RES 98115 - Laserfiche WebLink

response to the program is high and applications exceed the amount of funding available, a priority will be assigned to "low income" households with annual incomes at or below 80% of the median income level (currently $50,650 for a household of four persons: 1/98). Eligibility shall be restricted to first time buyers as defined in the City's existing affordable home ownership programs. Specifically, a first time buyer shall be considered to be any individual who has not previously been the sole owner of residential property within the past five years. In addition, buyers shall be owner occupants. The rental of a property purchased with the assistance of a CaHLIF loan shall generally not be allowed unless specifically approved by the City for cases of financial hardship. If response to the program is high and applications exceed the amount of funding available, the City will use its preference system to determine a priority for granting assistance. This system, which has been used by the City in prior affordable housing projects, assigns priority to current Pleasanton residents and/or employees of Pleasanton businesses. Housing Type Restrictions CaHLIF loans may only be used to purchase homes which arc located within the current Plcaganton city limits (i.e., the incorporated areas of the City of Pleasanton). The program may be used for the purchase of existing (resale) homes as well as newly constructed homes. The program may bc used for any type of ownership housing, including single family detached homes, duet homes, townhomes, and condominiums. Periodic Review of Guidelines The Affordable Housing Commission shall review the status of the CaHLIF program periodically (e.g., annually). At that time, the Commission may recommend changes to one or more of the standards and criteria listed above in order to increase the effectiveness of the program. EQUAL HOUSING OPPORTUNITY