ORD 2285 - Laserfiche WebLink

Sample Maximum Sales Price Calculation Initial BMR Sales Price. $545,000 Change in HUD AMI Since Initial Sale: Increase 5% New Maximum Sales Price at Resale: $572,250 Selection Process 24. The City's selection process shall be conducted based on the City of Pleasanton Preference System for City -assisted affordable housing projects. City of Pleasanton Resolution No. 21- 1199 is attached. Additional information concerning the Preference System may be obtained from the City. 25. Available homes will be allocated to eligible purchasers with qualified financing based on application ranking numbers. Selection will be restricted to homes currently available for occupancy and applicants will not be given an opportunity to wait for specific properties which may be available at a later date, such as in a phased release of homes. Only those Applicants who are able to meet project eligibility guidelines and to obtain project financing within a time frame established by the City would be able purchase a BMR home. 26. In new construction units, builder -provided home upgrades, such as improved carpeting, cabinetry, fixtures, etc., are generally not provided. 27. Falsification of eligibility information provided in the application will result in disqualification of the applicant and or termination of escrow. City of Pleasanton Partners 28. The City collaborates with Bay Area Affordable Homeownership Alliance (BAAHA) to process applications for the PHAP and will make additional requests for information to verify information stated in the application. Please note that the Applicant's signature on the Pre - application signifies the Applicant's authorization to share documentation and information among these parties pertaining to the application. 29. Homebuyer education for the PHAP and PDALP programs is coordinated by a HUD -approved homebuyer education provided, including ECHO Housing. Definitions "Backend Debt to Income" shall be defined as monthly debt to income ratio which includes monthly housing payments (principal, interest, taxes and insurance) and any other secured and unsecured debt payments (e.g. car loans and credit cards). "City's Agent" shall be defined as Bay Area Affordable Homeownership Alliance (BAAHA) or another third -party administrator authorized by the City for the PHAP/City DPA Programs. (Preference Category Definitions) "Disabled Person" is defined as a head of household who has a medically documented permanent physical or mental impairment that prevents him/her from maintaining full-time regular employment. Any individual claiming Disabled Person status must submit verification from a licensed doctor of his/her disability and its effect on the ability to maintain full-time employment. A Disabled Person 5 of 6