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Councilmember Pentin seconded the motion and expressed support for the program and its potential <br /> expansion if it proves popular. <br /> Councilmember Testa expressed support for the program and believes there will be much interest <br /> which would hopefully lead to an expansion in the future. In response to her inquiry, Housing Program <br /> Manager Hernandez confirmed buyers can combine the DPA with programs other than just AC Boost <br /> and with a below-market unit. <br /> In response to Councilmember Brown's inquiry, Housing Program Manager Hernandez clarified City <br /> funds would grow with the sale of a house that appreciated in value making it a good investment for the <br /> City. She expressed her proud support for the project. <br /> Mayor Thorne expressed his support for the program and said raising the value will be attractive to <br /> more residents. <br /> MOTION: It was m/s by Narum/Pentin to approve the modifications to the City's Down Payment <br /> Assistance Program, including increasing the loan amount from $20,000 to $100,000, restructuring the <br /> loan to a Deferred Payment Loan, adopting a Shared Appreciation Loan and request staff return with <br /> the Preference Program prior to the end of the calendar year. Motion passed by the following vote: <br /> Ayes: Councilmembers Narum, Brown, Pentin, Testa, Mayor Thorne <br /> Noes: None <br /> Absent: None <br /> MATTERS INITIATED BY COUNCIL - None <br /> COUNCIL REPORTS <br /> Mayor Thorne announced there will be a ribbon-cutting for the northbound FasTrak lanes on 1-680 on <br /> October 29th. He reported California Department of Transporation (Caltrans) will also be discussing the <br /> widening of Highway 84 and renovating the interchange of Highway 84 and 1-680 which will have a <br /> major impact on traffic cutting through Pleasanton going to Livermore. <br /> ADJOURNMENT <br /> Councilmember Pentin adjourned the meeting with a tribute to men and women serving in the military, <br /> honoring the memories of those who have died in past wars in defense of our country including those <br /> who have died in the current conflicts in Iraq and Afghanistan at 7:54 p.m. <br /> Respectfully submitted, <br /> Karen Diaz <br /> City Clerk <br /> City Council Minutes Page 5 of 5 October 20,2020 <br />