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<br /> <br />6C <br /> <br />pLEASANTONc <br /> <br />City Council <br />Staff Report <br /> <br />December 6, 2005 <br />Housing Division <br /> <br />SUBJECT: <br /> <br />APPROVAL OF MODIFICATIONS TO THE GUIDELINES FOR <br />THE CITY'S DOWN PAYMENT ASSISTANCE PROGRAM <br /> <br />HOUSING COMMISSION RECOMMENDATION: <br /> <br />Approve the attached modifications to the guidelines for the DoW'n Payment <br />Assistance program to eliminate the requirement for first-time home buyer <br />status for buyers W'ho have oW'ned a home in the past W'ith resale restrictions. <br /> <br />STAFF RECOMMENDATION: <br /> <br />Approve the attached modifications to the guidelines for the DoW'n Payment <br />Assistance program to eliminate the requirement for first-time home buyer <br />status for buyers W'ho have oW'ned a home in the past W'ith resale restrictions. <br /> <br />SUMMARY: <br /> <br />This report describes a proposal to modifY the guidelines for the City's <br />DoW'n Payment Assistance (DP A) program to relax the first-time home <br />buyer requirement to make the program more usable. The report includes a <br />recommendation to eliminate the requirement for first-time home buyer <br />status for buyers W'ho have oW'ned a home in the past W'ith resale restrictions <br />through the Pleasanton HomeoW'nership Assistance Program and to reduce <br />the minimum buyer doW'n payment requirement from 3% to 1 % consistent <br />W'ith CalHF A secondary financing product requirements. <br /> <br />Honorable Mayor and Members of the City Council: <br /> <br />BACKGROUND <br /> <br />As the Council is aW'are, the City has a DoW'n Payment Assistance (DP A) program that W'as <br />initiated in late 2003 / early 2004 based on a $450,000 loan that W'as received by the Califomia <br />Housing Finance Agency (CaIHFA) through its HELP (Housing Enabled by Local Partnerships) <br />program. The HELP funds W'ere matched by $150,000 in City Housing Funds to form a <br /> <br />SR:05:330 <br />