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ATTACHMENT 1 <br /> other down payment assistance loan program policies from other jurisdictions to compare <br /> the policies with those of the City's DPA Program. <br /> 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 /> Page - 2 - <br />