing Manager; and Edith Caponigro, Recording Secretary. PUBLIC COMMENT None. 4. Review and approve proposed changes to the Pleasanton's Down Payment Assistance (DPA) Program Mr. Hernandez provided information about the Down Payment Assistance (DPA) Program maintained by the City of Pleasanton since 2003 to assist first time homebuyers become homeowners. He noted that at the May 15, 2019 meeting the Commission had discussed a proposal for making the program more viable for people in Pleasanton since the program was currently not working for people in the area and had only been used once since 2015. Commissioners were advised that staff had met with Matt Warner Program Director for Hello Housing to discuss making the program becoming more effective as had been considered at the at the May meeting and were asking the Commission to review the following three options: 1. Increase the maximum loan amount from $20,000 to $100,000 2. Restructure the DPA loan to a "Deferred Payment Loan", and 3. Adopt a "Shared Appreciation Loan" Details of all three Options was provided and discussed. It was noted that the current DPA program is underutilized, the City currently receives nominal monthly repayment amounts from its existing DPA loan accounts, and the high cost of Pleasanton homes makes it difficult for hopeful homebuyers in Pleasanton to benefit from a "revamped" DPA Program and borrowers will likely be required to utilize both the AC Boost and DPA Programs. Page - 1 -