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1 <br /> THE CITY OF <br /> °-••-�' CITY COUNCIL AGENDA REPORT <br /> pLEASANTON© <br /> August 18, 2020 <br /> City Manager <br /> Housing Division <br /> TITLE: CONSIDER APPROVING MODIFICATIONS TO THE CITY'S HOUSING <br /> REHABILITATION PROGRAM <br /> SUMMARY <br /> This report describes a proposal for modifications to the City's Housing Rehabilitation <br /> (Housing Rehab) Program to ensure that more Pleasanton homeowners are able to <br /> benefit from the program. The report includes a recommendation to increase the <br /> maximum loan amount, restructure the loan terms, and adopt a new asset limit. It is also <br /> proposed that the Housing Rehab Program be extended to disabled and/or elderly <br /> renters and to eliminate the program's current requirement for homeowner's insurance <br /> for program applicants requesting grants. <br /> RECOMMENDATION <br /> It is recommended the City Council approve the proposed modifications to the City's <br /> Housing Rehabilitation Program. <br /> FINANCIAL STATEMENT <br /> The proposed modifications to the City's Housing Rehabilitation Program would require <br /> the City to allocate more funding to support the program. The Housing Rehab Program <br /> is largely funded with the Lower Income Housing Fund (LIHF), and the proposed <br /> modifications would result in more LIHF funds being expended annually. As of June 30, <br /> 2020, there is approximately $10 million available balance in the LIHF. Staff estimates <br /> that the proposed Housing Rehab Program modifications will likely result in a an annual <br /> allocation of approximately $200,000 from the LIHF. <br />