ORD 2285 - Laserfiche WebLink

THE CITY OF sma • xiE {r ��. PLEASANTON, PLEASANTON HOMEOWNERSHIP ASSISTANCE PROGRAM (PHAP) MERRITT PROPERTY AGE -QUALIFIED COMMUNITY ELIGIBILITYAND PARTICIPATION REQUIREMENTS MERRITT PROPERTY AGE -QUALIFIED COMMUNITY The City of Pleasanton Homeownership Assistance Program ("PHAP") provides opportunities for income -eligible buyers to purchase Below Market Rate ("BMR") age -qualified homes in Pleasanton. These homes are restricted at the time of sale in accordance with City requirements. The information provided in this document describes the household qualifications and participation requirements for purchasers of homes in the Merritt Property age -qualified community. Eligibility Requirements To qualify for the purchase of a home, the Applicant must be 55 years of age or older and meet the criteria listed below. Household Size. The following minimum and maximum household size requirements shall apply for Applicants. At least one member has to be 55 years of age or older. Number of Bedrooms Minimum Household Size 2 1 person Maximum Household Size 4 persons 2. Household Income: Annual household income may not exceed the City's established income limits for the applicable percentage of the Area Median Income (AMI), adjusted for household size. These limits, adjusted annually by the City, are based on Median Income data published by the U.S. Department of Housing and Urban Development for the Oakland -Fremont HMFA The Income Limits for 2024 are: Persons in Household F_ 1 2 3 4 Maximum Annual Income 120% AMI (Moderate Income) $130,800 $149,500 $168,150 $186,850 3. Household members include all individuals who will be residing in the affordable home. 4. Annual household income includes the income of all household members over the age of 18 years who will be residing in the home. Annual household income includes all income for the current calendar year to date (at the time of application submittal) plus the household's 1 of 6