01 - Laserfiche WebLink

to be able to address larger significant repairs, such as roof replacements, dry rot repairs, updating major mechanical systems, and/or repairing or replacing structural elements, at the same time. This would ensure that deficiencies related to health and safety are addressed and corrected as soon as possible. 2. Restructure the Housing Rehab loan to a deferred loan and a reduced interest rate. The current 30-year/3 percent interest Housing Rehab loan is an amortized or a deferred loan depending on the applicant's income relative to his/her housing costs. Amortized loans require monthly payments while deferred loans are due and payable in 30 years. Restructuring the loan to align it with the Renew AC loan terms entails: • Eliminating the amortized loan option and deferring repayment for 30 years. • Reducing the simple interest rate from 3 percent to 1 percent. • Capping the accrued interest owed to 50 percent of the loan. 3. Revise 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 a policy that allows applicants to have up to $150,000 in assets would make it easier to qualify for the Housing Rehab program. City staff also recommends the following proposed policies, which are also supported by the Housing Commissions: 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 be similar to 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. Per ADA regulations, landlords are legally required to allow their tenants' requests for reasonable accommodations, but they are not Page 3 of 4